All Forum Posts by: Jon Klaus

Originally posted by Jon Holdman:

I would note that refinancing to pay off the hard money loan shouldn't be too difficult. Getting any cash will be much more difficult.

Jon, what if you pay cash for a home and rehab it? What kind of of terms can you get after the rehab? Say you pay $30K, rehab for $20K, and it then appraises for $100K. Any seasoning required if you paid cash?

Why not call a few local title companies and ask your questions?

What are you planning to buy?

Read 25 books on RE investing.

My story is similar to Christian's; my business was the tenant so we found a building that would work. We have an IT services business that paid close to a million dollars in rent since we started in 1990. Two years ago we lease/optioned an office building and exercised the option in 2008. We got a pretty good deal since the area began redevelopment after we signed the lease/option. Now our business pays out LLC the rent.

Would you stage a $65K house? I have one I overdid the rehab on, and it will compete very well in the neighborhood. Should I stage it? If I go to the trouble, why not market it as furnishesd and throw all the Craigslist furnishings into the deal? That way I won't have to move and store the furnishings afterwards. Thoughts?

Welcome Alton!

How much do homes sell for in Ecuador?

How about rent?

Thanks

Thanks for the good info Ingrid. I agree that this is not a great time for a residential condo conversion. What I have in mind is a commercial office building conversion targeting health care practitioners; dentists, doctors, chiropractors, etc. Health care seems to be "healthy." I see condo shells (new) on the market for $200/SF and I think if we marketed a quality product in a good location at $125/SF we might sell them within a couple of years.

"we would see a huge compression in prices, and that expensive properties would see larger percentage falls than lower priced ones"

Especially true in the outlying areas, and Alabama is seriously outlying for $5mm properties, let alone $13mm properties.

"What type of vacancy rate are you using?" Like you say, it depends on locale. My city is 6%, but I had a townhome that would rent within a couple hours each time I did an open house, as that complex was 100% occupied (for ready units).

Just one month to put your "money" to work. Anyone...?