All Forum Posts by: Michael K Gallagher

@Jonathan Styer I believe in this case the reference to “accredited” investor is the the term used for high net worth individuals, I think it’s a gross income of 200k or a couple other qualifications. But essentially that gets you access to funds like open door capitol. And that’s the only reason I know this is because I want to invest there but I don’t qualify as accredited.

@Joe Splitrock this is an area I’ve come to believe, similarly just from observation, that Columbus has a strong point. We have a large university, but a diverse economy has popped up in the area to absorb, retain and attract that population. Again, this is purely from observation…and listening to my wife…she’s way smarter than me!

@Abraham Kaplan I gotta throw a vote in for Columbus OH. Flips are getting tight but the buy and hold is still pretty strong from what I’ve been seeing/experiencing.

Wow very cool!  Now its getting legit??...is the Top Golf across from an IKEA?  Thats how they did it in Ohio I feel like.  Wherever there's a top golf, there is an IKEA.

@Jignesh Savaliya I am of the mind that a good tenant is worth their weight in gold!  I also follow the rule that if they want to stay and have been a good performing tenant, I reward that by not increasing rents.  I do like the idea @Luke Trovinger provided of keeping it to a year, but with the option to renew at perhaps a max increased amount.  That does provide you certain protections while also keeping the tenant rewarded for continuing to be a fantastic tenant.  Might also be worth having some data about the market rents in the surrounding areas to show her what the value you are bringing is.   

@Aman Shahi I am of the mind that it depends on how many deals you've done to date.  If its your first deal I think house hacking for your first experience is hands down the best way to go.  I just think the lessons happen so much faster living them first hand.  But if you are more experienced and have been around the block then I'd agree with what many people have said.  Those tertiary markets, or "adjacent to major markets" I think makes a lot of sense from a "bang for the buck" perspective.  I'm of coursed biased to my own area of central OH but there are many others. 

congrats @Jeremy Hurd glad to see people be successful from out of state here in Columbus. Great area to get in right now, will certainly be going the way of Franklinton and Old town very shortly.  

Hey @Matthew Ashe I love the attitude and the spirit.  That's a big question and hard to guide you on without a much bigger discussion.  But from my own experience I'd start with learning as much about you and yourself as you can.  That will help guide you towards tasks and active income streams that you will accel at, to propel your investment goals.  I waited a long time to put in the work to understand me, and why I am the way I am, and I wish I started 10 years ago for sure.  So much frustration could have been saved.

Good Luck!

@Saeed Hadian I would echo what a few others on here have stated.  If you know the area, and are confident in your data about what rents could be down the road...it does not really matter what they are now.  Real Estate is a long term game, so look at it from a couple years down the road after a few lease cycles.  Is there something about the property depressing the rents?  If not It could still be a good deal. Doesn't really matter what the seller is doing, its about what you will do.  

@Diane Stinebaugh I have seen the street addresses specifically as the LLC's but personally I like referencing something cheeky...mostly for me its Harry Potter locations and references...or I've heard of chess moves being used, or their is even a company I know of locally that is call "two labs" because the owner has two Labradors and thats what he liked. So my point is, if you feel like it, have some fun with it. My LLC "leadout Industries" is after the cycling term "the leadout" or the people in the front of the team leader breaking the winds and making it easier on the leader.