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Does Insurance Cover Stolen Air-conditioner in a rental unit?

An Investor had a property become vacant after which an Air Conditioning unit was stolen.

This is something that is happening now more and more these days, not just here in the Sacramento area, but all over the country.

The question was asked by an investor on Trulia.   I thought I’d share the answers the gentleman got  because our company manages a property that had the exact same thing happen after it became vacant.

By the way… This can happen in areas that are not only,  what I guess you could call “lower income” neighborhoods,  but in “upscale” areas as well.

Anyway… Click here to see what I and other Real Estate professionals had to say about this ever growing problem.

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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Renting out a Home In El Dorado Hills… Who Pays Which Utilities..?

Here’s the question asked by a buyer on Trulia.com     “If I buy and rent out a home (with a pool) in EDH who pays which utitlies – espcially the water bill? Are there any laws regarding this?”

Who pays for utilities has become more of an issue these days in our Property Management business.   There was a question asked by a prospective investor in the El Dorado Hills market as to who pays them.

If you would like to see what the answers that I and other professionals gave this investor, CLICK HERE…!

Make it a great day…

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

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Buying an Investment Property in Sacramento Area…

“I want to buy an investment property in Sacramento area and would appreciate any insight into it where schools are good and I can get 10% ROI. Area should have potential for future appreciation. I want to invest less tha 300K”

The above question was brought to our attention on Trulia.     See what I and other Real Estate people had to say by CLICKING HERE

I’ve answered this question before and have my opinions along with those of other Brokers in the area.    By the way, if you don’t know, Trulia is a website that can be a great resource regarding the real estate business.

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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A Lesson In The Costs of Not Maintaining Your Rental Property

Don’t Let This Happen to You…!!! You and Your Property Could Be on the Evening News and the Front Page of the Local “Fishwrap”

I’ve been in the Property Management business for a while now.  You know,  it never ceases to amaze me how some owners of Residential Income Property fail to properly maintain their investments.

Over the years local governments have been taking on more and more responsibility of regulating Apartments and other Residential Rental properties, because of consumer complaints

If you are a “seasoned” investor or someone that is thinking about getting into the business, don’t do what these owners are alleged to have done.

  • Don’t cover up a potential “mold” issue
  • Don’t ignore leaking roofs or other “water” intrusions
  • Don’t ignore vermin such as cockroaches, mice/rats and now “bedbugs” that have made a comeback

The Owners of this apartment complex in Rancho Cordova may have thought that because some of these tenants are “low income” they could ignore or postpone these maintenance issues.    They have,  as we say “received a rude awakening”.

The Owners have come under fire from a group of tenants that are suing them for $10,000,000.   To make matters worse, the lawyer they hired is an attorney that is well known in the State of California for bringing these kinds of lawsuits against landlords.   It was bad enough that the City of Rancho Cordova got involved, but they now face this big storm of a lawsuit.

So if you don’t want to be the lead story on the local Fox 40 News Station,( Click here for that video) or on the front page of the Sacramento Bee (Click here for that story) then I hope you will take to heart what I’m saying here.

While the bottom line may hopefully result in the Insurance Company settling this for a lot less than $10 Million,  do you want to go through the hassle and have your name smeared in the news just to save a couple of bucks on something you should have known better..? Because if you weren’t aware of it before, there are lawyers out there just itching to take a case like this against you,  “the landlord”.

Are you catching my drift here…?

Now….In the Mean Time…?

Make it a Great Day…

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We are hitting hurdles in buying first home. We got a short sale home & have to close escrow next week.!!

Our loan processor is not responding.   The initial escrow date they gave us was 3 weeks.   We could not get hold of the loan processor.    Is there any thing we can do to extend out escrow date …?  How does it work please let me know…

Is is “panic” time…?    I don’t think so.   This was a question asked by a first time home buyer on Trulia.com

Take a look at what I and other professionals had to say about this kind of situation by CLICKING HERE.

Make it a Great Day….


