All Forum Posts by: Michael K Gallagher

@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?

@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.