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All Forum Posts by: Michael K Gallagher

Michael K Gallagher has started 24 posts and replied 1232 times.

Post: I have a GOAL to become an accredited investor

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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.

Post: Investing in state capitals

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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!

Post: Investing in state capitals

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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.

Post: Building Permits Filled for TopGolf <-Finally Some Progress!

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

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.

Post: Should I sign a 4 years lease with tenet?

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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.   

Post: which Real estate Market is hot ?

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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. 

Post: First one down and nine more to go!

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

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.  

Post: Young and Hungry; where to start and begin my goals in real estat

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

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!

Post: Cancelling a purchase contract before removing loan contingency

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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.  

Post: what's a good name for an LLC?

Michael K Gallagher
Posted
  • Real Estate Agent
  • Columbus OH
  • Posts 1,255
  • Votes 971

@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.