All Forum Posts by: Michael K Gallagher

@Desiree Rejeili good advice in general thanks for putting this together.  When I'm on the listing side of things especially of an investment property I don't necessarily mind getting a low ball offer, the issue I have is the "un defended" low ball.  If you can walk me through your offer and why it came to that etc, then I know its not a legit or strong offer.  But if there is logic there, I can at least talk to my people about that and explain it and we then know how to counter to what levers to pull to pull it together.  

@Ben Bond welcome to the forums and I love that you are thinking like this.  Its a great way to leverage the best loan products out there.  

If I understand correctly you are considering moving out of your current single family home and turning it into a rental.  You are then planning to downsize and purchase I assume a multi family property to live in one unit?  If correct than I have the following thoughts:

- I know I have a lot of crap still at my parents house so for your first point I'm thinking making your kids actually get there stuff out of there is going to fix most of that.  Otherwise Yardsale it.

- "same general area" if you are considering this distance wise then you may have more flexibility than trying to stay in say the same school district, but if thats the tenant pool you are going after it could be strategic also.

- if you do LTR or corporate housing I think is up to what you want to deal with management wise. If it were me I'd spend some time up front finding a well qualified tenant that wants to sign a long term lease with automatic rent increases built it.  I'd have them pay all utilities and have them do all the lawn and snow.  That way its the most passive, you don't need a manager at that point, and you basically don't touch it again for several years ideally.

@Mike Schorah I do most of my business via video calls or video walkthroughs. If you are saying they can't get you access to the property at all because of being out of state that seems like a red flag and someone trying to sell something they perhaps don't have the right to.  

But in general if they can get you access do you see an issue with video calls etc
?

@Brandy Johnson thanks for putting this together, it clearly took a lot of time.  I tend to side with the "starting small" and really like the house hack method in my market.  

@Paula Blanton welcome Back!  and excited to hear about your deal!

Hey @Hiren Patani it sounds like you are planning to aquire a larger plot of land and that is raw and needs partitioned and prepared for deveolopment?  

While I'm not against that route, a slightly "shorter" route to new build could be to find lots in areas of the city that are already zoned for small multi family.  In my market there are often tax incentives on the finished building in these areas as well.  

@Ashley Wilson fantastic sentiment.  Thanks for taking the time to put this together.  "scaling" did somewhat become the trending thing to do at a certain point, but there is something to be said for a lean efficient healthy company that allows its employees and owners to live the lives they want.  As you said, theres no real right or wrong, but that sure sounds more fun to me than chasing a top line number.  

@Jillian Shuler commenting to stay on "DCL" forumns...I've vacationed here several times with friends and very much love the area winter or summer.

@Scott K. could you simply stipulate that any remaining oil is purchased at the price it was originally transacted.  So if you purchase from the old tenant at 3.23 the new tenant purchases from you at the same price.  In this instance it would perhaps be a negative delta for the market value but there is an instance where it works out in the tenants favor.  again not sure if your local laws allow that but if its a straight reimbursement that seems like it would be the cleanest to me.  

@Desiree Rejeili thanks for writing this up.  I'm a big fan of townhomes in general and a popular thing in my market is to convert older small multis into condos or townhomes as a way for force apreciate.  The issue we run into here especially with new build townhomes is that the general price point of the townhomes are not much less than a single family, and the "burbs" are not all that far in many areas, so there tends to be a very specific person here that goes for the town home in my experience, and its not always price driven.  But we do need to figure out something here for housing density and I'm a townhome fan.