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May 10 2022

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

contemporary custom
contemporary custom

When you want something different in your forever home, you look outside of the box.  You look somewhere other than one of those tract homes where the floor plans all seem to blend together.  You look for something that stands out from what everyone else has if you can afford it.  You want something unique, contemporary and timeless so you don’t settle.  The search continues as you scroll through the app on your phone or the national real estate related websites.

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

You come across one in a unique neighborhood not confined by curbs, gutters and street lights.  You end up in a county island surrounded by the city in a location on the edge of town bordered by a riverbed.  You realize you are in the bluffs community on the north edge for Fresno’s 93711 city limits.  Your eyes settle on this home you have never set eyes on before and your curiosity is piqued.  1329 W. Moraga Rd Fresno CA. 93711 has the angles and the vibe you have been searching for.  A one of a kind property in an exclusive neighborhood on an expansive, park-like 18,700 sq. ft. lot.

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

The interior has 2,495 sq. ft. of living space so you immediately know that it will be large enough to meet your family’s needs.  Upon clicking on the virtual tour you experience the well thought out floor plan with an isolated owners suite.  The two living areas plus the loft allow enough room for your family to spread out.  Double french doors leading out to the deck and pool area with a rock water feature put the cap on this entertainers delight.  The home sits at an angle on the lot so that the window in the loft looks out towards the San Joaquin River.

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

The common areas of the home feature vaulted wood beamed and wood lined ceilings.  Most of the common area walls are wood lined walls.  The high ceilings lend you to feel like you are in a much larger home.  The kitchen features dark granite countertops.  The hall bathroom dual sinks are open to the hallway with no door which allows for the sinks to be used if someone is taking a shower or the toilet, separated by a door.

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

This Bluffs community neighborhood is a county island with roughly 40 custom homes.  Some of these homes have sweeping views of the San Joaquin River and beyond.  There are million dollar homes in this neighborhood.  There is a community green area as well as a few places for river access through locked gates if you are a homeowner here.  There is a small fee added in the property taxes to pay for these amenities.  You like all that this home and neighborhood has to offer.  You contact your Realtor and the rest is history.

Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711
Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711
Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711
Custom Contemporary One Owner Bluffs Home For Sale Fresno CA. 93711

Written by Jason Nenadov · Categorized: Uncategorized · Tagged: Bluffs Community, Contemporary Custom, county island, Custom Home, estate sized lots

Sep 08 2021

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

Fresno, CA real estate properties
Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

If you have been wanting a mid century home in the tower district in Fresno, CA 93728, here is a remodeled one for you.  Offered at $343,000, this 4 bedroom and 2 bathroom home has been fully remodeled.  The list of upgrades is extensive and more than a typical remodeled resale home.

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

The composition shingle roof is brand new.  The entire HVAC system has been fully upgraded from what used to be a swamp cooler to a roof mounted split system with all new ducting too!  Moving on to other big ticket items, the floor plan has been updated in order to eliminate a useless pass-through room with two doors on both sides and turning it into its own private bedroom.  The back of the house features a sizable master bedroom where two rooms were reconfigured to make one large master with a huge walk-in closet and private bathroom.

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728
Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

There is an isolated bedroom off of the main living area that would be good for a teenager’s room, a game room or a guest bedroom.  The exterior walls and most interior walls of the home are cinder block which should provide excellent insulation during the hot summer months in Fresno.  This home is solid and wood destroying organisms won’t cause the perimeter walls of this home to collapse. 

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728
Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

The entire house has been painted inside and out.  The exterior is a bright white to help reflect the intense heat in Fresno.  All of the bedrooms have new carpets installed along with new lighting and hardware throughout the home.  All of this is on a 9,100 sq. ft. sizable lot with 1,908 sq. ft. of interior living space.  With a location close to Fresno’s Tower District the Fresno Chaffee Zoo and two major highways, this home is centrally located to meet the needs of commuters and restaurateurs alike.

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728
Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

This home is a great value at this time at $343,000.  To understand why it is a great value you can look at the mortgage history on this home.  Back in 2005 a reverse mortgage was obtained.  Typically reverse mortgages are done by people in retirement age where they borrow against their homes and give themselves a paycheck.  In 2005 $353,400 was borrowed against the home and that was most likely at 80% loan to value ratio, since the banks would leave a little equity in the home.  What is significant about this is that this means that the home was valued around $441,750 back in 2005.  Now with the home being fully renovated it is offered for sale at roughly a 22% discount compared to its 2005 value.  Combine that with our extremely low interest rate environment and there is great value to be had in this home today!

Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728
Tower District 4 Bedroom Mid Century Home For Sale Fresno, CA. 93728

Written by Jason Nenadov · Categorized: Uncategorized · Tagged: 4 Bedroom homes for sale, 93728, Downtown Fresno, Equity Assets Real Estate INC., Tower District

Jun 01 2020

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

I should have taken advantage more of sitting at home for most of 2020 by writing more.  This topic has been on my mind lately as the stock market has been going in all different directions.  To provide a refresher on this topic here is a link to my original post from 2013 on this subject.  Let’s follow the journey from my 2013 transaction and see where it has gotten my client today in 2020.

Clovis CA Real Estate Properties
Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

If you have not gone back to read my post from 2013, I’ll give you a quick summary.  Sometime around the end of 2012 a friend of mine had changed employers.  He had roughly $131,000 in his retirement account.  Somewhere along the way he discovered real estate investing through IRAs.  To make a long story short, he formed a LLC, got an attorney to draft some paperwork and he was off to self directing his IRA into a real estate investment.  He put about 60% down on a four bedroom 2 bathroom home in Clovis.  We got it under contract for $177,000 and he was able to borrow about $77,000 against the home with a non recourse IRA loan.  Non recourse means that if the loan defaulted or foreclosed that he wouldn’t get any negative impacts to his personal credit report.  These loans function more like a commercial loan where the rents or rental survey justifies the loan amounts.  So when you put enough money down, banks will lend on the investment if the Loan to Value ratio is low enough for them to accept the risks of having to foreclose, etc.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Fast forward to today and the loan that he took out in 2013 has been paid off by the tenants in his rental property.  If I remember correctly it was a loan that was amortized over 10 years and he paid it off about 3 years early by contributing more towards the mortgage payments every month than what was required.  So in 7 years time, my client turned $131,000 in retirement savings into roughly $300,000 in a paid off single family residence in Clovis.  How did he get there so fast, more than doubling his money in 7 years?  He got there by tenants paying off his loan balance and by property values increasing over the past 7 years.  He was able to accomplish this gain in his retirement account over the past 7 years without contributing a single dollar to his retirement account since 2013.  That right there is hard to wrap my mind around.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

He enjoyed watching his retirement account grow so much through his self directed IRA that he wants to watch it grow again.  On May 29th, 2020 he closed on his 2nd single family home in Clovis through his self directed IRA.  How is he doing this you may be asking yourself?  It is through a concept called leverage where he is leveraging someone else’s money.  In this case it is the bank that is giving him a cash out refinance loan on the asset he owns free and clear and a purchase money loan on the home he is acquiring.  Again, these loans are not based on his income, assets or credit.  He is using non recourse loans backed by his IRA account.  These are loans that not very many banks or institutions issue.  I like to call these “Unicorn Loans.”

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Back in 2013 there seemed to only be one or two institutions that brokered real estate loans based on ones IRA accounts.  In 2020 we did some searching and found several more options available.  However, upon calling on these so called IRA lenders we discovered that some didn’t lend in California or that most of their guidelines were so strict that they were not able to help my client accomplish his goal of buying a 2nd investment property.  Most of these few other lenders were only offering interest rates around 6% or above and that simply killed the chance of this deal happening.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Before we found an investor who could guarantee us that they could do a cash out refinance on his current home and put it towards a down payment on another home, we secured a property in escrow that he wanted to acquire.  He wanting something close to where he lived where he liked the curb appeal and knew it would be easy to rent to good tenants.  That was on a Sunday in April.  So Monday morning I contacted the bank who financed his original investment in 2013.  But their guidelines were so strict and their interest rate sub par so we couldn’t use them.  In panic mode now I was calling and e-mailing all of the IRA lenders we could find.  Hope was growing dim that we could pull this off and actually close on this new purchase transaction.  Surprisingly the seller and listing agent accepted our offer without a loan letter.  But I assured them that we would be getting a letter to them soon.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

These banks will only lend 40-60% of LTV typically and their CA guidelines are more strict because values are high in CA compared to the midwest and other states where most properties will cash flow at those LTV amounts.  But banks didn’t just want to make sure that the rents would cover the mortgage payments.  They want rents to be 125% of the mortgage payments to cover any vacancies, repairs or emergencies, etc.  Another big qualifying factor is money in a reserve account.  Most lenders wanted 15% of the loan balance in a reserve account for a rainy day.  We had a couple banks who could do the refi but not the refi and the purchase loan.  We were down to our last bank.  It seemed promising what they were offering and we were hopeful.  Their interest rates and reserve requirements were way better than anyone else we could find.  We were quoted a rate of 4.5% on the refi and the purchase loan.

