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I Have a Couple of Nice Duplexes for Sale…Not a Short Sale or an REO

In a Pride of Ownership Area too…!

6819-21 Trovita Way,    and    6924-26 Trovita Way Both properties are configured with 3 Bedrooms 2 bath, 2 car garage and a 2 bedroom 2 bath, 1 car garage.

Listed at $269,900 each – An Exterior Video here of 6819-21 along with some pictures of the 2 bedroom side at 6821 Trovita.

For a “Pro-Forma” Cash Flow Analysis Click Here 

 MORE VIDEO BELOW…..

Click Here for a video of the interior of the 2 bedroom side of 6924-6926 Trovita Way.

In the Mean Time…?

Make it a Great Day…!

 

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

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A Question about Vacancy Rates in 95826

Asked on Trulia Q & A by an Investor curious about this.

I think the answer I gave regarding this question is appropriate for most zip codes in the Sacramento Region.   There are exceptions of course.

Click here for the Answer I and others had to say.

 

In the mean time…?

 

Make it a Great Day…!

 

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

 

 

 

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Trying to find a Duplex for Sale…? You aren’t the only one…


It’s the Rush to Cash Flow….

 

 

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Sacramento Real Estate,  especially in the Duplex sales market, has seen a lot of activity and of course “multiple offers”.   And it always seems there’s more than one or two buyers interested in each one that comes up.

Lets talk about the latest one I’ve profiled.

3107-3109 Laurelhurst Drive, Rancho Cordova, Ca – 3 bedroom 2 baths, 1 car garage on each side.   Central Heat and Air of course and wood burning fireplaces.

Click here for a copy of a “pro-forma” cash flow analysis.

Click here for comparable sales information of Duplexes close by

 

By the way….  While I was there… a couple from Vacaville dropped by because their agent gave them the address check out.   They saw the door opened and decided to come in.   This one just came on the market yesterday.

So I know there’s at least two buyers looking at this one.

 

 In the Mean Time…?

Make it a Great Day…!

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

 

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Just Another Tale of Multiple Offers on a home in Empire Ranch of Folsom

 

This one hits the market on a Friday….

10 offers by Monday…!

 

 

A good friend of mine, Sharon Kulbacki who is a long time Real Estate Broker here in Folsom,  just listed a home in Empire Ranch for some past clients of hers.   This home is a short sale, so the wait to the final close of this sale will take a little longer than a “normal” sale or what we now call an “equity sale”.  The fact that it is a short sale no longer matters it seems.

She mentioned this home to me in a conversation so I  got out there last Saturday and took a peek because I do have folks looking for homes in this price range.   From the description she gave me I knew this one would sell pretty fast.

Take a peek at the short video of my quick walk through of her listing.    She warned me that she had scheduled several appointments through out the day last Saturday to show this home.   Sure enough, there were other Agents/Brokers going through the house at the same time I was because they had seen it on the MLS and brought their clients as well.   For this property…?   This was a busy day..!

As I have stated in previous articles here, the market is moving at a pretty good clip… I’d say fast.   This is not just related to the lower price ranges either.   This home was listed at $499,900.  Sharon had 10 offers and the one that got the deal was well north of the list price.    She won’t let me say how much it is pending for, but if this buyer does close the deal, it will be an “eye opener”.

 

Check out the Video Below.  Not my best work because I had to rush, but you’ll get the idea.

 

 

In the Mean Time…?

Make it a Great Day…!

Ed Favinger, Broker , CRS, GRI, SFR CDPE     916-203-12260        favinger@rwnetwork.com

 

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You Know the Market is Hot when the Sacramento Bee Reports It…

Several Recent Positive Stories & Now Even a Local TV Station is reporting on it too…!

Of course those of us in the Real Estate business have been talking about this for almost a year now.

Take a peek at some articles in the SacBee just in the last few days which kind of prove my point:

Here’s a story that the local NBC station, KCRA posted on line that was shown earlier today.
I wrote an article with some data that I posted regarding duplex sales about 10 days ago.
Below is a video walk through inspection I did on a property last Saturday in the Rosemont section of Sacramento for a Bay Area Investor.     We made an “as is” cash offer about $8,000 over list price but didn’t get it because we were out bid.   The listing agent said they had 13 offers on it.    This video will give you an idea of what’s out there.

 

Come back tomorrow because I’ll have a video of a Short Sale in Folsom that had 10 offers on it.

 

In the mean time…?
Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE       916-203-1260            favinger@rwnetwork.com

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Have a Home in Folsom You Want to Rent Out..?

Want to Know How Much You Can Get…?

 

This was a question asked by a consumer on Trulia.com a couple of weeks back.

 

His question was:

What is the average rental value for Empire Ranch property ? Specifically the ones within walkable distance to Russel Ranch school ?

CLICK HERE to see what other Brokers/Agents and I had to say regarding this question.   I think you will find this interesting and informative.

