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All Forum Posts by: Jon Klaus

Jon Klaus has started 322 posts and replied 7793 times.

Post: Spec home deal is dead

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Sonya Serna:

$525 is better then going for it and loosing thousands,  

It's tuition.  

Post: How to calculate building costs for a small apartment building

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Edward Gomez:

@Chris O'brien did you ever go through with the build?

 Welcome to BiggerPockets, Edward. 

In my city I think I could build it for $85PSF.  In Austin, $110 PSF, in the country $75PSF.  

Post: almost one city block in Santa Ana ( Seek Advice)

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014

They need an appraisal to determine value.  I also think a professional to negotiate for them.  Probably a real estate attorney.  A lot of people may want to help, but will want a piece of the deal. With the amount of money involved, I'd hire the best appraiser and RE negotiating attorney in the area.

Post: There are two months left in 2015, what will you accomplish?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Jared Watson:

I will finish my first technical flip

Project cost 50k

Duration 3 weeks

All new kitchen, baths , floors. , framed new study walls, outdoor cedar patio etc

It's a very aggressive schedule but I don't know any other way

 That is fast, Jared.  Do you do the work yourself?

Post: Spec home deal is dead

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014

I've had the same experiences as Keith with pre build appraisals coming in low.  I think the other problem is spec houses in the 140K range don't offer enough margin.   I try to stay in neighborhoods where  the sales prices are $200 PSF or higher.   There can be a number of problems and delays in the process and you need healthy margin to help overcome those issues. 

Post: Property Manager Recommendations for South Austin Buda Kyle

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @ReseAnne Sims:

I'm not sure if they go as far south as Buda/Kyle, but I have a FANTASTIC property manager for my house in Dallas and he also covers Austin.  The website is http://www.bluecrownproperties.com - Danny Hardeman with Blue Crown Properties. Have been with them for almost 6 years. 

 Welcome to BiggerPockets, ReseAnne!

Post: Leasing vacant lots in rural area

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014

Welcome to BiggerPockets, Anita.  What would be some good uses for the 4 lots?  What's around them?  You might start by talking neighboring property owners.  You could also build something on the lots to make them desirable rentals.  

Post: There are two months left in 2015, what will you accomplish?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Jerry W.:

By the end of the year.

I will change the furnace filter in every rental and do an inspection on it in the process.  I WILL hire someone to do at least 10 items on my Do List that I would have done myself.  I will finalize one way or the other an open offer I have on a four plex.  I will install at least 3 more windows on my stalled flip property.  I will finalize the attempted buy out of a partner in a commercial property.  I will prepare at least 4 weeks in advance for one of my jury trials that will occur in January, I will take my wife somewhere for at least 3 days away from from home so we will not work.  I will analyze the current books to see if I need to save or spend for tax purposes by the end of November.  I will begin work on a plan of how I will capitalize on what I predict will be a 3 year recession in our local economy.

 You've got some good ones, Jerry, but I like this one in particular:

"I WILL hire someone to do at least 10 items on my Do List that I would have done myself. "

Great delegators can do more than everyone  else.  

Post: My first $100,000 dollar flip on land and $128,000 on new home.

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Andy Hewitt:

Very good information, what is the best way to learn how to invest before you start going on your own.  Are there mentor programs.

 Welcome to BiggerPockets, Andy.  You might introduce yourself under New Member Introductions, and ask there.  For many of us, including me, BP has been the best place to learn real estate investing.  

Post: There are two months left in 2015, what will you accomplish?

Jon KlausPosted
  • Developer
  • Garland, TX
  • Posts 8,666
  • Votes 4,014
Originally posted by @Jon Klaus:

Refinance 4 SFRs. I'm in process and should get it done in November. 

Finish rehab on a ranch home and then get the property on the market.  

Wholesale triplex and provide mortgage to end buyer.  Help buyer get 3rd unit rehabbed and all units rented. 

Buy two vacant parcels through a wholesaler I connected with here at BP. 

Finish a yellow letter campaign and buy at least one property from the effort. 

Finish, list, and sell Austin rehab. 

Start on new construction on 3 Austin homes on two adjacent lots. 

I'll stop now, but could add more.  Need to cut back. 

 X Wholesale triplex and provide mortgage to end buyer.

Got this done today... off and running.