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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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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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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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Some New Duplex & Four-Plex Listings Just Hit the Market… My Evaluation and Comments Below.

Let me know what you think..

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While I know that most of us are taking some time off for for Thanksgiving and getting ready for the Christmas holidays coming up, the sales of Residential Investment property in the Sacramento Region is still moving along.

I’ve been out and about looking at these properties to keep current with the market and came across a couple that I think are interesting.

Lets start with a couple of Duplexes first.

I think this Duplex is under priced even though it backs up to Madison.   They do say there is some needed fix up, but it can’t be all bad if they are both currently occupied.  I am of the opinion,  that if they were fixed up, the rents would also go up to compensate.   You don’t see these kinds of duplexes on the market all that often.

This is a nice neighborhood with single family homes across the street while on this side of the street is comprised of these larger duplexes that are perfect for the owner to live in one side.  The Video I took didn’t do the area justice.   This area consists of well manicured properties showing pride of ownership.

Click on the Address above for a video link.    Click here to get a “pro-forma” cash flow analysis.

Noisy street yea… You can’t move the street but inside though it’s quiet enough.   One unit is in need of a “big time” fix up so now would be the time to update it.  It does sit further away from the street and has more privacy with a good sized back yard.

You should be able to rent those units for $1,000 a month FIXED UP of course.  Orangevale is a pretty good rental area and inspite of the busy street there’s some folks out there that like a country feeling and I think this one kind of has it.

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Now for a couple of Four-Plexes.

Click on the address for a video. A Proforma Cash flow is here.  I’m pretty familiar with this area.   We manage a four plex up the street.  I would call this a “bread and butter” type of property.  This will cash flow, but you do have to manage it carefully.

Rents vary from $720 to $729 per unit with a Gross Annual Income of $34,776 according to the information provided by the listing agent.   For an estimate of what it would bring in just look at the cash flow estimates in the Tiara Way property above because the expenses aren’t going to vary much.    This one has already had an offer accepted but had since fallen out as of the date of this article.

Now might be the time to make a deal on this one.    Still shows active.

Finally… If you are an investor looking to jump into this market and have questions regarding any of the above properties or you are new to this area and want more information, please send a note or call me.

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 Nice Looking Duplex – Nestled Among Single Family Homes

 

I Wish There Were More Like These on the Market because they are probably the most popular.  Check out the information and the video too…!

 

While out looking at Duplexes that have just come on the market the last few days,  I ran across this one.   I have a client that has purchased some property just around the corner from this property and others in the Rosemont Area.

This Duplex is located at 4001 and 4003 Westporter, Sacramento.    It’s got a configuration of 2 bedrooms, 1 bath and 1 car on each side.   The listing agent has the rents shown as $825.00 for each side but I know these would rent for more.    I think you could get at least $895.00 for each one even though they are smaller units than some of the duplexes we are currently renting not far away from here.

The reason is the location…!

For the Pro-Forma Cash flow figures CLICK HERE.

CLICK HERE FOR MY WALK THROUGH VIDEO

Let me know what you think of this one…   You’ll see that it doesn’t need much work.

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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Here’s the Most Recent Data Regarding the Duplex Sales in the Sacramento Region

 

Looks Like “Cash is Still King” in the Residential Investment Market here… Especially when it comes to Duplexes…!

I have prepared below some statistics and information regarding the sales of some Duplexes in what I call the “preferred” areas of the Sacramento Region.   I’m pretty sure these numbers would probably apply to all areas of the Region because they are percentiles and the market is pretty good in all areas here.

However since I don’t keep track of the sales in all the areas regards Duplexes,  I’m just letting you know that this is not a total for all of Sacramento County.

The data includes Sold and Closed transactions from July 1, 2012 to November 16, 2012.   I think you’ll find in interesting.   Let me know what you think.

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Total Closed Sales 124
Cash Transactions 57
Conventional 56
FHA  9
Seller Financing 1

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List Price/Sales Price Ratio All Properties 97%
List Price/Sales Price Ratio – Cash Transactions 97.06%
List Price/Sales Price Ratio – Conventional 96.86%
List Price/Sales Price Ratio – FHA Transactions 97.25%
LIST Price/Sales Price Ratio – Seller Financing 100%

By the way…. The Duplex shown above closed escrow on October 31st, for $239,000 –  3 bedroom 2 bath 2 car and a 2 bedroom 2 bath 1 car configuration.   CLICK ON THE PICTURE TO SEE MORE OF THE EXTERIOR AND NEIGHBORHOOD.

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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