 

In the mean time…?

Make it a Great Day…!

 

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

 

 

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Being a Landlord is Rewarding… But You’d Better Beware..!!!

This Property Came Back into the News Yesterday in the Sacramento Bee and it’s not a Happy Ending.

 

 

 

This article is basically an Update on the Story I wrote last year…  A Lesson In The Costs of Not Maintaining Your Rental Property

 

The final outcome was announced in yesterday’s “fish wrap”.

Take a minute and read the link above and then read the story from the Sacramento Bee.   The Headline below will give you a nice clue as to what happened.

Tenants win settlement over conditions at Rancho Cordova apartments

What happened to these former owners is that they “ignored” complaints from some of the tenants about Vermin, Mold and some Safety Issues.

When you are a Landlord, you can’t ignore problems like this.  In an apartment complex, a disgruntled tenant with a legitimate issue that is ignored will spread the word and all of a sudden, everyone will want to get on the bandwagon thinking there is a “big payday” at the end.

In this case this it what happened and it didn’t have to be.

I don’t care what kind of property you purchase, a single family home, a Duplex or even an Apartment complex these issues will come up from time to time.   Most of the time they are minor and can be mitigated if you act early and never ignore it.

 VERMIN… VERMIN…VERMIN…

Failure to remedy an infestation of vermin, such as rats/mice/bedbugs/roaches or mitigate water damage that will lead to a mold problem will cause you to be up against a Code Enforcement officer and might even lead to a nasty lawsuit that will cause you to lose your investment.

I’m not trying to scare you about investing  in Residential Real Estate… My goal here is to educate you so you can avoid this  kind of problem.   Failure to act will bring on another kind of vermin…  The “hungry” litigation Attorney. They love to sue landlords because they know there will be a big insurance payoff to them and maybe a little bit of $$ for the victimized tenant.  Just beware ok…?

Below are some articles I’ve picked up from the internet that will give you some insight as what these critters are and what they do.    Like I said, just be aware and never ignore them.

Meet the Critters Inside Your Mattress – Al Hofer’s South Florida Pest Blog

Vermin…Who is Responsible – From the UK blog – Property Management FAQ

 Top Dog Pest Control – Info and Links to California Landord Tenant Law Information

 Mold…Mold…Mold – Don’t Be Scared – just be informed – Regarding Obtaining Insurance for your property

 

In the Mean Time…

Make it a Great Day

 

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

 

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A Bank Owned Home and A Duplex Profiled Here…

How Many Offers Will They get? And… How Many Will Be Cash ?

Who knows but it seems every home or duplex that I have taken a look at has had multiple offers.

The Sacramento Bee today comes out with another story in today’s paper about how “cash is king” in home shopping.

Anyone who has been in the Real Estate business as an Agent or Broker has known this for a while now.   If you are an Investor or Home Buyer that has been searching in this market to make a purchase in the last few months,  the SacBee story didn’t say anything new to you, did it..?

So let’s take a look at a couple of properties here that I’ve recently seen.   One is a single family home in Elk Grove that is next to a home that I listed last May at 2220 Yarnell Way.  By the way, we had 13 offers on it.  The other is a Duplex near the Carmichael Area.

The House – 2216 Yarnell Way, Elk Grove – a monster 3 bedroom 2.5 bath with a large bonus room that should be converted to a 4th bedroom if you are an investor looking to rent it out.   It’s listed at $225,000 and has 2600 sq ft of living space.   The listing agent said he’s not going to look at any offers until the 5th of September, so you have time.

Click here for the video walk through I did on Sept 1st.

The Duplex – 5208 – 5210 Shereen Court, Sacramento, Ca –  A large duplex with 3 bedrooms 2 baths & 2 car garage with a 2 bedroom 2 bath & 1 car garage that is listed at $259,000.   I personally think this is a little high but in this market who knows.   When I did the walk through I noticed a business card from another agent was left on the kitchen counter so I sent her a “text message” asking her for her opinion.   She also thought it was too high but did say her client was going to write an offer on it.

Click here for the video walk through of the Vacant Unit only.

Click here for a “pro-forma” cash flow analysis based upon the existing rents in the occupied unit & rents at $1,000 for the 2 bedroom 2 bath unit.

 Oh and by the way… These properties above just came on the market a few days ago.

 

Make it a Great Day…!

 

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

 

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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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Some Things To Do in Folsom

The Paladio starts the Summer Concert Series this Wed, June 6th.

 

This is a great time of the year because with the addition of the concerts on Wednesday nights here.

 

This weekend take a stroll down to the Historic District this Saturday for the Second Saturday on Sutter Street.

 

 

There’s so much to do here in town this time of year so take your pick and have fun.

 

I’ll probably see you out there.

 

In the Mean Time…?
Make it a Great Day…!

 

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

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