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Well It’s About Time This Duplex Had a Price Reduction..!

The Reason Why is Because It Does Need Some Work.

 

I was out there again yesterday afternoon  after showing this to a prospective buyer earlier in the morning.  The reason is because after getting back to my office I noticed that the listing agent had reduced the price to $181,100 from the original asking price of $197,900.

When I saw that change I thought, “well it’s about time the list price was reduced” because I knew when it first hit the market in the middle of June it was a little high for the condition it was in.

The smell when you first walk walk in the vacant unit is compelling to say the least… kind of takes your breath away.   But as you’ll see in the video I shot, it just needs some paint, carpet & lino and other minor fixes.   You’ll see in the video that one bedroom has a sliding door to a nice little back yard patio.  The grass is dead of course, but nothing a little watering won’t cure.   Click on the picture above to see the video walk through..!

Rents for this Duplex “fixed up” should be at least $1,000 for the 2 bedroom 2 bath side and at least $950 for the 2 bedroom 1 bath side.   Click Here for the “pro-forma” cash flow analysis.

By the way, there was a duplex just a couple of doors away at 8326 Summerplace that closed escrow a week or so ago for $182,000 that started out priced at $197,500.

 

Make it a Great Day..!
Ed Favinger, Broker CRS, GRI, SFR, CDPE    916-203-1260     favinger@rwnetwork.com

 

 

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Open House Today – See What This Owner Has Done…!!

This  Home was a Bank Owned/REO.

Come on by today at 12:30 – 4:00 PM to 3900 Arderly Court, Sacramento, Ca 95826  and see what a “flip” looks like.   An Investor picked this up cheap and has taken the time and $$ to make this Bank Owned Fixer into a nice home

As you will see in the video link it really has it all.  New Kitchen with Granite Counter Tops, new carpet, paint, new wood laminate floors in all the high traffic areas along with new carpet in the bedrooms.   You’ll love the bathrooms and we put in some nice window coverings as well.

Come on out.. but if you can’t enjoy the video…by CLICKING HERE.

 

In the Mean Time..?

Make it a Great Day…!!

Ed Favinger, Broker, CRS, GRI, SFR, CDEP    916-203-1260    favinger@rwnetwork.com

 

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There’s Just Not Much Inventory These Days…!

I don’t care if you are looking for a Single Family Home, a Duplex or even a Small to Medium sized Apartment Complex.

I think it’s called a “feeding frenzy“.    Because, if you ask just about any active Real Estate Broker or Agent in this area, they will all tell you the same thing.  There’s really no inventory to speak of.   And by the way… This is “old” news to those of us in the business.

The Sacramento Bee is finally getting the memo… They came out with a story about investors just a couple of days ago.  Check out their report.

I’m actively working with several investors that have been looking for properties all up and down the ranges.   From a Custom Home in El Dorado Hills to Duplexes in Rancho Cordova.

Click here for a quick story regarding the Custom Home with the multiple offers on 820 Katie Way, El Dorado Hills.

One more little “anecdotal” story from my own experiences.

Yesterday, a Duplex at 6938-38 Tarocco Way hits the market in Citrus Heights.   Click here for the “pro-forma” cash flow analysis. Incredibly as I predicted,  to a couple of my clients, this place didn’t last long.   The agent wouldn’t tell me what its “pending price” is, but he did say they had 6 offers on it.   Not bad for just “one day” on the market.

By the way… take note on the “pro-forma” that I had the offer price at $200,000 because based upon their income it pencils out pretty nice.    We’ll have to wait and see what the final “sales” price is.

In the Mean Time…?

Make it a Great Day..!

Ed Favinger, Broker, CRS, GRI, SFR    916-203-1260        favinger@rwnetwork.com


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Update on the “Fix and Flip” Duplex

While it may not look like much today, there’s been a lot done.

We took possession of this Duplex at 2728-2730 El Caprice, Rancho Cordova on February 27th.

To date, we’ve got the hardwood floors installed in all the high traffic areas, the tile floors in the entry and all the bathrooms, holes in the ceilings and walls repaired and installed the new base boards.

