All Forum Posts by: Michael K Gallagher

Thanks for sharing @Cory King very thorough breakdown and interpretation.  What you are noticing in your market sentiment wise the "stabilizing while still growing" is what I feel here in our market.  buyers are being appropriately picking and the people bringing good deals and quality product to market are doing well still.  

@Dominik Suwaj I assume you are looking at a property management software?  If it is just the one property using a simple app like rent redi or something similar and having additional support docs often suffices.  However, if you do want something more robust the most flexible option I've used is "Hemlane" you can check em out online, they are a paid service though, but as I said it is a more robust option than a zillow manager or something similar.

@Stepan Hedz Thanks for sharing this, Pad-split is something I've heard of for a while but have not had personal experience with yet.  Are you seeing the demand for furnished rentals?  when I hear workforce housing I think furnished so just curious if there is an unfurnished demand you are seeing also?

@Gabe Goudreau looks pretty interesting!  out of curiosity, what was the reasoning behind the 1-5 unit range?  I've generally seen 1-4 and then 5+ so curious as to what was driving the 1-5 and how the model handles the different mortgage types in its evaluation?

It is usually recomended by most people and investors I've seen doing it well that yes you should have an emergency fund or percent of revenue from each property set aside for things like vacancy and repairs and turn.  IN generally I've seen the idea be that you se aside a certain amount each month so that when the time comes it is there.  I've also seen people say I want $10K as an example in an emergency fund for a property, so they will let the account for that property build up until that point is hit prior to taking any draws from the property profits.  there's generally not a wrong way to do it but yes you should have funds earmarked for a rental incase of exactly what you just experienced. 

do I understand correctly that for your 8 rentals you have 20K a month in payments? just trying to understand where the 20K comes in but in general I'd think a couple months of expenses maybe 90 days at min should be ready in an account for each property, perhaps more.  

how does that work with it being "on a resort" have not experienced that before. is it essentially an HOA?

@Solace Medina Retail is generally what most urgent care users, or some behavioral health, and chiropractor type uses will go for.  Urgent care is probably the highest build out cost of those.  and we do everything from converting to ground up development.  and the cost really depends on the deal and the clients goals.  generally newer built buildings will have TI budgeted for buildout, but some general retail spaces may offer a reduced rental rate to deliver the space as is.  Its very deal dependent.  But in general its probably $500K min to buildout a 3000 SF UC from what I've seen and that can quickly turn into $800K depending on market.

@Gia Hermosillo I think it, to your above point, comes down to the value proposition, or the value the resident is getting for the dollar.  Affordability is for sure a huge player both on the investment side and the tenant side, but ultimately I'm still finding that a premium product or offering is still fetching a premium price/renter.

@Jason Renze as others have said here Dayton is a smaller midwest market with major economic drivers being the airforce base, medical, and the university.  There are some surrounding suburbs ie Centerville, kettering, beavercreek that see some appreciation but nothing worth writing home about.  The market is generally going to be best for a less expensive cashflow deal. 

Generally you'll probably want to focus in an around those economic drivers for a house hack, and there is some smaller revitalization efforts happening in an around downtown.  I don't anticipate you finding much that will meet your criteria west of the river, but I generally consider west dayton "block by block" so you just gotta get on the ground and check it out.

@Shuff Mauldin Thanks for sharing, I'm curious about that water runnoff situation.  was that a potential problem or something you actually ran into?  just curious because what you described wasn't any kind of grating or change of topo?