All Forum Posts by: Michael K Gallagher

 I'm not in that market so I can't speak specifically to it, but to me the deciding factor would be what the surrounding units and area has.  If this is common for the area specifically, and the tenant pool is used to this, then it may not be a huge deal.  My market of central OH has some isolated areas that are like this, and in those areas, its generally accepted as "the way it is" but those areas are also very desirable and "hip" so there is a give and take persey.

 see this all the time in and around downtown columbus OH, we have frindge areas that are getting rehabbed and flipped like crazy and then the new builds come in.  We actually just had several go in on Livingston ave on the west side where I'd not normally think would be desirable, but they look great and really brought the block up.

So I'm a huge fan personally from seeing them go up in my own area.  

 I'm not sure what leverage you would have outside of taking legal action, these are generally things that should all have been on the closing statment along with deposits etc.  You may be able to lean on the title company if they missed something, but generally if the deal closed and its not an issue of material disclosure or title or something its generally your issue now, the owner doesn't really have an obligation to comply if they closed according to the CD you signed.  

Thanks for sharing, the POA to access the original docs is a great idea, and I'm totally stealing it for the future. also curious if its best practices when assuming a loan to forgo the escrow and just pay the taxes and ins out of pocket when needed....but perhaps that triggers something else? just spit ballin here.

@Nate Pharmer-Eden great goals! forged in fire is a bad af name for a podcast!

My goals are all based around being consistent.  I'm trying to keep it simple this year and concentrating on my "one thing" making good old Garry proud.  

figuring that if I track and work towards creating and "presenting" 250 specific deals to my clients.

My Theory being: Tracking "deals presented" will pull forward the need to go search and find deals, and will also drive the deals closed and revenue numbers, so we shall see but logics out to me so I'm liking it so far.

 Hey @Jay Fayz you for sure have the right idea, and if ultimately flipping and wholesaling is what you want to do, then that's a great path. 

Another one I wish I had taken earlier was to get involved with a boutique or specialized commercial broker.  These guys tend to be 1 man shows, and are generally drowning in work and would love someone to pour into.  if you had a particular asset of real estate you were interested in I'm sure you'd be able to find a broker in need of help in one of those.  ways to meet such people would be meetups, or simply walking into some smaller offices, could also ask around to other owners of the assets you are interested in and see who helps them.  its unfortunately not going to be as easy as googling, but that might get you a list to start with and refine.  

Renting out a room is a great way to get started, and I wouldn't get too settled into the "going rate" use that almost as a floor.  if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service.  You also don't need to do a traditional long term strategy, is there a draw the  area that playing host to a traveling nurse or other professional/student would be interested?  Perhaps you could get $1250 for a room if the unit was furnished...just an idea.  

Do you like to cook?  I'm sure people would pay extra for some kind of "meal prep/private chef" type package in their living situation.

You've got the right idea thought, but don't be afraid to reach...nothing wrong with dropping your price after a couple weeks if you don't get any interest.  

@Kash Tacke I'm a big fan of ADU's in general especially here in the mid west, yes you could potentially be on the front of the wave, but housing density is the solution to the affordability issue, anytime you are investing with affordability in mind is a great strategy to me, and sound like there are some incentives or at least supporting winds form the local city, that in itself seems like it would be worth at least approaching an architect or contractor to bid up some plans or concepts to take tot he city.

@Frank Hotard oh man the joys of home ownership!  while I totally understand the frustration especially purchasing what was supposed to be a new and ready to go asset, but these things are pretty common so don't feel to discouraged.  i also had HVAC mystery issues in my first duplex when we house hacked it.

Regarding the Daikin Mini Split - I have one in the 3rd story of my current home and it seems to work great for us.  i do think its about time to have a tech come out and go through it and make sure it works well but in general I'm very happy with it.  i do not however use it for heat mine is an AC only unit I believe not a heat pump unit.

If you're whole unit is relying on one mini split for ac and heat that surprises me just given if you shut a bedroom door you'd not have heat from the split that I assume is in the living room.  Generally there are multiple units for each "zone" if you will when I've seen them installed.

Regarding your problem at hand, I personally would simply adjust your plan to move and make your initial plan to get the current issues resolved, while costly now, in the long run holding onto the unit will likely pay off.  For the HVAC, I'd just question if that's the correct and best way to go about it, but I'm not an expert, but certianly you won't get interest listing a unit for rent or sale without HVAC. I'd personally say pulling your water heater out and replacing with a wall mount on demand one, would be worth the cost to have in unit washer dryer if you are staying there or renting it, it would be worth it.

its always worth doing the big stuff well and correct even if you are cleaning up after someone, the long term hold always prevails, its just a little frustrating front sometimes, but hang in there!

@John McKee I am here for the more pickle ball. Wife and I just signed up for a tournament actually, should be pretty fun.  

What's the details on the deal with firstwatch if you don't mind sharing.  Seems like a pretty solid tenant!  and at least here in central OH they seem to always be slammed busy.