Investment Properties

How to Double End a Listing Without Listing the House

The process I am about to describe to you, how to double end a listing without listing the house, is not something your broker’s legal team will want you to read about. I am not promoting this particular system as much as sharing stories that happened to me 40 years ago when I first started selling real estate. Many of our activities back in the 1970s would have lawyers today running for the closest bottle of scotch.

Yup, today this would involve practicing risk management on overload. Legal liability up the wazoo. Yet, I’m gonna tell you anyway, because that’s just the kind of person I am. A troublemaker. With a capital T that rhymes with B and stands for bad influence. read more

Two Fixer Houses on a Lot in Citrus Heights

two fixer houses on a lot in Citrus Heights

What is not to love about marketing two fixer houses on a lot in Citrus Heights? There is a certain amount of freedom that is inherent for a Sacramento listing agent to sell two fixer houses on a lot. For one thing, I’m fairly confident nobody will complain about a photograph of a burned-out kitchen. Yes, I can throw that photo of the view through the second floor of the kitchen sink with abandon into MLS. Leave no stone unturned. Every bad thing about these houses is marketing GOLD. No mincing of words. Embellishing never crosses my mind. The worse I make it appear, the more investors, flippers and contractors drool over it.

Not that we need a ton of offers to buy these two fixer houses on a lot in Citrus Heights. Nope, we need just one fabulous offer from a committed buyer who will close escrow. Often we get investors who rush in, throw an over-list-price offer on the table and try to tie-up the sale before anybody else can buy it when they don’t even know if they want to. Then they cancel two days later. There are also the guys who slap down an earnest money deposit and then try to renegotiate after a home inspection over the very same defects they saw with their own two eyes in the first place.

I try to help my sellers to select the best offer, but it can be difficult. Although, over the years, I have sold so many fixer homes, I can say I am an expert now. Not to mention, I’ve also got a lot of hands-on experience fixing up houses. It’s hard to pull the wool over my eyes. Of course, I also rely on my private list of losers I’ve accumulated over the years who have flaked on previous sellers, and I share that information with my sellers, should an offer originate from one of those.

two fixer houses on a lot in Citrus Heights

Having said all of that, let’s talk about this opportunity. For starters, the comps in the area show fixed-up homes are selling between $500 and $550K. These two houses are for sale at $295K. One of the houses has had a fire in the kitchen, and part of the ceiling is gone. The other house is not permitted. Not permitted means there is no permit on record. The front house is 3 bedrooms and 2 baths, with a fireplace in the living room. The Sacramento County Assessor shows 2,112 square feet and it was built in 1936. The back house is a 1 bedroom, 1 bath. There is also RV parking and a two-car garage, all situated on approximately 1.42 acres (*not verified).

7945 Mariposa Ave, Citrus Heights, CA 95610, is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $295K. For more information, see the virtual tour or call Elizabeth at 916.233.6759.

The information in this advertisement, including, but not limited to, square footage and/or acreage, has been provided by various sources which may include the Seller, the Multiple Listing Service or other sources. Lyon Real Estate has not and will not investigate or verify the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the Property and this advertised information utilizing appropriate professionals before purchasing this Property.

Elizabeth Weintraub

First-Time Home Buyers Will Love a Home in Rio Linda

love a home in rio linda

If you want to love a home in Rio Linda, this is the perfect place for qualified first-time home buyers. First, it is affordable, and qualifies for FHA and VA financing. Maybe a buyer is using down payment assistance, which means the down payment might be zero if the buyer qualifies for certain programs. Second, the location is lovely. It’s located in a cul-de-sac, surrounded by neighbors who are crying at the moment because the present owners are moving away. Everybody seems to know everybody else. And third, the home is ready to move into. No work to do.

love a home in rio linda

Well, saying there is no work to do can be subjective, depending on what a buyer wants. Let’s say they want new cabinets in the kitchen or maybe different counter tops. It’s not unusual for a buyer to want to customize her own home and make it fit her vision, not somebody else’s. In that case, there are also affordable renovation loans offered by Guild Mortgage, and they are easy to get. Guild streamlines the process so the renovation loan is rolled into the mortgage loan. How easy is that? Plus, you can still close on time, no delays necessary.

love a home in rio linda

There is no reason not to love a home in Rio Linda like this. It features hardwood floors throughout, except for the kitchen and family room. Although the family room is a bonus room and not included in the square footage, the floors in that room are wood-like laminate. In addition, there is a floor-to-ceiling rock fireplace in that room. Makes for perfect TV viewing. The sellers are willing to leave some of the furnishings for the buyer at no cost or consideration nor warranty, of course.

love a home in rio linda

This home has 3 bedrooms, 1 bath and a large fenced yard. It could incorporate RV parking if a buyer so desired, but it’s also perfect for dogs. There is a covered patio on the side of the house, too. If you are a buyer who wants to love a home in Rio Linda, you will not be disappointed.

6130 De Anza Ct, Rio Linda, CA 95673, is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $260,000. Call Elizabeth at 916.233.6759 for more information or a private tour.

The information in this advertisement, including, but not limited to, square footage and/or acreage, has been provided by various sources which may include the Seller, the Multiple Listing Service or other sources. Lyon Real Estate has not and will not investigate or verify the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the Property and this advertised information utilizing appropriate professionals before purchasing this Property.

