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Did you know there is a new rental inspection ordinance for Sacramento County Rental Owners?

Elk Grove REIA Team — Sun, 31 Jan 2010 21:28:33 +0000

Landlords are now required to have their Sacramento rental units inspected… Are you ready? Maybe you should take a class!

The Rental Housing Association(RHA) is holding FREE classes to help Sacramento rental owners get educated about this new inspection ordinance!

Did you know?…

The County of Sacramento ordinance requires inspection of all rental units within the unincorporated areas of the County. The ordinance requires anyone who is inspecting a rental property on behalf of the property owner to be certified through a County-approved certification course.

RHA is offering these certified courses for FREE! After completing this course participants will receive a certification document.

The class covers the details of the new ordinance including registration requirements, fees, exemptions, who may do inspections, what must be inspected, when inspections must be performed, the required forms, and how compliance with this new law will be enforced. Students will be provided with a written inspection booklet along with guidance on how to perform an effective property inspection.

Here are the dates for the classes in February:

February 8th 6pm

February 12th 2pm

February 23rd 9:30am

February 25th 2pm

Classes are located at the RHA Office:
201 Lathrop Way, Suite A
Sacramento, CA 95815

You must call the Rental Housing Association to register for these events at (916) 920-1120!

If you are a rental owner with units in Sacramento County… Make sure to take advantage of this FREE resource!

Happy Hunting!

Investors you can now accept FHA buyers on your flip projects!

Elk Grove REIA Team — Fri, 22 Jan 2010 00:23:38 +0000

HUD announced a temporary policy that will lift the 90 day seasoning rule! Now we are talking!

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan last Friday announced a temporary policy that will expand access to FHA mortgage insurance and allow a quicker resale of foreclosed properties.

FHA currently requires the seller to own (must be on the title) a Sacramento property for a minimum of 90 days before they can sell it to a buyer using FHA financing. Sacramento bank owned property is exempt from this rule….until now!

HUD will lift this restriction for one year beginning on February 1, 2010!

This lift of the 90 day seasoning rule will permit buyers to use FHA-insured financing to purchase homes they previously could not qualify for. You see… there are a ton of Sacramento investors picking up homes and renovating them, so they can quickly resell the home for a profit. In the past, if an investor wanted to sell their home to a FHA borrower, the investor would have to hold the house for 90 days before they could write a contract with the borrower. This made investors seek out conventional and VA buyers, leaving the FHA buyer out of luck.

To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

All transactions must be arms-length
With no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

This is a good compromise in my opinion! Let’s make sure the FHA buyer is protected and… Lets get these homes rehabed and back on the market!

This is one less thing we have to worry about now when we work on getting a Sacramento mortgage for one of our clients!

Do you think that this will help move inventory in the Sacramento Real Estate Market?

Happy Hunting!

February 16th Meeting – Is Your Financial House in Order?

Elk Grove REIA Team — Thu, 21 Jan 2010 07:37:53 +0000

Upcoming Meeting Information

NEXT MEETING: February 16th, 2010
TIME: 6:30pm Networking 7:00pm Main Meeting
LOCATION: 9275 East Stockton Blvd. #100, Elk Grove, CA 95624
COST: $15

Is Your Financial House in Order?

The number one key to wealth building is getting control of your money! It does not matter how much you make or how many rentals you own… At the end of the day cash flow and reserves will make or break you.

Our panel consisting of a CPA, book keeper, and a mortgage professional will help you see which areas of your current financial plan needs some editing.

In this economy… We all have to figure out how to do more with less! Every hole in your plan means less money to invest in real estate.

We are dedicated to providing you information you can use!

See you at our first meeting of the year… February 16th!

A New Year… A New Beginning!

Elk Grove REIA Team — Wed, 20 Jan 2010 21:49:24 +0000

Elk Grove REIA

A New Year… A New Beginning

As of the first of the year, the founder of Elk Grove Real Estate Investment Club Lydia Ybarra, has handed off the baton to Todd and Erin Newington. We want to thank Lydia for starting the original Elk Grove Real Estate Investors Group and for allowing us all an opportuntiy to come together to learn and network.

Our official first Elk Grove investment club meeting as a new club will be on Tuesday, February 16th.

We will still meet at the same location in Elk Grove on the 3rd Tuesday of each month!

We are looking forward to starting this new chapter with you!