Day 29: A Tale of Two Condos

Every once in a while a great investment opportunity surfaces, and if you are looking at just the right time (or have a Realtor looking on your behalf), you might be able to grab one. A couple of days ago, I received a lead about someone wanting to see a condo in South East Fresno.

Every once in a while a great investment opportunity surfaces, and if you are looking at just the right time (or have a Realtor looking on your behalf), you might be able to grab one.  A couple of days ago, I received a lead about someone wanting to see a condo in South East Fresno.  I cringed a bit when I looked up the location, only because that part of town has a reputation for being a little rougher than most.  The condo complex is fairly close to Fresno Pacific University, though, so I figured it might be a nice mix of owners, long-term renters, and students in temporary housing while attending college.

Upon researching the listing, I discovered that there were actually a handful of units for sale in the complex. In anticipation of my client wanting to see a variety of investment options, I pulled detail sheets on all of them.  It never hurts to be over prepared! Since safety always comes first, I informed my husband and a couple of people in the office where I would be and headed out to meet my client.

lane-collage

I really did not have high expectations for this condo, given its price point. Much to my surprise, the nicely landscaped grounds and well-maintained common areas were a welcome sight. There were two large swimming pools with spa, tennis courts, and a large green park for children to play. The location of the condo was tucked away from the center on a private corner lot with the backyard along Lane Ave. The inside also did not disappoint. It had been recently renovated with new carpet, paint, appliances, and custom tile in the bathroom. It also featured a recently built rustic raw wood mantle framing the fireplace. As an added bonus, there was an indoor laundry room, which is a huge improvement over standard apartment units with centralized laundry.

lane-collage3
Custom tile and mantle
lane-collage-2
New kitchen appliances
“Lovely 2 BD. 1 BA. Ranchwood Condominium. Good investment whether to live in or to hold. This ground level home has been updated with fresh paint and newer appliances.Complex is gated at night and has many amenities to include 2 pools, club house, tennis, volleyball court, green area, covered parking and a lot of mature trees. 24 hour security. Central air & heat & washer and dryer. Walking distance to shopping, Fresno Pacific University, and public transportation. Why rent when you can own?”

Luckily for my client, the offer that had been made on the unit earlier in the day ended up falling through making it available to her, should she choose to make this her next investment property. I wish the tale ended there because she liked the condo a whole lot. So much so, that I got the impression we might submit an offer that night. Alas, the saga continued on to another unit in the complex. This is perfectly fine, of course, because it would be awful for a buyer to feel like she left something on the table. The other unit she wanted to see was occupied by a tenant and the listing indicated that a 24-hour notice was required before showing it. I figured it was worth a shot to see if we could see it that night since we were already there and all. Luckily again, we were able to get in!

chestnut-collage

The floor plans of each were very comparable.  Both have a living room, kitchen, laundry room, and two bedrooms.  The main difference between the two is the second bathroom in #2 and wood laminate flooring, which gave it a very modern and sleek look. Condo 2 was near the pool and very much central within the complex, making it less private. Overall, I was quite impressed by the complex and both units.  I think either would make a good choice for income producing rental property. No decisions were made after the showings, but I have high hopes of putting one of these condos into escrow soon!

Cheers!

Erica

 

 

Day 19: Investor Adventure

Oh, what a day!  It started out in Easton to show a client that cool house I blogged about back on day 1? 2? I can’t remember that far back, lol. No matter. The day started out in the country and it was a very positive showing!

On the drive back to the office to pick up signs for Sunday’s open house, I got a call about an investor coming in from Salinas to look at one of FresYes’ listings. In anticipation of this client wanting to see a variety of choices, I pulled a few comparable listings in the general area and price range of the property she requested to see. She was expected to be in town by about 1pm, so I had a good two hours to finish up my open house activities.

I quickly headed out to Copper River Ranch to put flyers on the golf house neighbors’ doors. Boy-oh-boy was it HOT! Pounding Fresno pavement in August is no joke, especially at high noon. It totally had to be done, though. I have tried several tactics to host a successful open house out there with very little luck, so inviting the neighbors seemed like a good idea at this point.

After placing nearly 50 flyers with neighbors, I headed over to the house I would be showing to the investor to check out the location, as well as the locations of the others I planned to present to her.

Investor Collage
Potential Rental Homes

All of these houses were vacant and a couple of them were foreclosures, so they did not have any staging to speak of.  Of course, the FresYes listing looked lovely inside 🙂

 

To fully narrate the events of the afternoon would be more of a short story than a blog post and no one has time for that these days. Long story short, my investor chose the house in the top left of the collage above as her next rental home and SHE MADE AN OFFER!!!!  Holy smokes, people…my first offer. I doubt this is any kind of record, but I’ve had my real estate license for 45 days.  45 days of hustling, learning, and working my rear-end off.  45 days as a Realtor and 19 days as a blogger and I wrote my first offer — WOO HOO!! Can you tell I’m pretty stoked?

 

offer2
That’s me…with an offer!

 

(Special shout out to my mentor and teacher, Corrie, for getting me through the paperwork.)

So, though the day was long and I was thoroughly exhausted by the time I got home, it was all worth it in the end.  Now cross your fingers for me and my buyer that the offer is accepted!

 

 

 

 

Cheers,

Erica