2716 Madrone Ave $119,000
ROI: 13% Monthly Cash Flow: $336 Cash Flow Breakdown
Beds: 3 Baths: 2 Sq Ft: 1370* Lot Sz: 0.130ac
2716 Madrone Ave, Stockton, CA 95207: A simple yet good Lincoln School District home is a good find. This 3 Bed 2 Bath home caters to many potential tenants because of it’s location. It is just minutes from the I-5 freeway, schools, golf course and shopping.
[ See past Steal's ]
At $1,150 a month in rent this home will provide good cash flow for years to come. It is a short sale, so a little patience will be needed to see it to the close, but the long term pay off will be good. The monthly ROI is projected at 13% with a monthly cash flow of $336. Not to mention you have a great home in a well established area on a fixed rate loan under 5%! WINNER!
[ Learn the more about investing in Stockton real estate. Download a free copy of my Insider's Guide to SMART Real Estate Investing in Stockton. No Obligation, No selling. Just good info. ]
Listing and Picture Courtesy of Grupe Real Estate
]]>
Kids love them. Adults keep them.
But why must you use them in your Photos when selling your house?
]]>
8803 Ravenwood Dr. $135,000
ROI: 11% | Monthly Cash Flow: $325 | Examine the Cash Flow Breakdown
Beds: 3 Baths: 2 Sq Ft: 1772 Lot Sz: 0.140ac
8803 Ravenwood Dr, Stockton Ca 95209: Another Stonewood community delight! This 3 bedroom 2 bath home is a nicely maintained 1772 sq ft. The short sale property has been updated by the current owner. Since 2004 it has seen new granite counters in the kitchen and master bath, crown molding, and a new heater. The interior and exterior paint look good and the carpets should clean up nicely, leaving you little out of pocket cost for this home. However, it may need a rear fence in the near future.*
A desirable Lodi School District area, this home has a rental range of $1250-$1300. If rented at $1250, monthly positive cash flow is an attractive $325 a month!
** By the way, if you take an extra $100 of that positive cash flow and apply it to your mortgage each month, you would pay off the home in 21 years in stead of 30!
* I always recommend you hire a professional home inspector to determine the exact condition of the home to get a better idea of any costs for repairs that may be needed.
Living room
Kitchen
Bathroom with nice tile
Pictures and listing info provided buy Zip Realty, inc.
]]>
It’s Spring time! And the Spring is a great time for spring cleaning. Today’s photo theme are awful/ funny clutter related photos. Hope you enjoy.
#1. THERE’S A KITCHEN HERE SOMEWHERE
#2. GO TEAM
#3. POLLY WANT A CRACKER
#4. LA CRUZ
#5. CAPTAIN JACK SAYS “CLEAN YOUR ROOM”
#6. Hmm?
#7 Great way to make a bathroom look small
#8. Welcome to CD and Video Heaven
]]>
Since the real estate market downturn in 2008, we have been waiting for some signs of improvement in our local Stockton real estate market and it certainly has seen some improvement in the first quarter of 2012. However, one quarter of results does not confirm a trend, but it sure has less stressful for our Sellers, and maybe not so fun for our Buyers. We have been experiencing are multiple offers on our stockton listings for sale. Keep in mind that all real estate markets are local, so this may not be the case for every Stockton community during the first quarter of 2012.
There are many factors that have caused the increase in ‘pending home sales’ and multiple offers the first quarter. Here are a few of them.
1) Low inventory of homes for sale. [ See Chart below ] In Stockton alone there has been a DECREASE of 40% less inventory of homes for sale!
2) Record low mortgage interest rates of around 4%. It appears the Feds will support this rate for at least two more years.
3) A sense that home prices have generally hit bottom as confirmed by Warren Buffett in his CNBC interview last month. This is reflected today by having more homes in escrow than are currently for sale – an indication of a Seller’s market.
4) Increased Buyer demand – a reflection of consumer confidence and a lack of fear that has been driving the market the past four years.
5) It’s less expensive today to own a home than to rent one if you have the required down payment.
The challenge for both Buyers and Sellers today is that they are unfamiliar with the effective strategies to be used when dealing with multiple offers. Below are a few of the ones we are recommending to our clients.
For Buyers:
- Act quickly if this is a home you want to own. Time is of essence when multiple offers are a possibility. Often times the first offer in is the one that is negotiated first by the Seller.
- Do your homework regarding comparable sales. This is not a time to create a “low ball” offer. Often times it takes missing two or three home purchases to clearly understand we are in a Seller’s market.
