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Sacramento Area Adding Jobs Good News for Real Estate Investors

Adding Good Jobs Help the Housing Market.

If you are an “out of area” Investor or a potential buyer looking to move into this area, you’ll want to know if there’s an economy here that’s adding jobs.

If you were to own a rental it’s nice to know that there will be jobs here so that people can afford to pay the rent you will charge them.   This is true if you own a Duplex, a Four Plex, an Apartment complex or even a Single Family rental home.  If they don’t have jobs they can’t pay the rent.

I thought I’d share this short article from the Sacramento Business Journal to illustrate the economy here.

Chinese solar company to establish McClellan plant, bring 200 jobs

This story is a prime example of what “re-use” of some former Military Bases in the Sacramento area that were closed in the 90’s, Mather AFB and McClellan AFB.  jobs

Mather is now a commercial center and is also being used as an “air freight” facility while McCellan has a mix of industrial uses.

As a Real Estate Investor it’s nice to know that your investment in this region would be a good one that will grow in value because we’ve got the jobs here as well.

If you are thinking of Investing, Buying a home here, or Selling a property here, please call me at 916-203-1260 ( I take text msg’s too) or drop an email my way at Favinger@rwnetwork.com

 

In the mean time…?

Make it a Great Day

Ed Favinger, Broker, CRS, GRI, SFR, CDPE

 

Update on Some Recent Duplexes, Four-Plexes & Homes That Have Been Profiled Here….

I’m Still Amazed At the Amount of Investor Interest There is for Duplexes.

 

Here’s a list of properties that I have profiled in the past.  Some in the last few weeks and others earlier in the year.  I wanted to make this update because I’ve been busy working with some folks that have failed to get an offer they have submitted approved.   That’s because of the competition for quality investments.   It’s a frustrating experience for Buyers.

You know,  while you might hear stories out there from the State and National Network News regarding the lousy economy, areas like the San Francisco Bay Area and the Sacramento Area along with the Coastal Areas of Southern California are doing a “robust” business when it comes to real estate.

“Multiple Offers” are the normal course off events when a new listing comes on the market.  I’ve written about it,  I think,  for well over a year now.  Others in my business have also expressed the same experiences.   There are areas of exception of course,  but I’m referring to, I guess, for lack of a better term, “the preferred” areas… the areas that I have been to the most and written about here.

I’ve also included some properties I may not have written about before as well.   The purpose behind this is to show you how much work many of them may or may not have needed to get into a “rent ready” condition.

So if you are out looking now for an investment property whether it’s a Duplex or a Four-Plex you’ll hopefully get an idea of what other investors have done and have been up against like you.

The Following Are Closed Transactions:

2358-60 Imran Court, 2bd/2ba/1car & a 2bd/1ba/1car – Listed at $180,000 – Was a Short Sale – closed escrow 11/20/2012 Sold for $180,000Click Here for the video   which was uploaded 1-8-2012.  The wait to close this short sale was worth it.  You can’t find a duplex like this for the price they closed it at.

6604 Summer Rain Way, Citrus Heights, 2 bed/1 ba each side – A “flip” that I thought was listed too high back in August at $214,888 – It finally closed just  a couple of days ago, Dec. 20th,  at $201,800.    Rents were only at $750 on one side – we manage a duplex just like this one just two doors away from here and get $950.    Here’s the video of the vacant side

Here’s some that just came on the market and are now “Pending Sales”

6535-37 Hazel, Orangevale, Ca, 3 bed/1ba each side – Was Listed at $179,900 but then lowered to $159,900, which made it a much better deal.  You’ll see why it didn’t sell for the higher price by going to the Video Here.

4341  Alsace Ct,  Fair Oaks, CA  95628   – Was Listed at $425,000 – Duplex with a 3 bedroom on one side located in an area of mostly single family homes.   This is an interesting property that would be perfect to live in one side and rent the other.  Let me know what you think of it after you see The Video Here

3107 – 3109 Laurelhurst, Rancho Cordova, 3 bedrooms/2 bath ea side – Bank Owned – Was Listed at $155,400.   An Investor I’m working with offered $171,000…. AND DID NOT GET IT..!  Check Out the Video

3283 Cambridge Road, Cameron Park, – Single Family Home that had been priced much higher at $309,900 but then lowered to $269,900.  I had a buyer make an offer but it was also not accepted because others had out bid us.  Click here for the Video and more.