Pool Homes for Sale in Wawona Ranch Clovis CA
Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

It was game on at this point.  The low interest rate along with the 6 month principle, interest, taxes and insurance (PITI) reserve requirements made this deal possible again.  The difference in reserve requirements meant that my client only needed about $13,000 in his rainy day account instead of around $45,000.  That was a huge difference from other lenders.  And the interest rate was only roughly 1% higher than what someone could get on their personal residence with an 850 credit score with a traditional real estate loan.  I couldn’t believe the stars were aligning to make this deal work.  My client was impressed that I found someone who could lend on the home he wanted to acquire.  While he was busy with his day job, I was hustling phone calls and e-mails trying to source the financing for his retirement real estate needs, all while the 40 day escrow period on the purchase was ticking down.

 Caught At The Top Of The Market In New Construction Clovis Ca. 93619
 Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

At this point it was time to order the home inspection, termite inspection and get any other property inspections or investigations completed.  The property checked out rather well, with only a handful of items we negotiated to have the seller fix or replace before the close of escrow.  An unusual hurdle in this transaction was that we had to have two appraisal done.  One appraisal on the 2013 acquired home for the cash out refinance where we were borrowing $148,000 from that home.  About $12,000 of that was used to pay for the closing costs of 2 loans, the refinance and the purchase.  Another $13,000 or so was held back in the reserve account.  Roughly $120,000 of that $148,000 was used as a down payment for the purchase.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

So something a little different about these IRA loans is that since they are based upon properties cash flowing to pay down the debt, the appraisers are required to do a rental survey.  A normal residential real estate appraisal uses the comparative market approach where they are only concerned with the recent sales of like kind properties.  There is an income approach element to these appraisals where the appraiser will give in their report an opinion of monthly rents for the property.  That monthly rent value in the appraisal is what the lenders will use to determine if the rents are at least 125% of the principle, interest, taxes and insurance.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

In order to not miss the forest for the trees, let me review what my client now owns in his IRA portfolio.  He owns two single family homes in Clovis CA. with a current market value between $550,000 – $575,000.  In 7 years he was able to turn $131,000 into $575,000 of real estate.  Now, he doesn’t own this real estate free and clear, yet.  His loans will be amortized over 25 years but he should have both homes paid off within 10-12 years.  Loans on both homes are at 50% LTV or less and he’ll make extra payments each month on the mortgages to pay them down quicker.  So in 10 years it will be hard to say what these homes may be worth.  But if he rinses and repeats this process, he can build up a nice nest egg for him and his family without contributing any more towards his retirement plan.  How cool is that?  To see what other investment homes are available in Clovis CA. click here.

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Self Directed IRA Real Estate Investment Success Story Clovis CA 93611

Written by Jason Nenadov · Categorized: Uncategorized · Tagged: best realtor clovis, best realtor fresno, changing careers, changing jobs, equity assets real estate, IRA Investments, non recourse loans, real estate investing, real estate IRA, rental surveys, retirement rollover, self directed IRA

Apr 16 2020

2073 Cromwell Ave Clovis CA 93611 | Pool Home for Sale

A beautifully updated home with an incredible outdoor retreat

Nestled in a quiet and peaceful residential community in Clovis, this gorgeous home offers peace, privacy, space, and all the conveniences of modern living.

This single-family home features 3 bedrooms, 2 bathrooms, approximately 2,008 square feet of living space, a fabulous covered patio, and a sparkling, inviting pool.

This home is well-loved, beautifully-maintained and has all the amenities you need. 

It comes with solar energy for more manageable energy bills. The HVAC system was updated with new ducting in 2018. Other updates include plantation shutters, new windows, new laminate flooring, new garage door, and garage door opener. 

This home is also in a great location!

Bought brand new by its original owners and listed for the first time in 17 years, this could be the home you’re looking for. 

Live close to amenities!

This Clovis home for sale has much to offer.

Its remarkable location is only minutes away from shops, restaurants, California State Route 168, health facilities, and more.

Clovis schools are highly rated and belong to the top 10% of the state. Dry Creek Elementary School is about a half mile away from this home. Alta Sierra Intermediate and Buchanan High School are within the 3.5 mile radius.

For outdoor enthusiasts, you don’t have to go far. Rancho Paloma is just down the street.

Or you can head to the mountains for hiking and adventure. Lying at the foot of the Sierra Nevada Mountain, Clovis is known as the Gateway to the Sierras. You have easy access to the Yosemite, Kings Canyon, and Sequoia National Parks.

An entertainer’s dream home

Step inside a magnificent front door and into an inviting and peaceful interior.

The family room features neutrally-toned walls, beautiful aggregate floor, and a fireplace. Natural light streams from the sliding glass door into this lovely room, creating a warm and inviting appeal.

With a tastefully-selected modern couch,  a corner plant, and a lovely painting on the wall, this family room is picture perfect and a great spot to relax, welcome guests,  and entertain.

To the left side of the foyer is a spacious great room with vaulted ceiling, large windows, and laminate floor. 

