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A Follow Up Note on a “Flip” I profiled a couple weeks back…

“After further review” as they say in the NFL….

Folks… I was out showing property to another investor and to give him an idea of the market,  I took the time to shown him the properties that I’ve profiled here along with others.

We viewed this one on Camino Gardens and thought there was a lot lacking… such as kitchen drawers that weren’t working etc… but you know what… It’s a Pending Sale…!!

Click Here for the videos before and after on this property and you’ll see what I’m talking about… There are other “little things” they didn’t do… but that didn’t stop an investor from putting in his offer.

And.. I just finished an interesting phone call from the listing agent regarding the property he has listed on Imran Court that I profiled a couple of days ago…  It’s wildly overpriced but he’s had a couple of offers on it already..!

Click here for that one… I’ll let you know if gets it into escrow.

In the mean time…?

Make it a Great Day


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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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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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The Latest Sales Data – Sacramento Duplexes – In My Preferred Areas

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Lots of Pending Sales – Not Much Really on the Market – Info Sorted by Zip Code

I’m currently involved in a couple of transactions that are  Short Sales and Bank Owned/REO Duplex properties.   As part of the process I’d like to keep the folks I work with up to date on the most recent sales data.

So in the course of gathering this data for them, I thought I would share it with you here.

I’ve prepared a spreadsheet in a PDF format that you can down load.   The information is sorted by the  zip codes of my preferred areas first and then by their current status:  (A) Active for Sale Now, (A.S.S) Active Short Sale, (A.S.C), Active Short Sale Contingent – offer pending approval of short sale lender, (Pend) Pending Sale/in escrow, (Sold) Sold and a closed escrow.

If a zip code area you are interested is not shown and you’d like more information about that area, drop a note to me. My email address is below.

Click Here for your copy of the PDF Report.

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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Heads Up.. Couple of Hot Deals Here..!!

Both have just come on the market.  One should go quick and the other one…? Well it’s in a great area but I think the price is suspect big time.

I’ve been out and about and have previewed some interesting Duplexes… some REO/Bank Owned and some  Short Sales.   Either situation can be a good deal if you have the patience.

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Check out this one that’s a very popular pride of ownership type of Duplex neighborhood located in nice part of Citrus Heights .  It’s very near Sunrise Blvd at a point that makes it a great commute location for work centers in Roseville, Rancho Cordova and Folsom and the Sunrise Market Place.

7936-7938 Tangors Way, Citrus Heights, Ca 95610 – Listed at $220,000

If you would like to see how nice these units can be check out this video of one located a few doors away at 6924 Trovita Way.

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Now if you like Orangevale, this one at 9655 Lake Natoma Drive might be a neat property if you manage it a little better.  It’s a Duplex that has a common driveway with another Duplex and their detached garages.   I hate chain link fences and all the junk in front yard I saw because there are nice places on this street.   Check this one out just a few doors away and you’ll what I mean.

Click here for the Cash Flow figures for 9655 Lake Natoma Drive.

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SALES INFORMATION UPDATE COMING….

Check back later, because I’m going to post later today an Excel Spread Sheet in a PDF format of the most recent sales in Duplexes in my preferred areas.

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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New on the Market… Bank Owned & Short Sale Duplexes for Sale

Take a peek at some potential Cash Flow Investment Properties that I looked at over the last couple of days.

I  have videos along with the potential cash flow figures for your review.   The two that are Bank Owned Duplexes are both in need of work but when you add in the amount it’s going to cost to fix these up, I think it will be worth it.

The reason why I say this is because the rental market is pretty good for properties that have good curb appeal, in good neighborhoods and are updated/upgraded a bit.

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3960 La Honda Way, Carmichael was just listed a couple of days ago. Click here for my “pro-forma” cash flow analysis and evaluation if you are an Investor.   This one is located on a Cul-De-Sac street consisting of mostly single family homes and is not all that far from Sunrise Blvd and the American River Parkway.   If you want a quick street view video I took click here for that.

