All Forum Posts by: Michael K Gallagher

@David Floyd depends on your local laws but generally you still need to give her back her deposit less damages usually within 30 days.  Generally she would be liable for the full lease contract regardless if she left the property or not.  technically you can still file for the eviction to put it on her record in most cases but generally its not worth the hassle at this point if you have the unit back in your possession just stick to the process of sending her the itemized list of damages, and you could likely include the missing rent in those damages, and then have the deposit go towards those overall damages.  hopefully she left a forwarding address!

@Juan Rincon love this!  sounds like you are exactly the kind of person that is set up to improve an assets performance.  I don't think he' on here but I do have a pod member in my coaching group that operates in boutique hotels.  will shoot you a PM to connect you two.

@Alec Bilux welcome and thats a great first deal!  love the parma market.  My wife's grandfather lived there 50 some ought years.  we know the denny's well!

house hack is a great way to go!  I'm not necessarily against living with my friends but I'd want them to be on leases even if it was reduced somewhat from market rates if that works, but the idea of having them somehow involved on the ownership side I think will create more issues than its worth.  

You'll likely also run into issues with the loan when trying to do something like that.  your best loan products are going to be for owner occupant.

@Ashley Colston welcome to the forums!  as others have touched on here, the highest and best use for the land can be many things depending on the end use.  

If your local agent you love is a commercial agent they should be able to walk you through this and provide some insights.  If they are not commercial then I'd ask them to refer you to a commercial expert in your market, I anticipate they have one at there office.

For instance, we look all over the country for .6-1 acre grocery anchored lots to build single tenant buildings on.  There could be a mix of uses or tenants that could maximize your value.

There could also be an argument to lease the land to an end user and get some income but retain ownership if you'd like.  

@Josh Williams I've seen grocery stores in my area converted to climate controlled storage facilities.  Because its essentially all enclosed, I believe the idea is that they can charge a premium.  I'd anticipate that along with the grocery store comes the parking lot and you could potentially do some kind of fenced in boat/rv storage potentially also.

large big box retail stores can have quite long leases.  To avoid the issue Henry points out above, you could simply get a long enough lease or have enough options built into the initial term so that you can fully get your "worth" out of that buildout.  a 10 year initial term with 2 x 5 year options is quite common in the leases I see in the 3K SF retail arena, so I'd anticipate the 10K SF arena could be longer.

@Roy Logan congrats on the deal.  Is this something you when through and purchased?  or something you are still considering?  either way what is the plan as far as use case? is it a house hack? pure investment?  are you going ahead with the addition of the bedrooms downstairs or is that just a nice to have for later?

@Eshe Harvey oh man great question.  I think the biggest change in me personally and mentally is the realization that you can take control of things and impact your situation more than you think generally or more than the normal person is educated on.  Once I realized a "Nice secure w2" isn't all that secure especially in this country these days then I was really able to flip things around and gain some confidence myself.  

@Justin Hwa this is hilarious, I don't have that exact issue but it does seem to be "one of those weeks" for sure so far.  

@Jon Lester very nice deal! you say you pulled all your cash out, can you talk a little more about the refi process and how that ended up going for you?  loan product you chose etc?