Part of me has always wondered what homes end up looking like after they’re remodeled on the TV show “Extreme Makeover”. Have you had the same thought? Do owners actually take care of the property? Or does it end up reverting back to what it used to look like?
There are so many investors gobbling up the lower-income market right now in Sacramento, so I figured the image below would be timely and relevant for discussion. The “before & after” product is striking, yet here we see an “after the after” photo that wouldn’t make the highlight reel.
This house was originally bank-owned before being purchased by an investment company (not Extreme Makeover) who did a fantastic job on the remodel. The difference is stunning and a real win for the neighborhood. Unfortunately the hedge fund investor who purchased this home has let it sit vacant for over six weeks and has yet to mow the lawn either. This particular investment fund is purchasing properties all over Sacramento, so the question becomes, what does the rest of their portfolio look like? Moreover, do hedge funds have the infrastructure to be effective mega-landlords? With 40% of the market under $200,000 in Sacramento being all cash purchases, these are timely questions.
What do you think?
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