Posts

Cameron Park Investment Property Coming Back on the Market…?

Two Single Family Detached Homes on One Lot..

tamis cambridge

 

We have a buyer that is having difficulty qualifying for a loan and we’ve placed this one back up on the “Active Release” status.

Once we get another offer acceptable to the Seller, the current Buyer will have 24 hours to withdraw from the contract.

The best part about this deal is that the tenants are already in place and want to stay.

This property is in a great location and unique in that it is surrounded by Single Family Homes.   While it’s located near parks, schools and shopping, it’s also a short distance to the Highway 50 onramp to the El Dorado Hills, Folsom and Rancho Cordova work centers.

Take a peek here at the Cash Flow Figures and click here for more pictures.   If you know of anyone looking for an investment like this, please send them the link to this blog post.

In the mean time…?

Make it a Great Day…!

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

 

Enhanced by Zemanta

Gaslight Apartments – 15 Units – Folsom, California – Back on the Market…!

All The Inspections Are In….

 

If you have been looking for an small apartment complex in Folsom, then today’s your lucky day.    When we first put this property on the Dean side of Gaslightmarket we did not have any inspections so the buyer who wound up with the deal completed them all and then decided he didn’t want to move forward.

So… today so we are putting this back up on the market looking for a new buyer.

If you Click Here, you’ll get all the information including a short exterior video of the property.  If you would like copies of the inspections, please call me and I would be happy to email them to you.

 

In the mean time…?

Make it a great day…!

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

 

 

Enhanced by Zemanta

Rent Control – Back On The Radar Screen… Watch Out…!

I’m Just Passing this On….

If you don’t live in California and are reading this from out of state this is a hot button issue in areas like the San Francisco Bay Area and in some parts of Southern California.3d House (XXL)

If you want to see a list of those cities in this state that have rent control laws CLICK HERE.

Now if you are an Investor or even a current Home Owner thinking of renting your place out,  this issue should be a concern because it will affect you.

We just completed a “walk through” inspection of the Gaslight Apartments yesterday. Can you guess what the Bay Area investor asked me…?  “Are there rent control laws here in Folsom”.

He was relieved when I said no.   It was then he commented on how horrible it is in San Francisco and San Jose.

Take a look at this article written by Dan Walters of the Sacramento Bee in today’s paper and get ready to watch some shenanigans on this issue.

Dan Walters: Rent control returns to Capitol as burning issue

Let me know what you think and in the mean time…?
Make it a Great Day…!
Ed Favinger, Broker CRS, GRI, SFR, CDPE     916-203-1260   favinger@rwnetwork.com
Enhanced by Zemanta

Looking for a Nice Four-Plex in a Good Area…?

It’s Too Bad This One is So “Overpriced”…!

As someone who specializes in the sales and management of residential “investment” real estate I make it a point to go out regularly and preview a lot of property to keep up with the market.

A Four-Plex at 3632 Hallelujah Court, Carmichael came back up on the market just a few days ago for a whopping asking price of $688,000.   That price is lower than the original list price of $725,000.   The scheduled gross annual income they are showing is $51,384 which gives this property a GRM (Gross Rate Multiplyer) of 13.38.  With a GRM that high it’s not going to be possible to get a cash flow without a monster downpayment if you need some financing to complete this deal.

Why they are listing this property for so much is beyond me especially when there’s an exact copy of this unit at 5720 Engle Road that closed escrow last October for $495,000.

Click Here For More Information, incuding a “pro-forma” cash flow analysis on the Engle Four-Plex

The Seller of 3632 Hallelujah Court owns the property “free and clear” by the way.  They didn’t raise the price just to cover an existing mortgage.

If you want to compare them, below is a video of the exterior of the property and the one at Engle.   What do you think…? is the Hallelujah property worth almost $200,000 more…?

My conclusion…? Based upon their “scheduled” income and the GRM established by the sale of the Engle Four-Plex, I think the best the Hallelujah owners can expect as a reasonable offer would be nothing higher than $550,000.

 

Make a comment here and let me know what you think.

 

In the Mean Time…?

Make it a Great Day…!

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

 

        Related Articles

 

 

 

 

The Gaslight Apartments, Folsom, Ca 15 Unit Complex For Sale…!

Posted on the Market on January 15th….

So Far…?  6 Offers…!!

For those of you that don’t know me, I work primarily with Residential Investment Property and Investors.   We were fortunate to get the opportunity to do the Property Management  for the Gaslight Apartments in the summer of 2012.   The Apartments consist of,  (9) 2 bedroom 1 bath and (6) 1 bedroom 1 bath units.

