All Forum Posts by: Michael K Gallagher

Very interesting take @Maranda Tucker I appreciate that this is data backed. My vacancies on units I lease probably fall in the 30-45 day average, with some seasonal swing past the 60 days.  I don't do a huge volume so there is some limited data points there.

I appreciate your reminders that the basics always win out.  I do tend to take a more "patient approach" to dropping rents, if I'm confident in the comps and in the area.  If we are already on the lower end of what's available and competing in the area, I tend to be more patient and wait rather than actively dropping the rent. but much of that is stylistic.  

welcome @Abram G Stoltzfoos what asset classes are you most interested in?  don't forget to use the search function to find threads that might already have the answers you are looking for.

I've generally got a folder with print outs of comps, some net to seller sheets, and most if not all the disclosures and documents they will see during a transaction, just as an illustration. 

I like to have one of those laser room measurers to make doing layouts and confirming SF simple and easy during the walk around.  

and other than the print outs that I leave for them I've got a notebook, maybe a basic brochure but usually not.  I like it to be informative and helpful but not "fluffy" if that makes sense.  so I keep the branding and the "here's my 3,756 point marketing plan" BS to a minimum. 

@Adam Macias very much appreciate the analogy as well.  I have nothing but good things to say about the featured agent program as a member so send anyone with questions my way if needed.

also a fitting post because here in the midwest it is that planting time of year.  I've got a good bunch of seeds popping under the LED in the basement getting ready to go outside any day now.  Hoping for a break in the weather to get them in the ground in the next couple weekends.  

@Jordan Moorhead   this is a great meetup concept!  might have to blatantly steal it from you for my market!

if you have an insurance broker or rep I'd just have them shop it for you.  it shouldn't be a different process from getting your standard home owner's insurance.

If you don't have a rep in your market yet, worth asking some coworkers for suggestions or I'm sure some specific investor friendly reps will poke there heads up here shortly.  But in general it shouldn't be a more cumbersome process because its a duplex vs a single family.  At least in my experience with house hacking personally.  

@Scott Trench very specific (to your point) to the submarket and asset class.  In general the well priced, nicely finished single familys in strong schools are still selling pretty quick.  But here closer to down town for example we've done several deals lately where the leverage has certainly switched to the buyer and they are able to get concessions or credits and even price reductions.  Currently in contract on a deal that ended up appraising for about 14% over what we are in contract for, and I can't even tell you the last time I saw a delta like that on a purchase appraisal.

Love this sentiment, @Jeremy Beland I am a professional avoider, and prer, so this reminder is much appreciated.  

@Grace Tapfuma I think it is very asset class and operator specific.  If you are trying to find data metrics to track and make a sort of "index" for if a market is favorable to flipping or not...I have some ideas.

1) you could look at homes on the MLS that are recently sold, and you can set filters to capture "flips" based on previous price and previous date transacted for the property.

2) You could look at general home price appreciation is specific markets or sub markets of interest.  

3) you could also look and track things like permit timing, or costs of construction/rehab to gain an understanding of the "spread".  With enough data you could break down a market into an "average distresses sale price PSF" then you could have a "average sale price PSF" and Average cost of construction PSF, but to get to that level you likely need to be running flips and tracking your own metrics to gather it.  or working inside a flipping company I suppose.

But like I said you could likely be successful flipping in any market, if you operate correctly and know your numbers.  

@Jackie Lambert brandon has a couple that are on this topic, he calls it the stack I believe.  What you are describing has been discussed many places, I anticipate there are several books out there that would walk them through a similar process.

The real move in my mind is to do what you are describing but with 2-4 unit buildings so you get the income as offsets sooner.