All Forum Posts by: Michael K Gallagher

Hey @Isaac Rivera welcome. If I'm understanding correctly you are looking to wholesale but you are reaching out to a listing agent about a property listed on the MLS? And that you are looking I assume for the residential property disclosure? And when you asked the listing agent for this said that its on the MLS and you can't find it? Besides the fact that I don't think you are going to find too many deals to wholesale on the MLS, she probably thinks you are an agent and have access to the documents tabs on the MLS. At least on my MLS, that licensed agents have access to, every listing has the RPD,LPD and any other disclosures in a documents attachment. You may try to explain you are a buyer and that you need the PDF's sent to you.

But if you are going to shop on the MLS I'd really suggest getting an agent of your own to represent you. There are sometimes benefits to working with the listing agent directly, but remember they have the listing agreement with the seller so they will just end up getting both ends of the deal, so you mine as well have your own representation.

@Andrew Freed My tendency I've been told historically is to give too much information.  I now, at least at the beginning of the process, just use the BP calculators.  you can add a picture or 2, it looks better than any spread sheet I'd ever put together and most importantly its accurate.  Now if you are doing larger buildings or ground up construction they don't work seamlessly but they will at least give you a starting point. But in general I find that less is more, and a small summary page is helpful, and to let them ask the questions of where they need or want more information.   

Hey @Giovanni Mazzeo I can't speak to Miami as a market as I do not work in that market.  A good place to start your search is a solid investor friendly agent, they will be able to point you in the right direction.  I don't know of anyone in Miami specifically but if you are willing to look up north a little to Ft Lauderdale area I have a great recommendation for you.

happy hunting!  

hey @Vijaianand Thirunageswaram thanks for sharing your reflections  on your year.  I'd have to agree with you regarding some buyers backing out of the market and waiting for the spring.  My biggest lesson learned was not so much real estate but business focused. I realized that I really am most successful when I only concentrate on a couple things and do them well and consistently.  going into 2022 is going to be building out that system to make sure I'm operating at my peak and doing what I actually enjoy.
   

Nice to meet you @Rase Peters welcome to the forums!  looking forward to learning more about your investing journey.

@Remington Lyman This is really helpful thank you for putting this together! 

hey @Ignacio Linares looks like you had some good input on this one...just for future deals you look at....for a 3 bed in Columbus the $850/mnth is pretty low.  I don't doubt thats what the data said but even if you went section 8, most vouchers I've seen have a 3 bed amount of $1400 and change.  You'd still have to pass your inspection and all that, but honestly like $1100-$1200 a month for a 3 bed really anywhere in greater Columbus is very conservative for rents and you'll get a ton of interest.  I just did an $1100 a month in the hilltop and had it leased in a week.  

Hey @Stuart Hoffman welcome!  I'm local to cbus also and could help address any questions you have from a self management/house hacking perspective.

@Kenzie McIlvoy I have to agree with the sentiment around just skipping the flip.  Flips are hard, they are going to teach you about flipping residential and not about commercial.  If you genuinely enjoy flipping then by all means, but I have to say at least in my market it seems like a hell of a lot of work and frustration for not a ton of payoff.  

If you are trying to find something that you can work on together or gain the experience yourselves, then it might be worth tracking down a self storage deal and doing it yourselves with your aunt and uncle.  But I'd also encourage you, perhaps on your aunt and uncles behalf, to look into existing funds and people who are really the best at that space.  There may be more upside and less work for everyone involved to simply help them find an AJ Osbourne or other such fund to invest in.

Hey @Mendy Fried I don't invest in Iowa, but I did live in Clinton IA about 40 mins north of the quad cities for a couple years.  Its a great area, strong manufacturing and Agriculture, major employers like John Deere and all their suppliers in the area. Solid jobs and solid people all around. I lived in a 2 bed 1 bath unit above a chiropractors office for $475/month...it was amazing.  Never had to turn on the heat because I just got the heat from the office below!

 To get a handle on the data you are looking into with regards to home sales vs rentals it might be worth reaching out to a local PM on the ground where you are thinking of investing and seeing if they have any data around vacancy or time that unit takes to fill.