In Your Search for a Duplex Investment, Not Only Should You Consider the Surrounding areas – Consider it’s current setting – I’m talking “Extended Living Areas” that Add Value.
Why do I say that…? Well if you haven’t noticed we are in a recession with an unemployment rate in the Sacramento Region around 12-13%. This means people are going to have less money to spend on nights out on the town, vacations and other entertainment venues that these folks might in good times frequent.
You’ve heard of “Stay-cations”… vacation at home. And if you are going to be in the Landlord business, consider that if folks have to stay home, they’d like a nice setting to enjoy.
An advocation that gives me a lot of pleasure is “landscaping” a property. It’s important to me and I believe this is one of the big items I think many investors choose to ignore or go on the cheap. One comment in a basic landscaping book I got at Home Depot years and years ago spoke about the importance of landscaping. “Landscaping when done right acts as an extension of the living area.”
Patios outside a Dining area for example is a nice place to have your BBQ grille and Patio Furniture. A small patio outside a bedroom slider would be a nice place on a Saturday or Sunday morning to read a paper and slurp your “cup of joe” wouldn’t it….? Or…? What about having a glass if wine with your friends over on a nice evening with the sun just about to go down on a well appointed deck or patio.
See the two examples below and let me know if you see the “potential” that a good landscape cleanup and enhancement would do for them. I have videos of both along with the usual “pro-forma” cash flow analysis.
910 Bell Street, Sacramento – This property is on the corner of Bell Street and Villanova Circle. It’s located near a regional park, Cal Expo, Arden Fair Mall, entertainment and restaurants. This one has some mature landscaping in place that just needs to be properly cared for and along with the usual repairs that is required on these REO/Bank owned properties, if you took my suggestions, this would be a long term keeper.
I hope you see the potential in these two potential investments. A first time home buyer I think could make a nice home out of one side and rent the other by the way.
Make it a Great Day…!!!
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