All Forum Posts by: Michael K Gallagher

@Connor Wohlenhaus I'd recommend looking up the terms and service you signed up for and see if you are even entitled to a refund.  As many things in life, just because we forget to do something or don't do something completely, does not mean the burden or penalty of such a thing is pushed off of us, and onto the service provider.  

but on a side note why would you cancel your pro membership?  thing is dirt cheap for what you get, even just in the reports and data side of things never mind the education side.  Might just wanna take the lick and decide you are gonna put that $417 to use and get your moneys worth.

If your current tenants lease is coming to and end and you are simply getting a new tenant. then you will just want to get a fresh lease going.

If your lease term is still on going, this tenant is leaving and someone else if coming to rent the unit in their place, then its really up to you. I'd generally just do an amenndment to void the current lease when the tenant moves out and have a fresh one started with the new tenant.

However it is also totally ok for you to keep the previous lease in place and have the current tenant remain the main tenant and the new one can "sublease" from the old tenant.  Candidly that tends to get a little murky for me, so a couple of addendums to your current lease and a fresh lease for the new tenant is likely the simplest way to do it.

 Listing agent is looking out for the landlords interests, so unless you are good going in unrepresented I'd always recommend getting your own representation regardless if you are buying or leasing.  

As for those lease numbers, understanding it is still new build I hope there is some TIA built into that base rent otherwise it seems quite high if its a cold dark shell delivery with no buildout. 

nothing is done until its signed but you do risk hurting a relationship with the tenants if they are proven good tenants that have been there awhile I'd simply work on a multi year or longer term lease that has set increases in it so you don't have to worry about it for awhile.

@Jose Ferreiras welcome to the forums this is a very powerful place and I anticipate you finding many great people to connect with here.  you sound like you are off to a great start already!  excited to see you grow here.

@Gregory Schwartz I share in this desire and I also have deal machine.  I don't quite have that budget behind it but would be curious how you are using it?  are you doing the driving for dollars or more of a list pull?  been thinking about going old school lately and just driving areas of interest for distress.  

@Devin James you are 100% correct.  You either have to act fast and know what you are looking at, your get creative.  I personally like the later, its a littler "slower" and the buyer generally feels like they can get all the facts, and puts the buyer in strong position to get remedy or additional concessions.  

We do a bunch of on market deals, just closed a duplex this week that had been sitting, just needed someone to take the time to make a curb offer and get inside.  ended up being pretty solid and turnkey for the most part.

@Justin Verkest i'm pretty familiar with costar, their data is pretty solid, what's the issue you are trying to solve in data?

@Devin James I'm not currently doing it, but I've for sure toured some properties in my market that I think would make great candidates.  At least in my market I think the older homes that only have 1 bathroom would be challenging to rent in this manor but if you went into with intention and in a high density area I think its a great play. 

thanks for sharing @Arman Ahmed what a great deal, and solid return.  is the auction the reason you think you got such a low purchase price, or is that somewhat "standard" in the market for something of that condition?