15 Comments
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
I respect Clearfund’s opinions, but I have to disagree that 1 percent a month in a crap neighborhood will produce much cash flow on a highly leveraged property. Your collection losses, tenant turnover fix-up costs and capital improvements on these old units will eat up the cash flow that looked so good on paper.
Anyone willing to pay 11 or 12 times SGI in a bad area and 20 times SGI in a good area especially for 50 or 100 percent vacant properties in need of work should admit up front they are buying for appreciation, not for cash flow.
I think Clearfund presented the 1% formula for what it is, a decent screening tool, nothing more. It is a quick and dirty formula check that investors use to see whether a property is worth further investigation.
Sometimes “forced” appreciation, meaning the investor buys with a plan to do something to improve the property and its income makes sense even when it does not paper out currently under screening formulas.
I think this show another reason why the government needs to let some of the banks and `homeowners` go. People living rent free or barely hanging on don`t invest in their properties. Investors or flippers put money into those properties right away. The sooner the houses are put on the market, the better. We can take the medicine (lower housing prices) now or drag it out for the better part of a decade.
This video hits close to home for me.
I spent some time earlier this year seriously looking at duplexes/multi family in central San Diego. I had naively hoped to pick up a duplex in Clairemont that would cash flow – but the prices didn’t pencil. We made offers that provided us cashflow from day 1, but they were rejected outright. Someone bought the units. But the person that purchased the place is losing money every month. We went to an open house for a 3 unit in Normal Heights… It was a madhouse because the list price was decent… overheard other potential buyers on how much over the list price they’d go… too high and it doesn’t cash flow, but that didn’t bother them. That one still hasn’t closed – was listed in Jan and it’s still contingent despite the ‘best and final’ deadline being in Jan.
The investment market for residential doesn’t make sense in central San Diego.
San Diego just doesn’t have the right math for investment properties. At least not yet.
I don’t see any “forced appreciation” here, unless you can put some money into these, lease them up and flip them to a greater fool on a higher GRM. If you hold them, you had better be prepared to write checks.
And I think AGI, anticipated gross income, is more accurate than GSI/SGI, scheduled gross income, for these units. If there is no lease, the income is not scheduled.
Some people are just looking for an income stream to live off of so you might need to compare real estate investing with cd’s or annuities at least in the low end. What kind of income stream you can get out of $200K these days
5 year CD (1.5%) 200*0.015 = 3,000 per year
5 year annuity (5%) 200*0.05 = 10,000 per year
200K rental @ 10x AGI is 20K per year – 4K for Taxes/Insurance – 2K (10% property management fee) – 2K (1% total property value maintenance) = 12K in income. You might even be able to push up towards 12x AGI if you’re a cash buyer only looking for an income stream.
How about this one?
http://www.redfin.com/CA/San-Diego/4495-Campus-Ave-92116/home/5296790
yes, another round please…
Another Investor – You owe it to this quality blog to identify where I suggested investing in a ‘crap neighborhood’ or to be ‘highly leveraged’. My original quote was that seeking leveraged appreciation was a super fools game. My numbers were based on all cash purchases.
Don’t type words in my mouth!
Kingside – thanks for seeing my screening advice for what it was, a starting point to get you going down the road in the right direction.
Sorry, Clearfund, I guess I was not clear. What I was saying was that your 1 percent rule does not generally apply in those neighborhoods, especially on a highly leveraged property.
I have bought in better neighborhoods outside of California for 1 to 1.25 percent per month, but can only do about a 6 percent cap rate unless the properties are new and require minimum capital improvements. On older properties, the roofs, A/C units, furnaces, and hot water heaters are always waiting to get you. And I factor in management expense.
Once you get outside the rarefied market that is coastal California, most investors are looking for 1.5 to 2 percent, especially in low-income, high turnover neighborhoods.
And we are in complete agreement that it is a fool’s game to bet on appreciation. To date, there has always been that high income person that thinks rents will increase faster than expenses in coastal California. It’s true that demand will probably always outstrip supply in places like San Diego, but there may be a limit on how many people can afford ever increasing rents.
Yes, betting on appreciation is probably a fools game, but hedging against future inflation using long term fixed debt against the right asset, maybe not so much.
Like the video Jim. It was good to see another side of the market.
We asked you about the multi-plex market at the Bubble Info 1st annual BBQ last weekend so it was good to see what options are available.
For older 2-4 plexes in Phoenix right now you could find 2% rent/month from a distressed seller. Certainly not the CA coastal market so the upside is limited of course.
David Overfield’s comments demonstrate the implicit assumptions folks make about San Diego real estate. The buyers are people who are betting on appreciation.
If you are willing to buy vacant or largely vacant multi units in low income, heavily Hispanic neighborhoods in the Phoenix area, you should be able to do better than 2 percent, “all in.” “All in” to me is the acquisition cost, the repairs, and the lease-up costs, including rent loss. The risk is the vacancy. Right now there is a large number of vacancies, supposedly because of 1070.
I’m curious how active the Asian immigrant buyers are in your area. Up here in the Bay Area/Silicon Valley, they are a huge factor in the small multi-unit market. These folks tend to think about owning property for generations and cash flow for their grandchildren. A lot of overseas money looking for a safe haven comes into the market through these buyers. Cap rates have always been low up here, but the influx of these buyers seems to have driven cap rates lower and GRM’s higher over the last 15 to 20 years.
“Right now there is a large number of vacancies, supposedly because of 1070.”
Interesting. My property manager for a multi-unit I have in Escondido tells me he started getting innundated with calls from Arizona Hispanics a couple of weeks ago.
SB 1070 is a concern I hear from landlords, RE investors, etc. So far there hasn’t been a large exodus from Phoenix.
Essentially numbers that I’ve seen are a 4-plex purchase price (remember distressed sellers) of $100k – $150k. Rents about $500-$650/month. Figure $5k/door for fix up (you’d be surprised how much that buys you these days).
As for vacancy and occupancy, the tenants stay only 6 to 18 months on average.
Believe it or not, these types of 4-plexes sold for $350k – $450k during the peak bubble. I toured one a friend bought for $400k that is sadly worth only $100k now.