All Forum Posts by: Michael K Gallagher

@John Matthew Johnston It would likely be more efficient to market the available space as is.  if you don't have a space plan or floor plan for the current space its likely worth getting to help market.  The tenants that reach out to lease the space will likely ask for some kind of tenant improvement allowance to assist with the buildout.  You could be involved in that depending on the landlord's work requested in the deal, but generally the tenant is goign to have their own contractos come in and do the buildout, you'll likely just be contributing via cash up front for the buildout or abeted rent of some kind.  

Obviously the most efficient thing would be to find a similar med office use.

Is this a lighted intersection? near a retail center point of some kind?  single tenant or multi tenant building?  

@Robert Ellis love this attitude and very much tend to agree with the logic.  Plenty of land here, just needs entitled.  very cool way to add value.  

@Cole Bossert I do not personally have experience in this asset but there is one near my house I've found fascinating.  They took an abandoned old baseball stadium that the columbus clippers used to play at, they took that parking-lot and are operating not only a CDL driving class but also offer truck parking.  I think like with most items the amenities will be important but this one is fairly bare bones but is just off the exit for I70 and seems to always have trucks there.  

I don't anticipate that they bought the land, I don't have a way of knowing  that for sure but it just seems to be some kind of a leasing "arbitrage" so maybe theres a way to lease abandoned land like this and then operate on it for a profit.  

@Brian J Allen thanks for taking the time to write this up.  well thought out and I tend to agree, and rental market especially in sub markets that are generally in high demand could see some vacancies, but they are unlikely to stick around for long given the other market dynamics.  

@Viola Robarge welcome to the forumns, there are many specific threads here on short term and vacation rentals, I'm not an expert in that asset nor in your interested market.  However, I would advise you to give thought to something that either is muti unit, or that has the ability for you to stay in a sectioned off portion while the rest of the property is being used for incomes.  This will maximize both your available days for rental and your flexibility in travel timing.  But if you are considering putting $100K down and financing 50K your biggest issue will likely be finding a lender that will finance something so small, you are likely better off doing a standard 20% down loan and then using the additional capital you have from your heloc for furnishing/upgrades etc.

welcome @Patrick Charles!  if you are in the chicago land area you'll want to get connected with @Jonathan Klemm and check out some of the quality builder meetups they put on.

outside of that welcome to BP, these forums are powerful, enjoy. 

Very interesting take @Maranda Tucker I appreciate that this is data backed. My vacancies on units I lease probably fall in the 30-45 day average, with some seasonal swing past the 60 days.  I don't do a huge volume so there is some limited data points there.

I appreciate your reminders that the basics always win out.  I do tend to take a more "patient approach" to dropping rents, if I'm confident in the comps and in the area.  If we are already on the lower end of what's available and competing in the area, I tend to be more patient and wait rather than actively dropping the rent. but much of that is stylistic.  

welcome @Abram G Stoltzfoos what asset classes are you most interested in?  don't forget to use the search function to find threads that might already have the answers you are looking for.

I've generally got a folder with print outs of comps, some net to seller sheets, and most if not all the disclosures and documents they will see during a transaction, just as an illustration. 

I like to have one of those laser room measurers to make doing layouts and confirming SF simple and easy during the walk around.  

and other than the print outs that I leave for them I've got a notebook, maybe a basic brochure but usually not.  I like it to be informative and helpful but not "fluffy" if that makes sense.  so I keep the branding and the "here's my 3,756 point marketing plan" BS to a minimum. 

@Adam Macias very much appreciate the analogy as well.  I have nothing but good things to say about the featured agent program as a member so send anyone with questions my way if needed.

also a fitting post because here in the midwest it is that planting time of year.  I've got a good bunch of seeds popping under the LED in the basement getting ready to go outside any day now.  Hoping for a break in the weather to get them in the ground in the next couple weekends.