The property is well located in Folsom, near City Hall, the new Library, City Park and Zoo.   It’s a corner lot location with a single family home on one side and Theodore Judah Elementary on the other.

Since the time we took over, we’ve increased the owner’s Monthly income  over $1,000 by very modest increases in the rents of these long time tenants, some of whom had not seen a rent increase in 18 years.

While Gaslight doesn’t have all the latest amenities, it does have Covered Parking and a Community Pool.

The Owner’s have decided to move on after owning this for approximately 20 years or so.

There’s a lot of “upside” on this one for the right owner…!

Click Here for a Proforma Cash flow analysis based upon Current Rents

Click Here for a Proforma Cash flow analysis based upon another modest increase in Rents

Click Here for a Rent Roll that shows the current rent, laundry income & potential rent.

As of January 23, 2013 this property is still available, so if you are interested let me know.

 

In The Mean Time…?

Make it a Great Day..!

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

 

Enhanced by Zemanta

Looking For a Real Estate Investment That Carries Itself..? Check These Out…!

We’ve got recent price reductions too…!

 

good_deal

If you have been looking for an “investment” type of property and have followed this blog site for any length of time, you know I’m a big fan of Mulit-Unit properties.

The reason is most of the time you’ll never have a vacancy of 100%.

Is a Four Plex in your future…?

Take a peek again if you haven’t already at this Four Plex at 5544 Keoncrest Circle, Sacramento which consists of all 2 bedroom 1 bath units, central heat and air, fireplaces in 3 of the units.  Each unit gets a Garage Space and garage door opener.   There is an “on-site” laundry that is free to use for the Residents of this building.

Click Here to get all the information including a video of one of the units

How About A Duplex…?  We got several.

1.  955-957 Woodshire, Sacramento – 2 bedrooms, 1 bath, 1 car garage one side & a 2 car garage on the other – Was priced at $289,000… Now Reduced to $259,000 – Located in a Pride of Ownership area consisting of primarily single family homes.   Rents could be raised some on this one.

2.  7226-7228 Oconee Court, Citrus Heights, Ca – 2 bedrooms, 1 bath, 1 car garage each side – Priced at $259,000 – Located on Quiet Cul-De-Sac Street in a great area near Parks, Schools and Shopping.   Great tenants on this one and both want to stay.  On month to month and could have rents raised some.   One side has been totally remodeled with a new kitchen.

3.  4713-4715 Greenholme, Sacramento, Ca – 2 bedrooms, 1 bath, 1 car garage each side – Reduced price at $204,950.  Fully leased with great tenants.

4.  4717-4719 Greenholme, Sacramento, Ca –  2 bedrooms, 1 bath, 1 car garage each side – Reduced price at $204,950.  Fully leased with great tenants.

NOTE:  Someone would be smart to buy both of the Greenholme properties since they are side by side. 

5.  4548-4550 Zachary Way, Sacramento, CA – 2 bed/1 ba/1 car gar & a 2bed/2ba/2 car Garage.  Occupied by long term tenants… one over 11 years.   Priced at $219,000.   OWNER IS WILLING TO CREDIT $5,000 for new paint & carpet.   This property has had the same tenant on once side for almost 18 years and the other side for about 10 years.

AND FINALLY…

6.  Two Houses above the valley fog on One Lot in Cameron Park, located at 3825-27 Cambridge Road.  CLICK HERE for pictures and a cash flow sheet.   Priced at $515,000

 _________________________________

If you have thought about making an investment, now is a good time.   Interest rates are still at a low level, all of these properties are decent shape with the owners willing,  within reason,  to make repairs that are needed when discovered in the “due diligence” inspections.

You Need A Property Manager…?  We also offer the 1st 3 months of Property Management if you buy these or any other rental property through us.  Our property management services can be found here.

 

In The Mean Time…?

Make it a Great Day…!

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

Enhanced by Zemanta

I Have A Couple of Sacramento Duplexes for Sale… See Below…!

They Are In Good Areas… Bring Me an Offer…!

Our Office has recently listed some Duplexes for sale in various parts of the Sacramento Region.    We do manage one of them, the others are managed by different property management companies.

This Owner is moving out of the area and wants to liquidate these properties.   They are all “occupied”.  Rents on some of them are low because they have been occupied by long term tenants.

The links below will have some pictures, some will have “cash flow” figures and short videos of the exterior.

_____________________________________

1.  955-957 Woodshire, Sacramento – 2 bedrooms, 1 bath, 1 car garage each side – Priced at $289,000 – Located in a Pride of Ownership area consisting of primarily single family homes.