I’ve done the estimated cash flow figures based upon a lower price because I think the Listing Broker has this priced a little high in my opinion for it to be a good cash flow deal for an investor.  However….  it is in a pretty nice area.

This property would be a great candidate for someone looking to buy their first home and an investment at the same time because they could live in one side and rent the other.  Click Here to see how little you would pay if you lived in one side and rented the other.

Go to RENTOMETER.COM to verify the estimated rents that could be obtained on this property or another property.

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FIXERS… FIXERS… FIXERS….

4207 Casa Blanca Lane, Carmichael is a Bank Owned/REO that is in need of some repairs.  I’ll let the video speak for itself, so Click Here for that.   Click here for the potential cash flow numbers based upon their asking price + the costs of fix up and improvment.  It’s listed at $153,000 and just came on the market on April 6th.

6808 Trovita Way, Citrus Heights is another Bank Owned/REO that is listed at $179,000 which had a quick offer that went into escrow,  but quickly fell out again and is back on the market.  Like the property at Casa Blanca, this one needs some work as you’ll see by clicking here for the video. Here’s the estimated Cash flow figures that I’ve prepared. Please keep in mind when you look at those figures that I’m adding about $30,000 in additional costs on top of the list price to give you a better idea of what it’s real cash flow figures would be.

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Come back here from time to time to get updates if you are looking for an investment like this or you can sign up for the RSS feeds.

Make it a great day….

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

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The Term “As Is”… The Most Misused Phrase in Real Estate

This term just bugs me… especially when used by Sellers and their agents.

I bring this up because a buyer asked a question on Trulia Q & A about “as is” and the fact that the property may not be worth what they were asking.

See what the responses were from me and other Brokers/Agents in the area to this Buyer by clicking here I think you will find what was said interesting and maybe you’ll remember it when you hear this often mis-used and mis-understood phrase.

In the mean time…?

Make it a Great Day…!!! According to the KCRA Channel 3 weather people, we’ve got some extended periods of sunshine coming our way next week.

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

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Best Darned Short Sale Duplex Deal Period..!

It’s an ugly thing now but it could be nice…!!

This is a Duplex in a Short Sale situation that is just waiting for the right person to snag. It’s located at 2597-2599 Capitales, Rancho Cordova, Ca.

Each unit has a Fireplace, 3 bedrooms, 2 full bathrooms, Central Heat & Air and 1 car garages.

The 2597 side(the left side) which is now vacant,  does have an updated/upgraded kitchen, updated bathrooms and the new vinyl type windows including the side yard slider.

It does however, look kind of nasty only because it needs carpet, some paint and new flooring.  In the video you’ll see,  I’m suggesting a new laminate style flooring in the “high traffic” areas and carpet only in the Living Room and Bedrooms.

The knock on this street over the years, at least for me, is that all of these duplexes are 3 bedrooms and 2 baths but with only 1 car garages each.   I mean,  who only has one car now…?  Since most families have 2 or more cars the problem is that there isn’t enough available parking space.  The end result…?  is you’ll drive down this street and more than occasionally you’ll see some of the tenants parking vehicles on the front yard grass, if there is any.   It just makes this street look awful.

To mitigate that problem,  I’m suggesting in the video that you extend the width of the driveway on both sides and you’ll be able to accommodate more vehicles.   You’ll see this idea has already been applied to the Duplex to the immediate right of this property.

Best of all…?   After you do the suggested repairs, you’ll have a nice property that will give you some decent cash flow.

I have estimates to install new carpet & the laminate at $2,000, the driveway extension at $2,500 and some landscape enhancements at about $1,000.  If you wanted to install new roll up garage doors add another $450 each.

The Roof needs to be replaced but that will be part of the deal that I’m proposing to be allowed as part of the short sale.

Click Here for the Video

For what you might expect as far as cash flow…?   Click here for the Pro-forma Cash Flow Analysis I think you’ll agree that it’s not bad.

Somebody bring me an offer today. The Bank has already approved the short sale.  We’re just waiting for a Buyer… is that you…?

Make it a great day…!


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

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