All Forum Posts by: Jon Klaus

Welcome to BiggerPockets, Elise.  You can learn most of what you need to know about successfully flipping houses right here at BP.  We're glad you've joined us!

This is a personal decision.  You've acquired most of your units this year. If I were in your position, I might let some water run under the bridge for a while.  Learn a bit more about managing 30+ units (and tenants). Improve units that have deferred maintenance, raise rents where needed, and bank some cash flow.  

At the same time, I'd keep my eye open for homerun deals, and not turn them down.

 This. It's your page, delete her comments.  It's an ad, not a forum.  

Yeah Jay, tell us more about the economics of timber land, please. 

If  the neighborhood plan allows a 2 family, that's a really good thing. You can't go by what the neighbors did though, because it might have been before the COA added newer, more restrictive regulations,  which they seem to be doing every year now.   If you have this one under contract, it's probably worth a visit to the city for confirmation on what you build  on it.  

Welcome aboard, Shawn.     I saw your Austin deal in the Marketplace. Looks like something someone could make some money on. We're glad you've  joined us!

Welcome to BiggerPockets, Shawn.   Your numbers look pretty good to me except for one thing. Travis CAD shows the lot to be 6045 square feet, so it's unlikely you would be able to build the second smaller home.    You would need to be at 7000+ square feet to do that.   

If I had this lot, I'd build a 2000 SF SFR and target around $550k sales price.

Lot $250k

Build $220K

Sell $550K

Gross profit $80k

I know some would do that, but I'd need a little more margin to be comfortable. 

Buy lot for less?

Build for less?

Sell for more?

Combination of the above is best.  

Welcome aboard, Yaw.  I'm also in DFW, with an emphasis on the counties east of the Metroplex.   We're glad you've joined us!

  I feel the same way. I look at the CPA relationship as ideally a long term, maybe even lifetime relationship. Where the CPA knows my finances, tax situation, family needs, history, goals and experience, inside and out.  Think Liam Neeson and Ben Kingsley in Schindler's List.  I guess I'm old-school, too. 

Welcome aboard, Ronnie.  I reall enjoy the podcasts, too.  Are your rentals in Arlington?  I have some on the east side of DFW.   We are glad you've joined us!