All Forum Posts by: Michael K Gallagher

@Sarah Brown I totally agree.  Although places like WeWork and such may have not gone about the flexible work environment model in the correct way there is certainly something to be said for still wanting an office space, but a more shared or less permanents lease model would certainly be attractive to many startups....including myself! 

Welcome @Brian Driscoll and that's an interesting question.  I think it will take a generation or two for telecommuting to take hold over a traditional office environment.  If you think about it, this is a short term issue, the virus, and everyone will still have their commercial office leases and such, so I don't think we will see an immediate impact.  I can see the levels of telecommuting going up perhaps in the coming years as smaller companies start to say "do I really need that office?"  However, I think we are are generations away from a real shift culturally especially with bigger companies and conglomerates that are still run by people that think "the internet is a fad" or something.  These are the same people that still believe you get more productivity out of your employees when you keep track of how long they are at their desk....So while we might see a shift in the startup and small business space I don't see telecommuting taking hold until the generations of leaders and board members that we currently have in this country, over say 55 at the moment, are no longer in the workforce, or at least are no longer in control of company cultures.  

@Anthony Sherman Just my opinion, But I think you are thinking about it the correct way.  As long as the details of your agreement are on paper and signed I would imagine that would be enough.  However, I do not know what the tenant laws in Mass are so it might be worth either calling a local office or doing a basic google search to see if their are any details such as needing something to be notarized, or if there is a specific state template that needs to be filed.  I can't imagine that it would be require in this instance as it is a mutual decision but it is still probably work a quick search.  

@Mendy Weissman any update on this front?  I am looking to understand the laws around purchasing property in Scotland/UK as a US citizen, looking to purchase a family property to hopefully Air BNB when we don't use it.  Have you had any luck tracking down some good resources?

Hey @Account Closed, so sorry to hear that you were laid off but I am also exceptionally happy to hear your outlook on the situation.  Below are my recommendations of what to do to prepare to invest.  But I will say, my wife and I are currently house hacking a duplex, and it is an amazing way to get into investing and to simultaneously cut your living costs! Something to consider in the coming months especially as people might start looking to downsize.   

1) read every day!  I'll say it again, READ EVERY DAY! if it's 30 mins, if it's 15 mins whatever it is set a timer, and read first thing in the morning.  My favorites for times like this are The One Thing, Rich Dad Poor Dad, and The Book On Managing Rental Properties from BP! If you already know you are a bit aimless however, I'd really really really suggest The One Thing!  It will fundamentally change the way you work and think especially coming out of a day job.  

2) I'd start by trying to find someone in your area who is a wholesaler to work with and learn their processes.  Wholesaling is going to be hard, and intense but considering what we are going through economically it is probably an area that is going to see a lot of action in the coming months.  And it will for sure give you a lot of reps and practice in deal making.  

3) Alternatively, if you are handy or willing to learn to be handy I'd see if there are any local contractors who need assistance.  That way you will have an insight into how fixing houses works with permitting, city codes, sub contractors, project management, and budgeting repairs.  All those things will serve you very well in the future.  An added bonus is by working with these guys you'll have an idea of not only who you want to call to work on your properties in the future, but also you'll know who not to call, which is probably more valuable. 

I am also a huge fan of lead and lag goals, worth doing some reading, and listening on the subject if you aren't familiar.  BPP has a great episode on the subject, #307 I believe.  

Good Luck, and enjoy the time!
   

@Ivan Figueiredo   I personally would think from a macro level that going into it planning to fix it and rent it out for a year would be the best option.  There is so much uncertainty right now that all you can count on is what you know and what you don't know.  And right now no-one knows what is going to happen economically.  So if the deal makes sense to move forward with and hold it for a year then you can either sell it at that point, or simply refinance it into a conventional loan and keep on cash-flowing it.  Plus if you sell it after a year you are in that glorious time frame of long term capital gains!   

@David H. I am extremely under informed with it comes to SBA loans, any recommendations for resources to read/watch to become more familiar with them and their requirements?

@Rasheed Shofidiya any update on the marketing plan or the deal?  Where are you looking to do the deal? 

@Gregory Schwartz purely my opinion....I think all this pandemic is going to do is to flush out anyone who was half assing it, anyone who didn't do their homework, and people who got emotional.  You sound like someone who ran the numbers many many times and is in this for the right reasons!  I say lean into it!  something tells me you'll be getting some insane deals here in the coming months and I look forward to reading about them here on the forums!  

@Serge S. very interesting take, also very thorough.  Given thats what you think will happen are you looking to make some adjustments to capitalize on the situation or are you of the mind to hold steady and wait?