All Forum Posts by: Michael K Gallagher

big congrats, you took a big step not many actually take. Good luck and enjoy the process!

@Robert Medina would for sure recommend the house hack route if you are able to do it.  It is by far one of the best ways to start building wealth for as little down as possible, if you can make it work financially to hang onto your current home, rent it out, and move into a 2-4 family multi unit, that to me gets you into a great position for long term wealth building.  

An intermediate step could be house hacking your current home if the layout lends itself to it.

Hey @Mia Blank padsplit is pretty new to our market here in central OH so I've not had muhc exposure to it, but I imagine its like anything else, its down to how you manage and the details.

Padsplit as I understand it is mostly based on the rent by the room strategy so as long as your units were at least 2 beds it would work, if it were me I'd want my units to have at least 2 baths each, better yet a double ensuite.  If it were me I'd also incorporate things like professional cleaning at certain intervals to elevate roomate tensions.  Honestly it could be worth it but to me is likely more "babysitting" and managing people and depending on how well you can do that will dictate your success in my mind.  

@Ted Bowyer welcome to BP, this is a forum where you can ask specific questions, or even search previous posts to find what you are looking for.  If you are specifically looking for lenders I believe BP has a lender search tool to help you find someone specifically in your market.  Good luck, these forums have launched many a multi millionaire.  

@Frantzline Moise the fact you did a small multi family gut renovation on a 203K loan is a huge accomplishment, I hope you are very proud of that.  I'd love to learn more about the details and the specifics that went into getting the project done.  what market was this in?

Not in that market but the non traditional student you are talking about I'm sure is an interesting niche.  Are there ways you are thinking of mitigating risk there?  If you could get a house that was suited to multi people living there, the student could be an interesting option to offer more affordable rents but perhaps end up more profitable over all?  interesting concept, I'm curious to see what others have to say also.

@Jesse Johnson welcome to the forums!  I would need to dig into the OP specifically but I am involved with outparcel retail development on a pretty regular basis.  We are usually searching for a retail medical user.  

I can tell you right now that if it is actually a 1.05 acre outparcel for a publix shopping center, than that is the creme de la crem of what we look for.

Understanding the end use and if you are dealing with the end user or a developer is going to be a big part of the deal.  Again I don't know the details on the lot, and would have to dig into the demographics, but a group like the ones I work with are paying in the area of $250K-$.300K for .6-.75 acres to make their deals work. 

Are you set on selling the land?  a build to suit or ground lease may offer some benefits for you also over the sale.  

Like I said, if the land checks out as you describe, there should be plenty of uses interested unless there are topo or other geological challenges to building.

would need to understand much more to give any kind of advice, but congrats on the first investment, that sounds like a solid deal!

Having 320K to deploy is a strong place to be in.  just curious where your focus on condos come from?  Its clearly working so curious how you came to that strategy?

Just curious the end goal is?  growth of that capitol?  monthly income? tax advantages?  depending on your priorities you could do just about anything.  

not really sure of what the specific issue is but yes, you can do that, just make sure the fabric you use is water permeable you want the ground water to still get through to the tree roots.  

is this like an area that can't be mowed?

Great looking deal, what market is this in for our reference?  what does it look like your "share" of the rent will look like when things are all said and done? anything end up much different than you planned on?