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All Forum Posts by: Jon Klaus

Jon Klaus has started 322 posts and replied 7793 times.

Post: What is stopping you from investing in Multifamily Real Estate?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
Yeah, just giving a reason why some might shy away from MF. I bought a duplex last week, and plan to buy more. One of my mentors Rich Weese has several hundred units in DFW and spends relatively little time on them personally.

Post: What is stopping you from investing in Multifamily Real Estate?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
I don't dislike multifamily, but it is more management intensive compared to some other classes of commercial properties. I've got an office building with three tenants that takes just a few hours per year to manage. If it were apartments at the same value, it would need 1000+ hours of maintenance and management per year. Yeah, it has cons, but ease of management makes it a better choice for me.

Post: Wholesale/Rehab in Dallas

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
I agree with Rod that this is called wholetailing and you should list them on MLS to get the highest price. I think knowing what repairs and improvements to do is a case-by-case situation. I'd think in terms of how much to spend and how long it will take. For example, $1000 and one week, what's the most impact you can have to appeal to more buyers and get it sold quickly? Generally, that would be clean out and improve curb appeal.

Post: 1031 Exchange - Flip House to Rental Property

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
Paging Bill Exeter

Post: 1031 Exchange - Flip House to Rental Property

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
Can you make your flip into a rental? Later, after you've established intent to hold, you could 1031X. The key is showing intent and the more time you hold shows that (changed) intent. You might also hold in a different entity than you use for flipping.

Post: Vacation homes for rentals

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013
Would your Orlando condo make sense as a vacation rental? You could convert it to test the waters to see if short term rentals are for you. They do take more management and operating expenses. I just spent some time in Altamonte Springs on the north side. I was surprised to see many vacationers on the north side. They were out in force. I also went out to New Smyrna Beach which is clearly a vacation town.

Post: New Ocean front construction in Big Pine Key Florida

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013

It's going to be hard to get meaningful numbers here as there are so many variables.   I've built from $60-$140 per square foot in Texas.   I suspect your costs may be a lot higher.  You should probably contact some local builders to get a better idea.   I'd probably go down in person to look at comparable homes to what you want and contact the builders who built them. 

 Do you know what comparable homes there sell for?

Post: Huge RE Networking Summit! SF Bay 8/27 & 8/28/16 - 20 BP Greats!

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013

"15 Hours stuck in a van with Investors? What Better way to spend a Friday and Monday!"

 That sounds like a great way to form new partnerships and hear some good stories.  That, or develop a need for new meds and counseling.

Post: BRRR in Garland, TX?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013

Welcome to BP, Ryan.   What kind of rents are you getting on your Garland rentals?  

Post: Investing in rural area

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,013

Rural areas are less competitive for a reason, there are fewer end buyers than in the city.  The areas you mention are close to Dallas, though, and that makes them more desirable.   I buy/sell land in the area and currently have 78 and 25 acres in Caddo Mills, and 52 and 7 acres in Greenville.  Find out what your buyers are looking for and market for that.