2.  9398 Mary Ellen Wayu, Elk Grove, Ca – 2 bedrooms, 1 bath, 1 car garage each side – Priced at $269,000 – Located in a Pride of Ownership area consisting of primarily single family homes.  One unit has been totally updated, the other unit is in good condition but not updated.  Click here to get the slide show and short video of the exterior.

3.  7226-7228 Oconee Court, Citrus Heights, Ca – 2 bedrooms, 1 bath, 1 car garage each side – Priced at $259,000 – Located on Quiet Cul-De-Sac Street in a great area near Parks, Schools and Shopping.

4.  4713-4715 Greenholme, Sacramento, Ca – 2 bedrooms, 1 bath, 1 car garage each side – Priced at $209,950.  Fully leased with great tenants.

5.  4548-4550 Zachary Way, Sacramento, CA – 2 bed/1 ba/1 car gar & a 2bed/2ba/2 car Garage.  Occupied by long term tenants… one over 11 years.   Priced at $224,900

 _____________________________________

Need financing…?  Give Dana Reed, Folsom Branch Team Leader, , of Big Valley Mortgage a call at  916-768-4298

In the Mean Time…?

Make it a Great Day…

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

Related articles

 

 

Enhanced by Zemanta

Real Estate Sales Will Stay Steady And Maybe Increase Even If Rates Go Up Some…!

Mortgage rates increasing to the 4% range are still historically low, but…It’s not the point of this article.

Don’t you think by now that most of us active in the Real Estate Market in this region are aware that the economy here is on the upswing…?   If you are a Broker or an Agent, a Mortgage Loan officer, a home buyer or an investor active in the last couple of years this is old news to you.

Yes… I know interest rates helped to make it advantageous for many an investor,  especially if you had to finance a deal to get in.  I’m not going to panic over an increase in interest rates right now.

I’ve told just about everyone that I have ever worked for in a real estate deal, “the only reason prices haven’t gone up more is high unemployment”.

Here’s the latest headline from today’s Sacramento Bee Front Page.

Jobless rate plunges in Sacramento and California

Below here you’ll see some anecdotal evidence based on my experience to support my opinion.

English: The mall in Roseville, CA.

  • Traffic has gotten much more crowded on the local streets.   I see a lot of people at Restaurants, Entertainment venues and Shopping Malls.
  • Multiple Offers on a small supply of homes for sale – I know you have heard about that.
  • The Residential Rental Market is in great shape especially for well located and well maintained properties such as Folsom, El Dorado Hills, Roseville, Granite Bay, Fair Oaks, Gold River.   After only a week on the market, we recently leased a home in Empire Ranch for $2,850 with the new tenant paying the water, sewer and garbage.
  • Phone Book/Internet Searches – We are now getting calls from prospective tenants looking to move into a rental having difficulty finding a decent place.  They found us under Property Management listings hoping we had something they hadn’t seen elsewhere or maybe we had something “coming up”.
  • More “traditional” real estate transactions that are not Bank Owned/REO or Short Sales.
So… if you are thinking things are going to change anytime soon,  would you agree with me that it’s not going to be bad ?

Make It a Great Day…!

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

More Old News From the Sacramento Bee – When It Comes to Real Estate

I’ve Been Telling Folks For Years That They Had Stopped Building New Homes Here.

I can case you haven’t yet seen this article from the Sacramento Bee,  I’ve got the link for you below.

However… I have to add that the only reason prices haven’t climbed higher is the still high unemployment in this area.    When that gets better, you’ll see prices and demand really go up and new homes coming on the market.

Sacramento area home builders struggle with rising demand, lack of ready lots

 

Now… In the mean time…?

Make it a Great Day…!

 

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

Enhanced by Zemanta

This Real Estate Market Needs Sellers…

Short Inventory Will Cause You To Bump Into The Same Folks Looking At The Stuff You Are.

This was the case for us on Sunday, April 7th.

We are marketing a Duplex at 7243-45 Castilian Court, Citrus Heights and had scheduled an “open house” tour for a couple of hours starting about 12:00 PM.     

I met a Buyer that had written an offer on this duplex at the property and then decided to look at other similar properties open that day.   At a couple of places we ran into the some folks we’d seen earlier.

Later that day I was showing property to a lady looking for a single family home in Roseville.   At every home except for one, there were folks either coming out as we were going in or coming in as we were going out.   On more than one occasion we ran into familiar faces that we had bumped into earlier in the day.

Just another day in Real Estate in a short inventory environment.

If you know of someone thinking of Selling a their home, selling a rental property or apartment complex, we’d like to know.

 

In the Mean Time…?

Make it a Great Day…!

 

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

 

Related articles

Enhanced by Zemanta