I’m hoping that we have the BTR format down tonight – it just took more money! We will be discussing the real estate purchase contract, disclosures, disputes, liquidated damages, specific performance, REOs/short sales, MERS, and other general legal topics relating to real estate. Copy of our purchase contract here: Residential Purchase Contract
Click below to listen at 7:00pm, and call (877) 317-7373 with your questions and comments!
My frustrations with the BTR control panel continued tonight – the opening song started before I realized that I had no off button. So enjoy the full version of “Heartbreaker” live by Led Zeppelin, or fast forward about five minutes:
We talked about the general market conditions, and how the flurry of activity we’ve seen lately is unlikely to cause higher sold prices. If there is a surge of new listings over the next few months, they will likely be a result of sellers being enticed by today’s list prices, which are a false sense of the real market. In other words, prepare for a glut of overpriced listings for the next few months.
I also got off on a tangient about what and where this blog is, and my enthusiasm about it. I don’t have much, if any, sense of who reads this blog, or what you the readers want out of it. So look forward to a new survey coming soon!
Our friend Adam Rappoport will be on Blog Talk Radio this Monday, February 27th at 7pm. (Note the earlier time!)
Adam is a long-time local realtor who got into the house-flipping business with houses he bought at the courthouse steps. When the competition for trustee-sale properties pushed margins so thin that the risk became uncomfortable, Adam started investing in properties out-of-state.
We’ll be discussing all the above, and will be comparing the benefits of out-of-state investing vs. the local market. Join us Monday at 7:00pm!
Thanks to Tom for being on the show – and for everyone who listened!
Some of the highlights:
tj and the bear asked about ballpark costs, and Tom broke his general remodeling expenses per room.
He does the work himself on these rooms:
Kitchens – $10,000 to $12,000
Bathrooms – $2,500
Engineered hardwood floors – $4,000
Work done by contractors:
New 200 amp eletrical service – $5,000
New plumbing – $5,000
Roof – $4,500 to $6,000 (comp shingle)
Jeeman called in and described his struggle to get a reasonable quote for an overall remodel, and we agreed that it is good to get plans done first, then have general contractors gives quotes so you can compare apples for apples.
Tom mentioned several TV shows who have approached him looking to document his ‘team’, and fabricate some drama. Tom is willing to tell it like it is, but no takers for that package so far.
Tom also said that he sees plenty of deals on the MLS, though it is hotly competitive. He is a believer in cruising the neighborhoods looking for possibilities, and that the South Park project was a result of such an effort. He had to drive to Lakeside a few times to track down the owner, but finally prevailed.
The South Park project requires a two-car garage per the city, so the remaining buildable lot only allowed for a 1,350sf house. Tom changed to a two-story, 2,000sf plan instead, and hopes for a completion date in Fall, 2012.
The Bay Park remodel hasn’t hit any snags, and is a lighter project because no square footage is being added. We talked about Bay Park being an up-and-comer neighborhood, and that there could be pockets of appreciation in certain areas like it.
Tom is coming right along on his major remodel in Bay Park – the photo at the right was taken since Friday’s video (click to enlarge).
Tune in Monday night, February 13th at 8pm when Tom joins me on Blog Talk Radio right here at bubbleinfo.com.
We will be discussing his strategies for finding properties, where he gets his design ideas, the process of remodeling, and the specific strategy of how to sell for top dollar.
There is a funky thing about Blog Talk Radio.
They don’t have any code for leading into the shows – the listening button just goes live at 8:00pm with no notice. So if you tune in a few minutes early and don’t see any place to click to listen, wait until 8:00 on the dot, and it will suddenly appear – and we’ll be rocking!
Jim found me a multi family property that we purchased as an investment (Please see my review of Donna Klinge for details on how it went). But the bottom line is this: I never would have found this property, which cash flows right out of the gate, if it weren't for Jim pointing me toward that house. It just was not on my radar, even though I consider myself a savvy real estate troll. Jim is giving of his time, and his intelligence. And he is also transparent and truthful. And I think he is funny, which is helpful in stressful situations like RE transactions. Jim and Donna have earned every last penny they made from our deal -- and in fact they deserve more. And that is why I will use them for my RE transactions the rest of my life. Thank you, Jim and Donna!
I can't say enough about Jim and Donna. Jim got a great price for us and negotiated well. Donna walked us through escrow, handling vendors, and negotiating everything we asked for in the request for repairs. They are know exactly what they are doing and I've already recommended them to two other people.
I followed Jim's blog for several years and decided to contact him (along with several other realtors) when an out-of-state work relocation required me to sell my home in San Marcos, Ca. At our initially meeting, Jim spent a significant amount of time discussing pricing options, strategy, as well...
Honesty. Integrity. Professionalism. Dedication. Commitment. Jim and Donna Klinge hold these attributes in abundance. They have acted as both our buyer agent and our seller agent delivering highly relevant insight into local market conditions, spot-on advice to maximize the home's value, and unparalleled management of the transaction process...
I cannot imagine a better experience! Jim was our broker when my husband and I bought our first house. Jim never pressured us or glossed over anything. He was patient, knowledgeable, and helped us buy our dream home. His office was detail-oriented, always responsive and we closed in 30 days! The excellent service didn't end when we bought our house, either, the Klinges have given us excellent and fast referrals along the way. We feel privileged to have worked with such a consummate professional and appreciate how rare this level of skill is. Jim is simply the best in the field.
Jim and his team are top flight. He knows the market better than anyone, and his team ensures the deal goes through without a hitch. There's always something at the last minute, but you'd never know it with Jim and his crew. I've bought and sold houses with Jim as my agent over the years, and I wouldn't use anyone else. Save yourself the headaches and potential costly mistakes...
Buying a house is one of the most emotional,exciting, and sometimes confusing milestones you'll reach for in your life! Being a buyer in this market can make it even more interesting! My husband and I have been looking to buy for a year, and when the time came we wanted a realtor team that would be on our team! Being that I'm a business woman and was 7 months pregnant, I wanted, NEEDED, communication, dependability, and consistency! The Klinges went so far above and beyond ...
Jim was recommended to me when I bought my first house here in the US five years ago. He and Donna explained the whole process and it was a great experience to work with them. Not surprisingly, when my company asked me to relocate my first choice was to work with them again...
I have followed Jim's real estate blog for years and by the time I got ready to sell my townhouse I felt I knew him both personally and professionally. At our first meeting he was prepared with recent comps and listings for the area...
"Jim is an absolute pleasure to work with. He tells it like it is and won't let you buy a clunker. He's very knowledgable about the market and you can get a sense of that by following his blog. We couldn't have been happier with our representation during our purchase - which included navigating a ... more "
"Jim and his team are the best! I bought and sold my house with Klinge Realty and if I ever move back to San Diego County, I will definitely be asking ... more "
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