Elizabeth Weintraub

 

Looking to Flip a Probate Home in North Highlands?

probate home in north highlands

Calling all investors who are looking to flip a probate home in the Sacramento area. As a probate home, this sale is strictly AS IS and there are no concessions. May the best offer win.

You do not find very many opportunities right out of the gate to flip homes in MLS. Especially not houses under $200,000. Market for those types of listings is very slim. Just did a quick search in MLS for homes for sale under $200,000 in Sacramento County and we have a grand total of 45.

If you can look past the aqua color and the doggie smell inside, you will probably say it’s mostly cosmetic stuff. I can see an investor getting rid of the popcorn ceilings, tearing up the flooring, updating the kitchen and bath, installing new light fixtures and painting.

probate home in north highlands

In the public records, the home shows as being built in 1963. However, the sellers moved into the house in January of 1962, and the seller’s son was born in October of that year. So the home was built in 1961. It is situated on a corner one block off Elkhorn Blvd.

probate home in north highlands

This probate home in North Highlands is a two bedroom, 1 bath, with approximate square footage per the Sacramento County Tax Assessor of 832 sq. ft. It features a nice layout and a good-sized kitchen. For not really having any updates at the moment, there is a dishwasher and a trash compactor in the kitchen, plus space for a dinette set.

probate home in north highlands

A bit odd is the fact the seller removed the bath tub and now the home has only a shower. Even though people don’t routinely use bath tubs, they still want them. Kids and pets, you know. I would definitely put a tub back in that spot with a shower. I’ve seen super cool tubs recently that sink part way into the floor so the tub sides are not very tall nor imposing, yet easy to get into.

probate home in north highlands

The lot slopes half way down the hill in back and then levels out for a patio. You will see ham radio equipment attached, antennas and stuff, along with raised vegetable beds. Much of the fencing has deteriorated.

Another unusual thing to mention is the garage floor is raised about 4 inches to avoid flooding. It is a concrete floor. Not sure how you would get a car in the garage. You can also gain access to the garage from the house with a step-down, and that’s where the laundry hookups are located.

Why not make a private appointment to tour this probate home? 4275 Sloan Dr, North Highlands, CA 95660, is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $195K. For more information, please call Elizabeth at 916.233.6759.

Elizabeth WeintraubThe information in this advertisement, including, but not limited to, square footage and/or acreage, has been provided by various sources which may include the Seller, the Multiple Listing Service or other sources. Lyon Real Estate has not and will not investigate or verify the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the Property and this advertised information utilizing appropriate professionals before purchasing this Property.

Why Sacramento Apartment Buildings Are Springing Up All Over Town

sacramento apartment buildings

Because I drive all over the city to list homes for sale, I notice Sacramento apartment buildings being built throughout my travels. I can tell you the number of new apartment buildings seems to be increasing. For example, when building stopped in Elk Grove after the 2008 market crash, everybody just assumed that builders eventually would continue someday. What owners did not count on was the type of new construction. Goodbye single family, hello apartment buildings.

How would you like to have bought a home on, say, Donson Court in Elk Grove, that presented you with a lovely view of fields and nature? Then 10 years later, whammo, apartment buildings in your face, overshadowing your yard.

When I sold one home over there on Donson, the Caterpillars were just breaking ground. I quickly sold it before any buildings were constructed. Everybody thought it would be new homes but it wasn’t. They put up apartment buildings. That was a big deterrent when I got another listing on Donson.

Ha, then that buyer canceled when he discovered Sacramento apartment buildings were behind his property. Very close, closer than a house. But he soon realized there was no other home to buy, so he decided to rescind his cancellation and close escrow. And, of course, we made him pay more for that untimely maneuver. It must be horrible to live there for so many years, always thinking new homes would go in behind you and then discover monstrous apartment buildings.

The thing is if they are building new Sacramento apartment buildings instead of new homes, it is probably more cost efficient and profitable to build apartment buildings. According to Colliers International, the average rent in Sacramento is $1,723 for 874 square feet. Conversely, $275,000 would buy a home twice that size for about the same PITI, if a buyer chose to live in lower-income neighborhoods, which is why many rent. Because our median sales price in Sacramento is now $370,000.

However, if you look at a new survey by Forbes, Sacramento ranks #10 as the hottest place in the country to buy an investment property:

10. Sacramento-Arden-Arcade-Roseville, Calif.

Average home price: $327,073

3-year population growth: 3.7%

2-year job growth: 4.8%

1-year home price growth: 10%

3-year price growth forecast: 33% source: Forbes

Midtown is no stranger lately to new Sacramento apartment buildings, either. Look at the 263 units going up over on 21st and Q Street, and the new 68-unit building for 19th & Q. Just hope we don’t turn into a city like Stockton in which rentals outnumber homeowners. According to the US Census, our home ownership rate in Sacramento is 55.2%. On par with California as a whole.

But then you’ve also gotta look at the hedge fund Blackstone, which bought up more than 1,500 single family homes in our residential resale market during the crash and turned those homes into rentals. Blackstone is the largest owner of single family rentals in Sacramento. Demographics of some neighborhoods have changed. Almost 100,000 Sacramento homes are rented, according to a KCRA report, which make up about 25% of single-family homes.

We desperately need to build new single family homes in Sacramento as our demand has outpaced supply. We have slightly more than 1 month of inventory for sale in Sacramento. And I just don’t see a lot of new single family homes being built, do you?

Elizabeth Weintraub

 

 

 

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