All Forum Posts by: Michael K Gallagher

fantastic deal congrats! great advise on the 2K in expenses for moving in, I had an almost $1000 Bill just for blinds in my duplex when we purchased it.  

Great point of view

@KT Burkholder. I'm also somewhat convinced that if we do see a "crash" or a "correction" I think its likely to be elsewhere other than in real estate. The demand for housing just makes no sense to me that we would see a drop in demand enough to see a crash.

very interesting data @Jay Hinrichs would you recommend altos?  I've been contemplating signing up for their services.  

@John Anderson your best bet is probably to talk to a local bank or credit union who does commercial loans. The major differences are terms, that usually there are balloon payments involved, the loans are generally given out based on the performance of the property rather than the credit worthiness of the borrower, and generally is going to only be 75-80% LTV. Your best bet is to probably identify a deal and bring it into a local lender and see what options you'd have for that specific deal.

welcome @Thomas O'Donnell Its a great place to call home!

where you finding these SFR's that fit the 1% rule?

Hey @ty 

@Ty Kashmiry I do not have any knowlege of a specific calculator for storage units, I'm sure people have built custom excel sheets and such, but I for the most part use an app called ROI Muse. It is pretty versatile if you are going to be looking at commercial properties. I normally run numbers on storage units using the "industrial" settings as it can just all be broken down to square footages. You might want to check out AJ Osbournes content...or the CRE Circle they may have some specific stuff for storage units.

@Noah Yoder thanks for the prompt, great discussion idea.  I personally have not had any section 8 tenants but I've helped, as a leasing agent, several investors place section 8 tenants in their properties.  Once you understand the process I find its fairly easy to navigate but the initial discovery of what needs to happen at what time and how those check points are communicated was for sure a learning curve.  At least here in Cbus at CMHA, I have had some tenants that it was very easy to place them, the inspection went great paperwork was smooth and the land lord has had zero complaints...we will see how it is at the 1 year mark....but then I've had others where it seems like that particular case worker handling the initial paperwork needs something changed and then as soon as you get that changed there is something else wrong that needs adjusted.  One situation we had going back and forth (over the holidays which made it difficult) for almost 3 months before we could get the paperwork approved to get the inspector out to check the unit.

Overall it is a huge pain in the buttox, but like anything I think if you put the time and energy into create systems around error proofing that whole process you could certainly be successful while managing the headaches.

Cheers!

@Jacob Messer fantastic work...I got to say being a specialist in BRRRR on the contractor side and having referrals from wholesalers is a very brilliant niche! Congrats.

Hey @Michael Wyatt I'm not sure how big of a rehab you are doing but my go to guy for all things contracting is @Charlie Scheiderer he's done several projects for my clients and they always are done with high quality.  You can check out his company on IG they are called "Columbus Construction Co"