We’ve taped and textured, installed the new sliders to the back yards and have started the interior painting.

In addition, we’ve laid some concrete down to enhance the size of the patios and we’ve squared off the exterior areas as you’ll see in the video.  We will be doing some nice things in the landscaping department which is something a lot of investors overlook in my opinion.

[kml_flashembed movie=”http://www.youtube.com/v/EyItLKihQOE” width=”318.75″ height=”262.5″ wmode=”transparent” /]

To See Where We Started From, CLICK HERE for the beginning video and the 1st update that was done I think on the 1st of March.

In the mean time…?

Make it a Great Day..!

Ed Favinger, Broker CRS, GRI, SFR       916-203-1260        favinger@rwnetwork.com

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What If I Invest in a Property in Oak Park Sacramento…? Don’t Look to The City of Sacramento for Any Help…!

The Area is so bad, if you have a “non-paying” tenant it’s probably better to keep them there occupying it, then to let it go vacant for a time.

Why would I say something as crazy as that?   The reason is because it’s true in this particular part of Sacramento.

A Bay Area investor asked us to manage a home on San Jose Way in the Oak Park area.   We took over last September.   The owner had previously put in a tenant that subsequently moved out leaving the property vacant.

It didn’t take long for the vandals and thieves to start picking away at this place.

While we were working on getting it re-painted and fixed up, some nice folks next door thought they’d just “plug in” to our exterior outlet and have a long chord from our property to their pad.   After finding this occurring a 3rd time,  I got fed up and called the Sacramento Police Dept.  They did come out although at first the 911 guy didn’t think this was a big deal.  Well when they showed up,  they wound up arresting several people including the owner from what one of the cops told me.

After getting them all out of that house, the property was posted and boarded up and has been since last October.   The house across the street was in foreclosure and that was boarded up along with a house on the opposite corner.

Here’s the nice video for you to see…

[kml_flashembed movie=”http://www.youtube.com/v/os0tD4C55_U” width=”425″ height=”350″ wmode=”transparent” /]

What does the City of Sacramento do to help…? NOTHING…!   They fee and fine the owner’s for maintaining a nuisance.   They charge a “monitoring” fee to make sure you are keeping it clean.   It doesn’t matter how much it costs the owner to get it fixed or how many times the property is broken into and things stolen like copper wiring or air conditioning units.

My point…?  

HOW ABOUT SOME STINKING POLICE MONITORING of the area instead of just “sticking it” to the folks that have invested in this area.

Anyway….

Make it a Great Day…!

Ed Favinger, Broker CRS, GRI, SFR    916-203-1260       favinger@rwnetwork.com


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Watch us “Flip” an Investment Property…!

We will follow the progress of an Investor with “videos”  starting from the day they 1st take possession until they finish and place it back on the market.    A “video chronology” if you will.

We just closed escrow on a Duplex located at 2728-30 El Caprice, Rancho Cordova on Monday, Feb. 27, 2012.

The folks that bought this property  plan on fixing it up, possibly renting the units up and then placing back on the market for a profit.

To follow our progress, we invite you to come back here from time to time and get our video updates.

So here we start with the first Video… the day we walked through on Monday the 27 after the close of escrow.

[kml_flashembed movie=”http://www.youtube.com/v/gmkNRinIYNw” width=”252″ height=”189″ wmode=”transparent” /]

Now you’ll see some progress on the 2nd video that was taken today, March 1st,  around 11:00 this morning.   I plan on visiting this property at least 2 or 3 times a week until it’s completed and then placed back on the market.

[kml_flashembed movie=”http://www.youtube.com/v/xv2hyPuYYgU” width=”252″ height=”189″ wmode=”transparent” /]

I hope you find this useful,  informative and hopefully kind of fun to watch.

In the Mean Time…?

Make it a Great Day..1


Ed Favinger, Broker, CRS, GRI, SFR      916-203-1260       favinger@rwnetwork.com

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A Follow Up Note on a “Flip” I profiled a couple weeks back…

“After further review” as they say in the NFL….

