All Forum Posts by: Michael K Gallagher

@Keith Thompson thanks for the detail this was great!

@Joshua D. Sounds like if your worked with her before and are probably some things being implied or “unspoken”. If you are motivated to buy a property and have a specific criteria nailed down…I’d think it’s a pretty simple conversation to have. Sounds like you guys a just a little misaligned on motivations.

In my opinion there really is no “should my realtor be doing xyz….” That relationship is really up to you to build and to define with the realtor. If you’d like or need more assistance just voice that. But on the other hand if they do put in that work and send you properties that meet your criteria, you need to uphold your end of the bargain and actually pull the trigger.

@Cale H. Even though it's not your first "investment" property it seems like there is still opportunity costs to not living there. To the tune of all that equity. If your total ARV is $475 (let's split your difference) and your loan is $374 that's almost $100k of equity from what I'm seeing.

That’s a powerful position to put yourself in. And it seems like you purchased that house in a creative way to make it happen. With the alternative being a much higher price point.

So all in all I think you are off to a decent start.

If you can do a heloc and get access to that equity it will be very powerful.

If you aren’t quite ready to get another property but can use that equity perhaps there is a way to build or create a rental unit on your current property.

@Brandon Sturgill great info! And yeah it’s crazy to think we will hit 3 million by 2050 they are saying…traffic is going to be horrific!

@Ziyad Syed @Remington Lyman is 100% correct. That core 4, having a strong team is huge. BP is a great place to meet, connect and interview candidates though so you are off to a great start!

@Edward Dandrea As others have said the "cap rate" while at 10% is a decent cap rate, may not be what is commanded in your area. So with an NOI, that you can defend, the appraiser will look at the local cap-rates that properties similar to your demand in its area.

Now I'm no appraiser but especially on a commercial property the purchase price should pay very little weight into the value. It really is all about the NOI and condition of the property.

@Brian McCombs I know its been out there for a while but Crushing it in Apartments and Commercial Real Estate was incredible if you haven't read it.  And then its not strictly a RE book but "fix this next" was amazing. Would perhaps help you figure out how to navigate and decide what to spend the money on. 

All good Advice, I use Zillow and their rental manager.  It certainly has its limitations but for a first time manager its really intuitive and quite easy.  

@JB B. If you are self managing and your agent had experience managing or screening tenants, then if they are willing I’d ask them to teach you a way to screen them. But if you are managing them, I’d suggest you be the one placing them.

If you are having a PM involved they should really be the ones placing and screening the tenant as they will be managing them.

@Miranda Vaughn big congrats it looks amazing! How are thing going so far?