I will have more examples coming later….  

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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A Bank Owned Home in Cameron Park – Been Sitting There A While Too…!!

That’s because they had it priced to high – they’ve just lowered the price to $269,900 and now it’s getting action.

I was out there today looking at this home for a client of mine and thought I’d share this video with you.   This one is located at 3283 Cambridge Road, in Cameron Park.   It’s just a few doors away from the Cameron Park recreational area and lake.   You could walk there to see the 4th of July fireworks show they put on every year.

If you are commuter to Folsom or the work centers along Highway 50…?   This would be a great spot to land after coming home.

At around 2,200 sq.ft., it’s got 4 bedrooms 2.5 baths a monster lot with plenty of room for your boat or RV.

I’ll let the video do the talking… 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

 

 

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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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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Open House Today – See What This Owner Has Done…!!

This  Home was a Bank Owned/REO.

Come on by today at 12:30 – 4:00 PM to 3900 Arderly Court, Sacramento, Ca 95826  and see what a “flip” looks like.   An Investor picked this up cheap and has taken the time and $$ to make this Bank Owned Fixer into a nice home

As you will see in the video link it really has it all.  New Kitchen with Granite Counter Tops, new carpet, paint, new wood laminate floors in all the high traffic areas along with new carpet in the bedrooms.   You’ll love the bathrooms and we put in some nice window coverings as well.

Come on out.. but if you can’t enjoy the video…by CLICKING HERE.

 

In the Mean Time..?

Make it a Great Day…!!

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

 

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A Tenant Caused Problem That an Addendum Protects You From

I’m talking about damage that installation of a Satellite Antennae can cause.

If you haven’t experienced this issue, let me inform you the law provides that you must allow a tenant to install a Satellite Dish or Antennae if he or she wants to.    

However, you as the Owner/Landlord have some rights.

You can dictate where they can put it and if the only area that you allow it to be installed does not give adequate reception, this is not your problem.

We recently had a tenant at one of our Esplanade condos here in Folsom  install a Dish on the exterior wall of the building which caused him to bear the costs of removal and the HOA fine.   He never got our permission to install it in the first place.

We had another tenant in a Single Family home here Folsom who decided to install a Satellite dish in the attic.    The contractor/technician that installed it damaged a brand new HVAC system to the tune of $1,500.   Guess who’s responsible for that…?

To eliminate any ambiguity as to who pays for the damage this issue might cause, we use the California Apartment Association’s  “Satellite Dish/Antennae Addendum” in all of our leases.    Tenants “must” get our permission to install a Dish or Antennae.

Using this form will put the responsibility on the tenant to maintain your property and not let them off the hook if they damage it by the installation of a Dish.

Just one more reason to use a professional property management company…!

 

Make it a Great Day…!

 

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

 

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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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Update on the “Fix and Flip” Duplex

While it may not look like much today, there’s been a lot done.

We took possession of this Duplex at 2728-2730 El Caprice, Rancho Cordova on February 27th.

To date, we’ve got the hardwood floors installed in all the high traffic areas, the tile floors in the entry and all the bathrooms, holes in the ceilings and walls repaired and installed the new base boards.

We’ve taped and textured, installed the new sliders to the back yards and have started the interior painting.

In addition, we’ve laid some concrete down to enhance the size of the patios and we’ve squared off the exterior areas as you’ll see in the video.  We will be doing some nice things in the landscaping department which is something a lot of investors overlook in my opinion.

[kml_flashembed movie=”http://www.youtube.com/v/EyItLKihQOE” width=”318.75″ height=”262.5″ wmode=”transparent” /]

To See Where We Started From, CLICK HERE for the beginning video and the 1st update that was done I think on the 1st of March.

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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