New Listings

We looked at a couple of new properties today here in Vallejo.

3/1 and 3/2 SFR in good neighborhoods needing light to medium rehab.

Listing prices from $85K to $140K with rents from $1200-$1500

We have received 2 new qualified rent to own tenants. Would probably be able to structure a 24 month option at $180K-$225k with properties like these.

For any investors looking for a partnership opportunity as well as a chance to put a family into (or back into) homeownership, check out our Joint Venture Program http://www.reiinformation.com/

Update on plumbing for condo - spent another hour there today, only to be told that it looks fine for now, but if it happens again, they will come and remove the extra valve fitting that was installed!!

Possible Investment Property

So, just came back from viewing a potential Joint Venture investment. Subject property (pictures attached) is a 2/2.5 1100 sq ft two storey condo with garage. Nice neighborhood, close to decent schools, hospitals, freeways and shopping.

No deferred maintenance, although reserves are low at the moment. Have inspection report in hand indicating $5100 in section one work (mostly dry rot in bathroom). Can be done much cheaper by contractor.

Estimated repairs should be in the $15K range.

Will be going in with a $38,000 initial offer (listed at $56K) These units were selling at $300k in 2006!!

Rents $1200-$1300

HOA $251/month

Taxes approx $100

Stay Tuned!

Items for Today

Got a call last night from a tenant telling me her sink was blocked again, having just spent $290 to have it unclogged and some hardware replaced last week.

However, the report back from the Plumbers advised me that there was a shared drainage pipe in the wall with the unit next store. As this unit is a condo (see picture attached), clever clogs that I am, I called the HOA and advised them that the sink was blocked again and that in view of the shared drainage situation, it should be their responsibility - they agreed and will call a plumber - I will still have to and meet them there to let them in as my tenant is at work.

Shower turned out very nice, although over budget - surprise, surprise! Happy tenant buyer, so life is good on that property for now.

Have appointment to go look at another 2/2 condo with a garage - listed for $79,900 (good luck with that), but I have a rent to own tenant lined up at $99k with $950/month in payments if she likes the place.

Also having a paperwork day - the amount of trees that are killed for real estate is mind boggling! I will have to order more filing cabinets soon.

Solano County Business News: Vallejo real estate investor markets rent-to-own homes

Solano County Business News: Vallejo real estate investor markets rent-to-own homes

As an active real estate investor for the past five years, people frequently ask me questions about how to get started.

This question is essentially like asking "how long is a piece of string?"!! The answer is it depends on your personal circumstances.

What "personal circumstances" you might ask:

Risk Tolerance
Goals
Capital Available
Time available
Prior experience
Skill sets that will be necessary to be successful investor

Etc. Etc.

I have an Ebook available FREE to help identify and answer some of those questions - but again that is only a book and does not prepare you for the ACTUAL experience of investing.

For more information or to request the EBook, you can email me via my website, http://www.reiinformation.com/ (still a work in progress as things change!)

Anyway, I decided that a good way for people to get to know what it might be like on a day to day basis is to actually write about the experiences I have daily - the good, the bad and the ugly!!!

Starting today, Sunday 22nd February, 2009, I Caroline Hegarty, will be blogging (a big step for me as I am seriously technically challenged and had to get very specific help from a good friend of mine, Cara Cavanaugh, technically superior!!) about my daily duties in real estate.

I expect today to be non-eventful, although will be visiting one of the properties I am joint venturing on to inspect a new shower that was installed (house in picture - 3/2 1575 sq ft)
Tune in tomorrow!!