Folks… I was out showing property to another investor and to give him an idea of the market,  I took the time to shown him the properties that I’ve profiled here along with others.

We viewed this one on Camino Gardens and thought there was a lot lacking… such as kitchen drawers that weren’t working etc… but you know what… It’s a Pending Sale…!!

Click Here for the videos before and after on this property and you’ll see what I’m talking about… There are other “little things” they didn’t do… but that didn’t stop an investor from putting in his offer.

And.. I just finished an interesting phone call from the listing agent regarding the property he has listed on Imran Court that I profiled a couple of days ago…  It’s wildly overpriced but he’s had a couple of offers on it already..!

Click here for that one… I’ll let you know if gets it into escrow.

In the mean time…?

Make it a Great Day


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“OMG…!” – They Have Twenty Three Offers on a Bank Owned Property…!!!

There are 3 separate homes on this .830 acre lot  zoned R-5 (5 units per acre).

I had seen this property on the market last May prior to the listing being withdrawn but I never walked it until yesterday.   When I drove by it last year it was a rainy day and I didn’t feel like going up this private drive with all the cars that I saw parked up there because at that time I think all the units were occupied.

So the bank takes it back, they put it on the market with an agent at $113,000.   Mind you, the lot is worth more than that based upon recent comparable sales of vacant lots that I’m going to post here for you to see.   None of those lots had the same Zoning as this one.  

By the way click here for a map of the property

Click here for an Aerial view of the property

This goes to show you that there must be a pent up demand for great deals like this and I’m wondering how much it will finally sell for and what the plans are of the new buyer.  I think this is a deal where you could keep the one occupied unit and work on building two newer units and possibly splitting them off.

I will stay on top of this one because I’m curious myself.

Anyway… Since they’ve already received 23 offers, there’s not much point now in putting one in, except I’d like to see where it winds up.   As i pointed out earlier, I did go the property yesterday and did a video “walk through” of the property.  I was able to get into all the units except for the one that is occupied.

[kml_flashembed movie=”http://www.youtube.com/v/ck885Hp03oE” width=”320″ height=”263″ wmode=”transparent” /]

I’d like to know what you think of this deal.

Make it a Great Day…

Ed Favinger, Broker CRS, GRI, SFR      916-203-1260       favinger@rwnetwork.com

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Profile of a “Flip”… I”ve Got Before & After Video

They did some good things…   But I think they could have done just a little more.

The property I am talking about is a Duplex that was “Bank Owned” and in need of some “fix up” and located at 2324 Camino Gardens, Carmichael, Ca.  

I previewed this property for a prospective investor and we did in fact make an offer on it.   We were out bid and now this property is back on the market.   It closed escrow on  December 15, 2011 with the reported Sale Price of $161,000.00.  

Fast foward to today and the folks that own it now have placed it back on the market.  I got the notice of a new listing in an MLS update and decided to take a look.  I wasn’t really sure if this was one of several Dupelxes on this street that I had seen recently or not and you’ll notice I mention that I’m not sure…

Anyway, when I got back to the office that day I did find the “before” video so you’ll get to see both what they started out with and how it ended.

 

Here’s the “before” video


 

Here’s the “after” video – Let me know what you think

 

In the mean time…?

Make it a Great Day..

Ed Favinger, Broker CRS, GRI, SFR, favinger@rwnetwork.com 916-203-1260

 

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Rancho Cordova Duplexes for Sale – Short Sale & A “Bank Owned Fixer”

Take a look at the numbers on these two.

One of them is a Short Sale and the other is an REO/Bank Owned property that is in need of some work.   These properties showed still “Active” as of today.   I haven’t contacted the agents to see if they have offers or not, but if you look at the numbers, I can’t see why they are still available.

They are pretty decent deals based upon the assumptions in the “pro-forma” cash flow figures I’ve prepared here.

So check out the links below and let me know what you think.   Got some video here as well.

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If you are looking for an investment I don’t think you can argue that these numbers look pretty good… don’t you think..?

Make it a Great Day…!


Ed Favinger, Broker CRS, GRI, SFR                         916-203-1260                    favinger@rwnetwork.com


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