During the 1980s in southern California, I bought a lot of investment property. Some of it was in Orange County but there were also deals in Las Vegas and Phoenix. Back then it was easy to make money by investing in real estate. The magic formula was 7% down, take over the first and seller carried a straight note. Appreciation was dependable. Collect rent, get a tax write-off, wait 3 years, sell and pocket ten grand.
That's not the way to make money in real estate today. The safe and easy way to invest today in real estate is to buy and hold. You don't have to buy it rock-bottom, dirt-cheap or grind every nickel out of the deal to amass a fortune, either. But you do need to invest some time, and time is one component I don't have in excess right now. If you do, though, here is an excellent home to buy in Sacramento:
This is a 3-bedroom home offered as a short sale in Rancho Cordova. It's located at the end of a cul-de-sac on Berrywood. Where Berrywood intersects with Zinfandel is a school, but that's a ways up the road.
The home was built in 1977. That was the year that Hotel California climbed in popularity. It was only a year before that when I moved to California, and Hotel California, believe it or not, made me do it. How many people can say that? Better, how many people would admit that? Unfortunately, and I hate to admit this because I just don't like him, but 1977 was also the year that Barry Manilow had several hit songs, including Looks Like We Made It. Which is what you'll be saying if you buy this short sale in Rancho Cordova.
It appears to be in pretty good shape. Doesn't really need a paint job and the carpeting is decent. Brick fireplace in the living room. Open floor plan with dining area off the kitchen. Comes with a refrigerator, dishwasher, microwave and stove. There is a washer and dryer in the attached 2-car garage. Decent-sized lot and uncovered patio out back.
2524 Berrywood Drive, Rancho Cordova, CA 95670 is exclusively offered by Lyon Real Estate as a short sale at $109,000. For more information, call your Sacramento Short Sale Agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Linda Swanson at 916 607 0111.
Photos: Elizabeth Weintraub, taken with a BlackBerry
---
Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
Your title sucked me in. How funny that Hotel California incented you to move to CA. I guess that means "you can never leave".
Elizabeth: You've started my day off with a chuckle and a smile sits on my face. Very creative ... and yes, the title drew me in. Just HAD to check-out what good ol' Barry would buy. I think you and I were listening to radio about the same time ... but perhaps, different channels??? I'll leave mine to your imagination ...
Gene
Never leave? Why would I want to, Colleen? I love California. Even with the smog, all the people, the budget problems, water shortage, I love California!!!
Ha, ha, Gene, yes, we probably listened to different radio stations. But you can't escape Barry Manilow no matter how hard you try. He's like Neil Diamond in that regard.
What elegant writing. And I too love that song. But the one that made me move to Los Angeles is, "Lord they say it never rains in Southern California.............
I would love to be able to invest in a rental property right now. I just need to save up the 20% down payment. Saving...there's a novel concept.
You are so right now is the time to buy and hold....great advice.
Hey Ms. Long Beach: I do remember that song, and I think it was playing on the radio when I first came to California, which was in 1969. I hitchhiked here and crashed around Topanga Canyon. That was the year the billboard on Sunset Strip had Paul McCartney's head cut off and everybody said he was dead. Remember that?
Hi Chris Ann: Around these parts, you've gotta put down 25% to get a decent interest rate for an investment property.
Hi DeeDee: Well, pop your buyers over there. The sellers are doing a little work in the front yard today or tomorrow.
Hi Aida: Buy and hold. It's such a simple concept, isn't it? Yet people want to complicate it all to hell.