All Forum Posts by: Michael K Gallagher

I also went through something very similar.  I personally still settled on the open house.  I'll usually plan two, a Saturday or Sunday afternoon say 12-2, and then a Wed evening call it 5:30-7.  Anyone who reaches out and is interested they are told when the open houses are.  I find that the rental market is so hot at the moment that most people are filling out applications and submitting them without seeing the unit, and will wait until the application is accepted before seeing it.  I'm also finding for out of state people moving to the area that virtual tours are great and that those same video tours work for people who can't make the open house.

I don't use anything fancy for my own units just Zillow and their rental manager and it works pretty well for the two units we have personally.  

I had many no-shows many times over and now I just book those times into my calendar for the open house and bring my hotspot and plan to work if no one shows up...so either way I try and make it productive.

Also if this is just something you don't want to deal with anymore and are willing to pay someone, tenant placing services and leasing services might be available from your realtor or a realtor in your area.

hey @Jacob Hafer congrats on getting started!  2 things I noticed in your numbers, 1) the rental income is exactly 1% of the purchase price, which is not a bad gut check to see where things fall but very rarely does something in today's market meet that requirement.  But if it truly is going to gross for rent the 2250 then that's incredible!

The other point would be to go back and defend or gather some data on the expenses of the property, I see you accounted for vacancy and capex and maint which is amazing but do you know if all the utilities are separate and are you truly going to self manage the property? but if those numbers are defendable and you are comfortable with them then it looks like a screaming deal.  but like I said just make sure you can defend it with some data.   

hahaha dude I laughed out loud at the "revenge body skinny"!  Love the humor and thanks for data.  We are seeing something very similar here in Central OH.  Although I mostly work in the investment space and we tend to just chug along pretty steady under the radar no matter what time of year it is.  But the burbs and all that are still very low inventory.  

Hey @Gina Lowe I have no idea if this is doable but I like where your head is at so I'm following because now I'm curious also.  What a creative idea!

Fantastic deal and congrats! You said its a duplex but also mentioned a main house...I'm really curious is this a main house plus a carriage house or ADU type of building?

Hey @Brandon Oliver   first off welcome! and 2nd...man you are preaching to the quire! I could go into an essay on this topic as I've essentially spent 2 years working on me trying to have a go at this entrepreneurial life...but for me it boiled down to 3 major things.  And these are pretty cliche, but I found that even though I heard them all the time I really had to sit with the ideas, and find what personally worked for me.

1) consistency is everything!  I have 10000000 examples of **** I started, thinking "yes this is going to be my thing"...and it never panned out.  and I think many people have that, so the biggest things is to not get discouraged when you're not hitting your tasks and just really try to think of say 3 things, even 2 things that you know you can do every day, and that you'll stick to it.  For me its running numbers on deals (I fell off that a bit but am working on getting back into it) and getting on these forums.

2) get around elite people.  I know I know this is super cliche and I said for years that its BS....but then I joined a coaching group....and started running with people in there....Even if they are not in real estate, just being around people that are motivated to go places helps your mindset.  And they are going through the same things, its a huge support network.  

3) You need to be your number 1 priority.  This one was big for me as so many of us have been conditioned that we come last, our family's come first our job comes after that and we might be 3rd place if we are lucky.  But make yourself, your health, your mental health a priority every day and it will be huge!  Again I heard this over and over and it never did anything for me until I just found what worked for me...and that is walks in the morning.  its simple, easy, and I can fit it in no matter what...and its so worth it for a productive day.

So again these are not revolutionary, and there is no magic pill, but take solace knowing that the ride is not linear you will have setbacks, we all do, and if you just find your basics and get back to them when you get off course you'll be unstoppable. Good Luck my friend and get after it!  Always here to chat/bounce ideas around/help anyway I can. 

Hey @Christian G Leone Yes!  Do it!  its so powerful as a tool and as a way to start in investing...or even just to start wealth-building and hedging against inflation! You are the prime type of candidate in my mind for a duplex purchaser.  You are going to live there so you can use an easy and standard lender to get the deal, you are also going to be able to pay more than a competing investor for the building because you are leveraging most of your purchase.  So in my mind being a house hacker is a very powerful move in this market.  Don't get too hung up on the numbers in the near term, as long as it looks like it will lower your cost of living it will be a great move for the long term.  Just make sure you are comfortable with the projected rents in the area and have at least an inkling of a backup strategy...for example if you are going to be renting it out as a standard long term rental, if you needed to perhaps go section 8 or go with travel nurse housing....would the numbers still napkin out in that case?  Not that you would ever need to do them, I just like the piece of mind knowing "ok if this does not go as planned I at least have a direction to pivot".  

Any update on this?  Did you end up implementing followup boss?  Right now its my top front runner for my new CRM, I'm currently using command from KW and it is lacking.  my biggest need I'd say is that I want the CRM to tag into my document control and project management software as well....does followup boss offer ways to manage the transaction once it is in motion?

My other thought is to just build my own system using a tool like Monday.com but the feedback on followup boss is strong so I'm considering it strongly.  Any feedback on implementing it?

is there an opportunity to license that officially from Schitts creek and do like a whole franchise on making them schitts creek themed across the country?  there might be something there!

@Kimberly Gamez what a fantastic asset class to be in! I love the concept.  My top pick is the Game-Z in from @Jamie Wilson and the concept of the games in the rooms is fantastic.