All Forum Posts by: Michael K Gallagher

@Joseph Snyder great question, and I think like with anything it really depends.  I'm finding the best "rent to price to quality" ratios in and around downtown cbus personally.  You can generally still find small multis that are around maybe just under $300K perhaps a bit more.  The trick I tell all my people is it really matters what product you bring to market to rent.  Premium products and homes, that standout and are separated from the others in the area will always rent to the best and at the highest price.

For example we just rented a 3 bed 3 bath home in franklinton for 2200, pretty high if you look at comps, but there was also no other 3 full bath, with off street parking, and a washer and dryer included on the 1st floor.  so it was a premium rental and we got top of market.  Big believer in the self manager myself, even if you are out of state you can be involved and you always care more than any manager will.

@Tina Stuart congrats on a great first deal!  are you house hacking this or is it a true investment?  How are the numbers shaking out during the first bit of ownership?

Not sure at this level what options there are, if its significantly under market there is likely a DSCR type product but again I have no idea given the price point.

what is your plan for the deal?  close on all the land and then start building/sell to a developer?  

SOunds like you have a house, and then 18 other potential neighbors? 

welcome @Ariana Manigo these forums are some of the best resources out there to get started.  Good luck and its very impressive to be interested so early. 

Very impressive deal, talk a little more about the numbers and how those are shaking out with the rental rates you discussed.  did you get favorable loan terms from the seller?

@Joseph Newman, Jr are you speaking to the concern being around the existing noise there for your guests, or are you worried your guests will cause excess noise for other people that live near by?

There are many experienced operators that can provide insights I'm sure, but pretty standard quite hours or other such "agreement" would likely cover you, but again I'm not a STR investor personally so I'm sure there are better solutions out there and that will pop up here.

@Parker Davis welcome!  these forumns are some of the most powerful free tools and information out there.  Like anything else you'll get out what you put in!  brandon's books are a great place to start, they for sure solidified for me that I could do the "real estate" thing.  

They were somewhat written in a different economic time and market, so some of the math aint mathin anymore persay, but hey that's the fun right, being flexible and finding the solutions.

@James Harryton welcome and seems like you've put some great and reasonable thought into this.  If you are a fire fighter, my first instinct is to leverage that day job into helping you reach your goals.  Ideas that come to mind are that you are on the front lines to understand what properties are in distress, fire or otherwise, I anticipate you drive around and are very familiar with the areas you serve.  This could play well into some kind of wholesaling or even partnership with a local flipper.  While saving a little every month is great, the real strides and moves happen when you have a $10K, $20K + check hit the account at once.  Then you can really start making moves to save or invest, so leveraging your current situation into scaleable income to me is the "shortest" bridge in the short term.  

most section 8 experience I have is that its a set deposit amount, not something you decide.  although you'll want to check with your local jurisdictions to be sure.

Have to echo the sentiment that being adaptive and niche is the key in the market, and that affordability is the main issue, even here in the investor space, if you aren't offering something at an affordable price for the market or asset you are offering, there's little "value" there.