All Forum Posts by: Michael K Gallagher

I would give little weight to a tenant that claims " the PM is bad" as a open ended vauge statment.  Tenants will generally complain about anything and everything and its up to the manager to understand what is truly needing repaired and what is actually just nit picking and most are pretty good at that.  But outside of hard proof that your property is in disrepair or their maintence requests are going un answered for long periods of time and again I"m assuming you are getting reports to get an idea of this, but again in general I stick to what there is evidence of and what was recorded in writing.  

@Aman G. what area of cbus is this property in!  The market rents are still ticking up in the recent leases I've filled, even in western franklinton and hilltop.  Is your unit in need of reparis?  does it have things like central air etc?  in general if there is no active lease on a tenant you can give 60 days notice to vacate if they are MTM or simply give notice of nonrenewal and vacate at the end of the lease.  obviously I'm not a lawyer but the fact its section 8 should not override your rights to end a lease and move the tenant out.  

I have recently experienced a new way that CMHA calculates rent it was previously just a beds amount number now they do it by zipcode as I understand it.  So even if the teannt has a voucher for a 3 bed at say 1600 or whatever it is, you need to actually pull up the zip specific rents on CMHA's website to see what you'll actually get then take off the utilities etc, most of the time if your unit is nice and has generally atrractive amenities you'll find a better renter for more on the open market.

not 100% sure what your question is, but if you are moving from 1 pm company to another and your tenant has not given notice or you did not give notice that they were to vacate then, unless your lease is different, most leases have an automatic hold over and a 60 day notice requirement.  To me the move woudl be to wait for the one pm and their contract to expire, hand the properyt with tenant in place on month to month to the new company and ask they to get that tenant on a new lease.  If the tenant is already living there and the rents are market there's no reason to have them leave if you can come to an agreement, assuming they are worth keeping.

With regard to turns its generally the best idea to do what you can to put the best foot forward in the market if youa re asking for premium rents in your market you better be delivering a premium product or offering other things as a vlaue prop.

most of my clients that self manage but need help from a local to get a tenant placed simply use higher a local leasing agent to be able to handle the showings, tenant search marketing etc.

I offer this service in my market and charge a months rent, and handle all the showings applications etc, and then hand over for the payments deposits direct to ownership.  I am a big fan of the platfrom Hemlane, or Hemlane.com, they also offer some services depending on the tier you choose to aid in things like maint etc.  but at the basic level its a great platform to manage rentals.  

@Seth Excellent I'm gonna tell you what I tell everyone when they ask how to start, HOUSE HACK! I kid but I'm serious.

A house hack is the single lowest barrier to entry to starting out.  There are many loan programs out there that can give you a competitive edge and if you purchase something already rehabbed you'll position yourself to attract the premium tenants in the area at a premium price.

Additionally by doing a house hack you manage yourself you will learn management, and be able to eventually "manage your manager" better down the road.  

I don't know what is feasible for you but over and over again I prove to myself that the house hack we bough first was the best choice we ever made.

@Joey Wilson capital calls are not uncommon from what I understand and have heard, especially on properties that  had floating or adjustable rates in syndications.  

In order to put money into that fund didn't you have to be an accredited investor? I assume you read and agreed with the projections and investment thesis they had on the deal?

Don't know what the deal was or what DD you did on ODC, but I'd say they having a zoom call and being open about it indicates to me it is not a "scam".  Again I didn't see the investment sheets, or specific fund you put money in but I would assume that there were projected returns based on certain variables, and that those projected variables are currently much different than where they were projected to be when you purchased.  

Candidly if your alternative idea was Cardone, I'd be willing to bet you wouldn't have even seen that $355, and I'm guessing there wouldn't have been a zoom call either.  I actually don't know him personally and am not an accredited investor to even get into his deals, but in general I don't like his investment thesis fundamentally so I'd never put money with him.  

You obviously saw promise and aligned with ODC's investment thesis, so unless they went outside that thesis and operated outside the parameters they said they would to get the projected returns, I'm not sure how they could be called a fraud or scam?  I'd also be willing to bet their were stipulations in your investment docs around capital calls and how that would potentially be a thing.

@Chris Seveney I don't invest in NY, but what I've heard or read is that current rent control procedure's have done more to lead to vacant units not being viable to turn and rent than it does good.  I'm generally all for making things affordable, but if the way they make it affordable is to make it difficult or impossible to keep up and maintain, then that doesn't really seem like it solves anything.  Again I may be talking out of you know were here, but that's always the argument I've heard to rent control. On principle I don't have an issue with implementing any of those things regulations are in any industry, but when you make them in a vaccuum and don't consider things like cost to maintain and build then its a net negative in my mind.  

so you're looking for a cash buyer's list for distressed properties?  I mean outside of taking a look on these forumns in the location where you operate a local meetup would be a great place to start.  What you are describing sounds like a pretty solid relationship that will take some time to foster and nurture, so to your point don't rely on those big companies go hit the pavement and shake some hands.

great reminder @Michael Carbonare I've found myself doing this cyclically and that I go through "seasons" it feels like with my content and learning consumption.  Sometimes I need a podcast to help work through something or simply to stay updated on the most current applicable info to my world (shout out OTM) but the times when I look around and go "man I am really just cooking right now action wise" are the times I'm not overloaded with learning, its the seasons that I turn on some music or just go for a walk without anything, those are when I find I'm tending to lean in and hit the gas.  

but you are most correct, very easy to do anything else other than what is goign to actually move the needle. great post and reminder.

welcome @Melvin Beckett these forums are very powerful, make sure to check out the local boards in your area or where you are considering for a market, you'll connect with many rockstars in your area.  

Multifamily is a great asset, have you honed in on a market or investment thesis yet?