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How’s the Real Estate Market…?

Foreclosures At a 20 Year Low

I get this question all the time from people asking me “how is the real estate market?”.

The short answer is, Great…!

I have some links below that will give you some insight but in the greater Sacramento Area I think it’s one of the best I’ve seen.   Why do I say that…?

Have you tried to get a contractor or handyman to fix something at a rental…?  When you’ve got contractors busy with a back log of weeks out, that’s probably one of the best signs of a great real estate market.

 

Click Here for an article regards the low Foreclosure Rate.

And if you’re an investor curious about rents, click here for that article.

Aerial shot of Folsom, California with Folsom Lake in background.

Aerial shot of Folsom, California with Folsom Lake in background.

If you’re thinking of getting into the market for a new home or you are an investor looking to purchase your first rental property or you want to add to your portfolio, please call/text or email me at anytime.

 

Looking for a Duplex to buy…?   I’ve got one that you should take a peek at.   Click Here for the information on this Bread and Butter Property waiting for you.

 

 

In the Mean Time…?  Make it a Great Day…!

Ed Favinger, Broker, CRS, GRI, SFR    916.203.1260   favinger@rwnetwork.com

 

A Nice Sacramento Duplex for Sale in a Cul-de-Sac Location

Street is Mix of Single Family Homes & Large Duplexes

I haven’t seen a Duplex in this neighborhood come on the market in a few years.  This area is a mix of Single Family homes and Duplexes.

We manage a Duplex on Hanks, the cross street.   We’ve had the same tenants in there for the last 5 years,  so I know the area is a stable and safe place to invest in.

Click Here for the Pro-Forma Cash Flow Analysis.  Take a peek at the video below of the Vacant side.  I think you’ll see it could use a little sprucing up but not much.   Looks to be in pretty decent shape.   Let me know what you think.

 

If you’re thinking of Investing in a Sacramento Duplex for Sale there are some nice ones on the market now.   If you are thinking of selling your Sacramento Duplex , now is a pretty good time to do it.

Please Call or Text me at 916-203-1260… or drop an email to:  favinger@rwnetwork.com

In the Mean Time…?

Make it a Great Day…!

 

Also check out:

 

Update – A Report of Two Sacramento Duplexes For Sale

Sales Prices Up – But Rents Are Up Too…!

We recently listed a couple of Sacramento Duplexes for sale.   It’s amazing how quickly they seem to sell now and for what appears to be a never ending spiral upwards in Sales Price highs.

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9143-9145 Tuolumne Drive, Sacramento, Ca, 95826.   Tuolumne

3 bedrooms 2 bath each side with updated interiors.

Listed at $399,000  –  We had multiple offers with the new buyer that is excited to be Closing Escrow today at $410,000.

Oh and this was a Cash Offer with no financing involved.  We added a picture of the property to the right here.

 

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2347 – 2349 Imran Drive, Sacramento, Ca 95825

This Duplex was configured as a 2 bedroom 2 bath with a 2 car garage on one side with the other side being a 2 bedroom 1 bath 1 car garage.   The owner on this one had purchased it at the top of the market back in 2004.

With values finally reaching a point where he could sell without having to come to the table with money at the close of escrow, he took advantage of today’s market and moved on.

Listed at $400,000 – Closed escrow at $395,000

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6041-6043 Rye Way, Carmichael, Ca 

PENDING SALE  – This Carmichael Duplex is a 2 bedroom 1 bath units on ea side with one car garages

Now Listed at $355,000 –  We had this one listed originally at  $340,000, with multiple offers.  It was taken off the market to make needed pest control repairs after inspections revealed a termite infestation so bad the property had to be “tented”.

After the work was completed it was put back on the market and is now currently in escrow with a full price CASH OFFER.   It was also a multiple offer situation.

If you haven’t heard, there’s a short supply of Duplexes for Sale in Sacramento.   If you own a Duplex in the Sacramento Area and you are thinking of Selling, now couldn’t be a better time.

Investors are looking for properties like yours.  Let me show you how to get the most out of your investment.   If you’re a Prospective Buyer/Investor looking to get into the Duplex market or any other kind of Residential Investment, please call or send a text to me at 916-203-1260.

You can also drop an email my way to:   favinger@rwnetwork.com

In the Mean time…

Make it a Great Day…!

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

 

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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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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Who Pays for Pest Control Reports…?

An Interesting Subject Especially When a Bank Loan is Involved

This was question from a reader on Trulia.com a day or so ago.

