On Thursday morning the City of Sacramento held a public information meeting at the Sam Pannel Center at 2450 Meadowview Road.
The meeting had several speakers with booths surrounding the the seating. Max Fernandez runs Code Enforcement and his main point was that the city wants to make the program work. He offered his phone number for anyone with issues or comments. It is 916-808-7940.
Other speakers were Cory Kohler from the Regional Housing Association, Betty Gwaizdon from the Human Rights and Fair Housing Commission, and finally, Randy Stratton who runs the new inspection program.
Here is a quick overview of the program:
1. All residential rental parcels will be inspected over the first 5 year cycle.
2. If repairs are needed, the owner will have 30 days to complete them.
3. All residential rentals must be registered with the city.
4. If a property passes the inspection within 30 days of the inspection, it will qualify for self certification. The owner will have to inspect their property annually and provide tenants the results.
5. The city will conduct random audits of the self certifiers.
6. Each parcel must have a local representative that lives within 35 miles of the city.
7. The program fee is $28 per year for each of the 5 years whether inspected by the city or not.
8. Exempted properties are those that are 5 years or newer or that are inspected by another government agency.
If you need a local contact representative or need repairs, contact me. We have a program at HomePointe for absentee owners and local owners.
Robert Machado, CPM, MPM rmachado@HomePointe.com
Now that the economy has dictated that staying in the USA for a vacation makes economic sense, it may be worth checking out NYC for your next getaway.
I am lucky, my daughter is currently living there on Wall Street. So my wife and two sons, that live in Sacramento, went to visit her this past week.
So I can report that NYC can be seen pretty good in 4 days if you skip the museums.
DAY ONE: Take a city bus tour out of Times Square uptown including Central Park. Watch out for branches and bring water in the summer heat. Be prepared with ear plugs when the sirens start wailing Tour the Empire State Building for first timers. There is a line and it costs, but is worth the view. That evening go to a play. Get tickets in advance for Wicked or Jersey Boys or check online for others. That evening walk through Times Square, you can do this all night if you like to people watch or just see the lights.
DAY TWO: Walk around Ground Zero and see the construction crews going at it. This trip I could not find any memorial, I think it was removed due to construction. Now take a walk over the Brooklyn Bridge. That evening take the Staten Island Ferry. It is free and you get a good view of the Statue of Liberty. You can do the Statue boat tour for a price.
DAY THREE: Take a subway to the Bronx and go to their version of Little Italy. Eat lunch and then return on the train (not the subway). You have to take a subway and bus to get there and you will return via Grand Central Station. Go to another play or a baseball game during the summer.
DAY FOUR: Take a stroll down 5th Avenue and Broadway and do any shopping. If you have kids be sure to visit the NBA Store and the NBC Store. Both are fun. Eat lunch in Little Italy and then walk down Canal Street if you dare. More junk here per square foot than any other place I know. You will have time to visit the Metropolitan Museum if you wish.
During your visit you will learn how to use the subway and taxis. It is a tiring 4 days and you will be ready to come home and rest. But, it is fun.
The rental market is improving steadily in the Sacramento Region. Our offices accepted 71 deposits from new tenants in June 2008. That is an increase from May when we accepted 55 deposits. This is a 30% increase from month to month.
What we are seeing is increased activity for rentals and increased inventory. Landlords are being created from current owners that are unwilling to sell at current prices. Some landlords are losing their property to foreclosure which is removing some inventory, but overall inventory is still increasing. Many investors are buying REO's and putting those properties back into the rental market.
We look for rents to rise in the coming months, but this will be held to a minimum given the poor job outlook and increased fuel costs.
We have houses for rent in the following areas:
Houses for rent in Sacramento, Houses for rent in Natomas, Houses for rent in Elk Grove, Houses for rent in Laguna, Houses for rent in Galt, Houses for rent in Franklin, Houses for rent in West Sacramento, Houses for rent in Davis, Houses for rent in Orangevale, Houses for rent in Citrus Heights, Houses for rent in Fair Oaks, Houses for rent in Gold River, Houses for rent in Carmichael, Houses for rent in North Highlands, Houses for rent in Antelope, Houses for rent in Roseville, Houses for rent in Rocklin, Houses for rent in Granite Bay, Houses for rent in Lincoln, Houses for rent in Loomis, Houses for rent in Marysville, Houses for rent in Plumas Lake, Houses for rent in Olivehurst, Houses for rent in Rancho Cordova, Houses for rent in Rosemont, Houses for rent in Cameron Park, Houses for rent in El Dorado Hills, Houses for rent in Shingle Springs, Houses for rent in Serrano, Houses for rent in Rescue, and more.
It has been over a month since I blogged about my winning bid at the REDC Auction (Real Estate Disposition Corporation).
I did not reveal the results earlier because I did get a letter in the mail two weeks after my winning bid (which turned out to be an offer to the bank) was accepted.
Escrow was opened and as of May 30, 2008 I am the proud owner of a $60k house (I also had to pay a 5% commission to the REDC). The house is in a working class neighborhood and there are lots of foreclosures all around it. In fact, many are priced in the 70-100k range, so I think I got a pretty good deal.
I still like working through MLS better as it is faster and less hassle locating and making offers. Plus, a buyer has a better look at the property when working via MLS including the ability to conduct inspections.
Thanks for bearing with me on this four part saga.
When a poker player has good cards, sometimes they slow play the hand by not betting much in the hopes of attracting more players to stay in the game. They hope the other players will put more money in than if they player with the good hand bet big early. It is a way to make more money.
The banks that are trying to sell there Real Estate Owned (REO) property are sometimes slow playing the offers they receive. I have noted that sometimes they will sit on an offer for weeks on end. I believe this is so they can hopefully attract more offers.
I think the banks would be better served by making counter offers and getting on with the deal. Slow playing in real estate is a waste of everyone's time in my opinion.
If you are an investor looking to buy REO's I suggest you get a good realtor to help you. They can identify all the listings out there and help you find the best ones. Once you have your property, find a good property manager to help you fix up the property and to help you locate a tenant and collect the rent. If you are in the greater Sacramento, Placer, El Dorado, or Yolo areas of northern California, come see me at www.HomePointe.com . We will not slow play your business.
Property Management Rentals and Maintenance in Sacramento, Yolo, Placer, and El Dorado Counties from offices located in Sacramento, Roseville, and Orangevale, CA We manage residential and commercial.
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