The spacious formal living room is an entertainer’s delight, a great spot for rest and relaxation.  Bright and airy, thanks to the large windows that let in plenty of natural light, this living room is a great space to gather with your loved ones, or simply relax while watching your favorite show. 

Across the living area is an ample-sized dining area that can comfortably hold a six-person dining table. 

Close to the formal living room, this dining area is perfect to use when you have guests over.

Your inner chef will surely be thrilled in this home’s eat-in kitchen. 

Bright, spacious, and recently updated, enjoy the look and feel of solid countertops, tile backsplash, and newer appliances. The five-burner gas range was installed in August 2019 and the dual convections ovens are about four years old.  There’s also plenty of counter space for your favorite desserts. 

You won’t even have to worry about storage. This kitchen has plenty of cabinets available. 

There’s also a space for a breakfast nook, perfect for casual meals or when you have guests over.

 

For your personal space, you’ll love what this home offers. It features an extra-large master bedroom with brand new laminate flooring. Light-filled and lovely, it is a perfect haven to enjoy rest and sleep. 

The ensuite bathroom has been recently updated and now features a brand new laminate floor, a bathtub bath, a walk-in shower, double vanities, and tons of storage. 

A spectacular outdoor oasis

One of the best features of this home for sale in Clovis is its amazing backyard. 

The covered patio is ideal for outdoor entertainment and relaxation.  

It is the perfect spot for those moments when you wish to simply relax, breathe in the fresh air, and have a cold drink.  Set this patio up with some well-chosen outdoor seats and furnishings, and you will have the best spot to sit down and unwind. 

There’s still plenty of room on the side for a huge garden or dog run.

Aside from the open space where you can be comfortable, this backyard oasis also has a sparkling pool where you can swim to your heart’s content. Now you’re ready to beat summer!

This Clovis CA property has everything you want and more!

Don’t miss the chance to live in this highly desirable home. Visit http://EquityAssetsRealEstate.com/  to check out other homes for sale in the area. 

Call me, Jason Nenadov, at 559-246-8991 today. 

 

Written by Jason Nenadov · Categorized: Blog, Fresno CA Homes for Sale, Jason Nenadov, Uncategorized

Feb 25 2020

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

Not everyone is looking for a new construction home on a zero lot line where your property boundary is the stucco wall of your neighbor’s house, five feet away from the wall of your own house.  There is a growing desire out there for homes with character or homes that are not built right on top of one another.  Homes where you can break wind on your back patio and your neighbor has no chance of hearing or smelling anything.  To find such homes these days you may have to journey into some older neighborhoods.  Neighborhoods where the trees are mature and dominate the landscape.  Neighborhoods that may be in a county island yet within the city limits.

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

If that is what you are looking for you may want to check out what the homes around the Sunnyside Country Club have to offer.  There is nothing cookie cutter about this neighborhood.  Some of the homes here are 100 years old.  The golf course started in 1911 so you can see why homes are 100 years old.  For the purpose of this post I’m going to look at only the homes that sit on 15,000+ sq. ft. lots.

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

Looking at the sales data over the past six months, 11 homes have sold, two are pending and there is only one active listing within a 1 mile radius of the entrance of the Sunnyside Country Club.  The homes along Butler Ave tend to be the most spectacular and they have a sort of plantation like feel to them.  The closer to the golf course, the more unique and generally speaking the more expensive the property.  Starting from the largest sale in terms of size, there was a sale on 5641 E. Butler with a 5,424 sq. ft. home that sold for $825,000.  5872 E Parkside Dr. was the smallest sale in terms of home size at 2,100 sq. ft. and selling for $409,900.  Now the one on Butler was on a roughly 2.5 acre lot where as the Parkside Dr. home’s lot was not even 17,000 sq. ft.

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

But this gives you just a small glimpse at the variety to be found in this neighborhood and I’m not even looking at homes on smaller lots.  The only active listing in this one mile radius search is at 1337 S Clovis Ave and this home is 4,286 sq. ft. on a 52,350 sq. ft. lot and the asking price is $699,000.  This particular home was built in 1935.  The average time on the market for these homes is just 28 days and that is less than the average for Fresno.  So homes are being swooped up down in this historic community.

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

If you would like more information about this community or if you want to see what is actively for sale in this community, click here.  If you want to hear more about a future upcoming listing I have in this neighborhood, reach out to me at 559-246-8991.  My name is Jason Nenadov and I am the broker of Equity Assets Real Estate.

Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727
Golf Course Homes for Sale Sunnyside Country Club Fresno, CA. 93727

Written by Jason Nenadov · Categorized: Fresno CA Homes for Sale, Uncategorized · Tagged: Country Club Living, equity assets real estate, Fresno Homes for Sale, Golf Course Communities, live near the links, Sunnyside Country Club

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Jason Nenadov
jasonnenadov@gmail.com
559.246.8991
CA. BRE # 01412695

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