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A HomeSteps Bank Owned Duplex in the Rosemont Area – Just On the Market.

Priced Well Below Some Recent Sales Just Around The Corner

While lately there hasn’t been much in the way of Duplex inventory come on the market, when they do, I get out there as soon as possible to see what kind of condition it’s in.

click on the picture to see the video

This one located at 9647-9649 Arlisson Drive, Sacramento, 95827 sits among other Duplex properties and has a great location near some shopping and Hwy 50 access.   It has a 3bed/2ba/2car and a 2bed/2ba/1car configuration.

This one is perfect for an “owner occupied” situation where the owner lives in one side and rents the other.  I think if you were a young person starting out,  it would be real smart to rent out the 3 bedroom side and live in the 2 bedroom side of this Duplex.   However the figures I have below fit the scenario that the 2 bedroom side would be rented and the 3 bedroom side would be occupied by the owner.

Click Here to see how cheap you could live in this Duplex for such a small down payment using an FHA loan

If you are an Investor, you’ll have to wait about 15 days til approximately January 17th before you’ll be able to make a run at it,  because they are offering this property to “owner occupied” folks first.   After that… then the investors get a shot if it’s not sold by then to a Buyer that wants to live there.

Click Here to see the “pro-forma” cash flow analysis if you were to purchase this as an Investment Rental.

By the way… Click on the picture to get a Walk Through Video I did today around 11:30 or so today

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 We Reached the Bottom and Starting the Crawl Back Up…?

This Article From Today’s Sacramento Bee – Just More Evidence It Has…

Sacramento area home sellers again walking away with cash

By Hudson Sangree and Phillip Reese

hsangree@sacbee.com

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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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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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Looking for a Pride of Ownership Duplex that will “cash flow”…?

If you don’t want a “fixer” this might be what you are looking for.

This Duplex just recently fell out of escrow.   It’s a long story, but suffice it to say, it wasn’t the fault of the property.   In fact, the Buyer’s appraisal came in at the List Price of $214,500.

The former Buyer made some mistakes in obtaining her loan on time.   So when her time to close came and went with no loan approval, the Seller elected to withdraw from that contract and put it back on the market again.

So here’s your chance.

I’ve got a video below and if you want to see what the numbers look like, the “proforma cash flow” analysis is available if you  CLICK HERE.

 

 

If you have any questions regarding this or any other Residential Investment Property in the Sacramento Region, drop me a note or call me.

In the mean time…?

Make it a Great Day…!

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

 

 

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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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Some Disgruntled Tenants Will Say Almost Anything to Get Out of a Lease..!

Did you hear this story about some angry tenants suing the owner…?

We as Property Managers do our best to make sure that any home or apartment that we lease up is in good condition.  This would include making sure all the appliances work, smoke and carbon monoxide detectors are installed.

We also like to make sure its clean and ready for occupancy.

As part of the process we do an extensive review of the Tenant Application(s) that include a credit/past evictions check, employment and income verification.   We might even ask for copies of bank statements if you are self employed to verify your ability to pay the rent.

But you know…with all that, there’s something new we’ve added as well… and that is the “google search” of your name if you apply to rent one our properties.    Because,  prior to doing a “google search”, and even with all the other research we’ve done, you can never predict with a 100 percent accuracy what a tenant will be like.  We feel that every bit of information we can get about a person will help us in our search for the right tenant.

So with that said, do you think the folks that are the subject of this article would be great tenants…?

You be the judge.   Here’s the story…

Toms River Couple Sues Landlord Over Alleged Paranormal Activity

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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Multiple Competing Offers are the “Norm” in the Sacramento Region…!

If you hear someone say the Real Estate Market here is dead..  Trust me, they are “mis-informed”..!

It seems just about every time I find a property a buyer I’m working with has an interest in, we’ve had to compete with other buyers to get 1st in line.    

A home we listed “for sale” at 2925 North Platte Way,  Sacramento just last Thursday,  has generated 5 offers…!   This home is located in the North Natomas area where there has been a flood of foreclosures and short sales the last several years.

No matter, there was an offer on the property the next day after it posted on the Multiple Listing Service.  Folks… this is nothing new and almost any Real Estate Agent or Broker in the area will verify what I’m saying here.

Even the rough ones, the “fixers”, are selling.  You  go back a couple of weeks ago to a blog post I made regarding a unique investment property over in the Fair Oaks area that had 23 offers…!

Bottom line…? If you are in the market now,  chances are you will experience this for yourself… that is,  having to compete against other buyers for the same opportunity.   You might even have to bid on several properties before you finally get the right one.   So don’t get discouraged.  It’s just the market we’re in now.

Make it a Great Day…!

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

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Hey look here… A 4 Unit & A 7 Unit Apartment Complex New on Market

If you are looking for something besides a Duplex or a Single Family Home, maybe one of these will work for you.

I’m not a real big fan of 4 plexes in this area because most of them don’t have the “amenities” that Single Family homes or Duplexes offer to compete for quality tenants and optimum rents.

There are exceptions of course so I thought I’d point these out to you, because they’ve both just come on the market.

I’ve got estimated cash flow projections for both of them.

I hope you found the above informative.   If you’d like to know more  about getting into the small apartment market drop an email note my way or call me.   My contact information is below.

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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“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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