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


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Fair Oaks Fixer Duplex – Country in the City Location…!

Live Near Million $$$ Homes – Payments Cheaper Than Rent

I was out and about looking at property and have seen this one a couple of times on the MLS.   Click Here for the basic information if you’d like to see it.

This property is nestled in a pretty nice area with Oak Trees everywhere.   If you looked at the map on the link above maybe you noticed how close to the American River Parkway this property is near.  You owe it to yourself to drive by this property and the neighborhood.

This Duplex would be a great “owner occupied” candidate if you wanted a Single Family neighborhood feel.

I GOT VIDEO…!   I GOT VIDEO…!

Click On Here and join me on my walk around the property.

Click on this link to see the immediate neighborhood around this property

Cash Flow…?   You Want Cash Flow…? Or would you like to live in one unit and rent the other?   This is one property that could go either way.   You have to buy it for the right price though.  Although it’s listed at $319,900, it’s not going to sell for that in my opinion.   I think it should sell for something near or at $250,000.   If you look at the comparable sales data, there hasn’t been one sell for much over that,  if any.

Click Here for the comparable sales to prove my point.

Click the link below this paragraph for my projections – which includes costs to fix up calculated in.   I’ve got figures if you are a “Non-Owner Occupied Cash Flow Investor”  or you’re maybe a 1st time buyer and want to live in one side and “rent the other”.

Go Here To Get the Projections

If you’ve seen the projections and are curious about what you can get for rent in this neighborhood, go to this website that will give you the data.   It only asks you for the address and bedrooms nothing more, but it does show the location of the comparable rentals in nearby neighborhoods.

Let me know what you think.

In The Mean Time…?

MAKE IT A GREAT DAY…!!!

Ed Favinger, Broker, CRS, GRI, SFR         favinger@rwnetwork.com       916-203-126-

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Is The Rental Market Good in the Sacramento Area…?

This was asked by an investor on Trulia.   See what I and other professionals had to say.

Click here for the link to the discussion and answer to this investor’s question.

In the mean time…?


Make it a Great Day…!

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

The Bank Owned Duplex Report – New Inventory Reviewed Here…!

Some Interesting New Listings That Have “Piqued” My Attention… might pique yours too

I’ve been out and about in the last few days looking at new inventory and reviewing some that have quickly sold and then have fallen out of escrow.    The list below are just a few that I’ve seen lately I wanted to pass on.  They are in various areas… all of which I think would be decent investments,  if purchased at the right price of course.

By clicking on the address of these properties you will open up a “pro-forma” cash flow analysis in PDF format.   I have some videos as well

Let’s start with a Short Sale first.

2325 Irma Way, Sacramento, Ca 95825 – Listed at $160,000 –  Nice area of duplexes – According to the listing agent they will consider a new roof credit at full price.   I have a flyer here with some pictures of the interior because I couldn’t get in to see the interiors.  It was a nice quiet morning that I was over there and I think you’ll be impressed with the neighborhood.   Here’s a video of the exterior.  I was there at about 11 or so Saturday, October 1st.

Below are some Bank Owned/REO types of deals. These are a bit rough.  I call them “beaters” – but they are more commonly known as “fixer uppers” – .

7576-78 Cook Avenue, Citrus Heights, Ca – Listed at $127,900 – This one needs a bit of work.   The Cash Flow figures are based upon the price as if it were fixed up.  I’m guessing it needs something around $20,000 to really do it right.  But after you are done, you’ll have a real nice place and no problem leasing this up.   Click Here for the Video Walk Through.

7214-16 Grady Drive, Citrus Heights, Ca – Listed at $136,900 – As in the above situation, the cash flow figures are based upon the price as if it were fixed up.   I have told clients over the last couple of years that the average you’ll spend on one of these deals will be between $7,500 to $10,000 per side to get these in a really nice “rent ready’ condition.   Click Here for the Video Walk Through

If these properties interest you, drop me a note or call me at any time.

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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