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Investment Properties in 95838 : Real Estate Advice

  • All25
  • Local Info1
  • Home Buying9
  • Home Selling0
  • Market Conditions0

Activity 5
Tue Jun 19, 2012
Sue Archer Reynolds answered:
As has been said, it all depends on the comparable sales and what the value is in today's market.

Consider then the competitive market we are in, and offer accordingly. Even short sales are receiving mulitple offers very quickly.

But on a short sale be prepared that, even if you are not selected as the buyer submitted for the short sale approval, you may be contacted later if the first buyer walked. Have your agent keep in contact with the listing agent. By the time the seller's lender approves the sale, the first buyer might be gone, and the lender may have responded with what price would be acceptable.

That's all to say, make your best (educated) offer that you can, but if you're not accepted at first, don't give up on it until it's actually SOLD, or you've bought another property.
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Sun Jun 17, 2012
Sue Archer Reynolds answered:
Average cost is like saying we have an average weather each summer. Take into account the usage of individual tenants and you can see it's difficult to determine.

I agree with Teri. Review the seller's previous utility bills, which can be obtained by the seller or calling the utility company directly. In addition, research with the utility company that is servicing the property (PG&E or SMUD) any low income subsidies that they might have available. If your tenants are under Section 8 housing, the property may be eligible for upgrades to promote more efficient energy usage- all free to the owner. ... more
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Sun Jun 17, 2012
Teri Andrews-Murch answered:
Without knowing anything about the property but price, hard to say. The price it sold for in 2009 is irrelevant.

What does your agent think?

Remember on a short sale, there has to be a hardship, the sellers bank does not have to agree to a short sale and the sellers bank has a final say in what price they will accept.

Make your best offer based on similar properties and the return on your investment (estimated rental income less expenses.)

It needs to pencil out to make sense no matter what the price.
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Sun Jun 17, 2012
Teri Andrews-Murch answered:
Call your insurance agent, you may also want to get an umbrella policy.
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Sun Jun 17, 2012
Teri Andrews-Murch answered:
Hi Barb,

You should be able to ask the current owner for their past expenses (if not bank owned).

It is going to depend on where the property is located, is there yards to maintain, are utilities separate or does landlord pay, is there an HOA, how is sewer billed, garbage service. Then of course there is insurance, property taxes, maintenance, property management expenses, mortgage if you are purchasing outright. Income taxes.

You should be working with an experienced agent that knows investment properties. There are also a lot of books on investment properties and property management. Visit the library or your local association of Realtors book store. There is good info on landlord/tenant rights on the DRE website, www.dre.ca.gov
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