- If you are one of the Buyers in a multiple counter offer situation consider upping the purchase price compared to what is being countered by the Seller. Often times the other Buyers will just accept the price that has been submitted by the Seller and yours will now stand above the others. It can be as small of an increase as $1,500 to $5,000 that makes the difference between your offer getting accepted or not.
- When in a multiple counter offer consider improving the terms of your offer; close of escrow date; shortening the time frame of removing contingencies; increasing the Good Faith deposit; offering a free rent-back; and others.
For Sellers:
- Play fair. No matter if it is a Seller’s market or a Buyer’s market the objective is to always end up with a win / win purchase agreement.
- When dealing with multiple offers find a way to have each of them reflect the same terms and pricing that you want for your home. For example, if there are three offers on your home with different terms and conditions, create multiple counter offers that requires them to be all the same; days to remove contingencies; close of escrow date; good faith deposit amount; rent back terms; and others.
- If more than one of the multiple counter offers is signed and returned to you, it is not time to send out another multiple counter offer to see if you can get an even higher price. It is assumed that the multiple counter offer you created for their consideration is one that is acceptable to you if it is agreed to. Pick the one that best meets your needs and open escrow.
Again, the first quarter of 2012 does not make a trend. However, we are in a Seller’s market so far and you need to know what strategies to implement. CONTACT US TODAY for a free price report on your home, or if you are a Buyer and need effective representation with your next home purchase.
David
]]>
119 Nottignham Dr $119,950
ROI: 17% | Monthly Cash Flow: $406 See the cash flow breakdown
$119,950 Beds: 4 Baths: 3 Full Sq Ft: 1762 Lot Sz: 0.160ac
119 Nottingham Dr, Stockton, CA 95207: It’s not to often that I feature a home in the Stockton Unified School District because there are two better options when picking a district to raise your kids (Lincoln & Lodi Schools). [ See past steals of the week ] Why am I so concerned about the homes school district are located in? Well, the better the school district, the more it attracts families who are concerned about their children’s education. Thus, in a perfect world, better people, better tenants. Anyway, There are a number of really good neighborhods that sit inside the boundaries of Stockton Unified and this is one of those good areas.
This home is in North Stockton (see map below) and is conveniently located to major shopping Delta College and UOP. There is a lot going on in this area in terms of restaurants, shopping (Sherwood and Weberstown Malls), etc.. Rented at around $1300 this home would bring a monthly cash flow of around $406 a month! A nice 17% ROI (return on investment).
The home is BACK ON THE MARKET as an approved short sale.
Click to see last week’s Steal!
Listing info provided by: Grupe Real Estate
]]>
#1. Don’t mind me while I cool off.
#2 Are you done yet?
#3 We’ll move as soon as the Biggest Loser is over.
#4 Hmm?
#5 Like to hunt?
]]>
- 1416 Chelsea Way $112,500
3045 English Oak Circle $145,000
3045 English Oak Circle, Stockton, Ca 95209: Move in ready home located in Spanos Park east. Near schools, I-5 and in a gated community. Enter into beautiful hardwood flooring downstairs. Enjoy the granite counter tops and island while easily entertaining with the open floor plan. No lawn mowing here! Relax in the low maintenance landscaped backyard while the HOA maintains the front!
Bedrooms: 3-4 | Bath: 3 (2 1) (FH) | Sq ft: 1971
10602 Dylan Ct $157,000
ROI: 14% Cash Flow: $524 Cash Flow Breakdown
10602 Dylan Ct, Stockton, CA 95209: This Spanos Park East home, at first glance, may seem like a very good price for its size, 2032 sq ft and location. However, at $157,000, the price per sq. ft is $77, which is la bit higher than other sold homes in the area. The 3 bed 2 bath home sits well on a corner of cul-de-sac in a very quiet neighborhood. The problem, I have been told, is the condition on the inside. Don’t get scared yet.
The home needs new carpet and needs new interior painting, which on a home of this size can add up. There are also some other small additional maintenance items that need to be fixed. All of these things are cosmetic. The home was built in 2000, so the big ticket items, such as the roof, heater and A/C, water heater, etc should be in great shape. I would estimate about $8K-10K worth of improvements need to be done to get this home rental ready.
The opportunity lies in the offer. Based upon other sold homes and the work it needs I would make an offer in the $145-$150K range. At this price, the home would cash flow really nice. The end result would be newer home, in a great location, with some small equity. Imagine that. The home would rent between $1500-1600 and be great for any family.
See my past STEAL’s of the WEEK.
]]>