All Forum Posts by: Michael K Gallagher

@Brandi Smith big congrats on doing the 1 year! big fan of managing yourself. Are you local to the area?  if so that is ideal and in my opinion the best way to handle things! good luck, and its all pretty logical, just do the work upfront to verify information and you'll find a great tenant.

@Eli Gosnell there is likely some specific forums for each of your questions if you want to dive deeper but in general looking back I think I was so so so afraid of maintenance things and major issues coming up, and the reality is, even with every precaution they will happen and come up, and even the major ones (water line break into a basement) end up not being that big of a deal in the grand scheme of things.  

Also good tenants make you bad ones break you.  don't be lazy do the work to vet people, get face to face if you are local, and verify applications.  the vast majority of people want to pay their rent on time and live quietly I find, and you can feel out in the information when someone is off.

@Drew VanZwieten I'm sure this is way further ahead in LA, but as a chevy bolt driver myself this is something I've thought could really differentiate a rental unit here in central oh.  any idea if there are similar programs here?

@Ryan Garza welcome, and sounds like you will have a ton to offer the forums here!  really looking forward to learning more about your experiences and trends you are seeing/taking note of in your market.

Thanks for sharing @Cory King very thorough breakdown and interpretation.  What you are noticing in your market sentiment wise the "stabilizing while still growing" is what I feel here in our market.  buyers are being appropriately picking and the people bringing good deals and quality product to market are doing well still.  

@Dominik Suwaj I assume you are looking at a property management software?  If it is just the one property using a simple app like rent redi or something similar and having additional support docs often suffices.  However, if you do want something more robust the most flexible option I've used is "Hemlane" you can check em out online, they are a paid service though, but as I said it is a more robust option than a zillow manager or something similar.

@Stepan Hedz Thanks for sharing this, Pad-split is something I've heard of for a while but have not had personal experience with yet.  Are you seeing the demand for furnished rentals?  when I hear workforce housing I think furnished so just curious if there is an unfurnished demand you are seeing also?

@Gabe Goudreau looks pretty interesting!  out of curiosity, what was the reasoning behind the 1-5 unit range?  I've generally seen 1-4 and then 5+ so curious as to what was driving the 1-5 and how the model handles the different mortgage types in its evaluation?

It is usually recomended by most people and investors I've seen doing it well that yes you should have an emergency fund or percent of revenue from each property set aside for things like vacancy and repairs and turn.  IN generally I've seen the idea be that you se aside a certain amount each month so that when the time comes it is there.  I've also seen people say I want $10K as an example in an emergency fund for a property, so they will let the account for that property build up until that point is hit prior to taking any draws from the property profits.  there's generally not a wrong way to do it but yes you should have funds earmarked for a rental incase of exactly what you just experienced. 

do I understand correctly that for your 8 rentals you have 20K a month in payments? just trying to understand where the 20K comes in but in general I'd think a couple months of expenses maybe 90 days at min should be ready in an account for each property, perhaps more.  

how does that work with it being "on a resort" have not experienced that before. is it essentially an HOA?