Click on the link below and see what I and other Real Estate Professionals had to say.  Pay attention as to why you don’t want to even include a Pest Inspection in your offer if you are using the C.A.R. contract forms.

It’s a function of today’s market.

I think you’ll find the short read interesting and informative.

Pest Inspection – Who Pays..? In So Cal..? In Nor Cal..?

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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More Craigslist Scams – If You Are a Landlord or a Prospective Tenant – Beware…!

Another “Craigslist” story I have to share… even have a copy of the “email exchange”

I got a call from a lady a few days ago inquiring about a home for rent at 1327 Copping here in Folsom.  It’s a 5 bedroom 3 full bath home, about 2500 sq ft and rents for $2,350.oo per month.   This lady said she had answered the ad that had a rent offered at around $1,100 per month.

I think most people can spot a “rental scam” but maybe some can’t, so here’s some things that you might want to employ if you are looking to rent a home somewhere.

  • If the price of the rental is so much lower than other homes you have been looking at..?  It might be a scam.
  • If the Owner/Landlord only communicates with you by email..? It might be a scam.
  • If the Owner/Landlord will only accept cash or a “wire” transfer..? It might be a scam.
  • If the Owner/Landlord is “out of the country”…?  It might be a scam.
  • If you “google” the property address and find more contact information besides the person you’ve been communicating with…?  It might be a scam.
  • If the Owner/Landlord meets you at the property and doesn’t ask for an application and is ready to give you the keys right then and there if you give him the money…? It might be a scam.

If you’d like to see copies of an email exchange between a “scam-ster” and the “mark”…?  Click Here

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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What If I Invest in a Property in Oak Park Sacramento…? Don’t Look to The City of Sacramento for Any Help…!

The Area is so bad, if you have a “non-paying” tenant it’s probably better to keep them there occupying it, then to let it go vacant for a time.

Why would I say something as crazy as that?   The reason is because it’s true in this particular part of Sacramento.

A Bay Area investor asked us to manage a home on San Jose Way in the Oak Park area.   We took over last September.   The owner had previously put in a tenant that subsequently moved out leaving the property vacant.

It didn’t take long for the vandals and thieves to start picking away at this place.

While we were working on getting it re-painted and fixed up, some nice folks next door thought they’d just “plug in” to our exterior outlet and have a long chord from our property to their pad.   After finding this occurring a 3rd time,  I got fed up and called the Sacramento Police Dept.  They did come out although at first the 911 guy didn’t think this was a big deal.  Well when they showed up,  they wound up arresting several people including the owner from what one of the cops told me.

After getting them all out of that house, the property was posted and boarded up and has been since last October.   The house across the street was in foreclosure and that was boarded up along with a house on the opposite corner.

Here’s the nice video for you to see…

[kml_flashembed movie=”http://www.youtube.com/v/os0tD4C55_U” width=”425″ height=”350″ wmode=”transparent” /]

What does the City of Sacramento do to help…? NOTHING…!   They fee and fine the owner’s for maintaining a nuisance.   They charge a “monitoring” fee to make sure you are keeping it clean.   It doesn’t matter how much it costs the owner to get it fixed or how many times the property is broken into and things stolen like copper wiring or air conditioning units.

My point…?  

HOW ABOUT SOME STINKING POLICE MONITORING of the area instead of just “sticking it” to the folks that have invested in this area.

Anyway….

Make it a Great Day…!

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


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Watch us “Flip” an Investment Property…!

We will follow the progress of an Investor with “videos”  starting from the day they 1st take possession until they finish and place it back on the market.    A “video chronology” if you will.

We just closed escrow on a Duplex located at 2728-30 El Caprice, Rancho Cordova on Monday, Feb. 27, 2012.

The folks that bought this property  plan on fixing it up, possibly renting the units up and then placing back on the market for a profit.

To follow our progress, we invite you to come back here from time to time and get our video updates.

So here we start with the first Video… the day we walked through on Monday the 27 after the close of escrow.

[kml_flashembed movie=”http://www.youtube.com/v/gmkNRinIYNw” width=”252″ height=”189″ wmode=”transparent” /]

Now you’ll see some progress on the 2nd video that was taken today, March 1st,  around 11:00 this morning.   I plan on visiting this property at least 2 or 3 times a week until it’s completed and then placed back on the market.

[kml_flashembed movie=”http://www.youtube.com/v/xv2hyPuYYgU” width=”252″ height=”189″ wmode=”transparent” /]

I hope you find this useful,  informative and hopefully kind of fun to watch.

In the Mean Time…?

Make it a Great Day..1


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

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