All Forum Posts by: Michael K Gallagher

We have seen a couple things here in central OH.  the storage thing is pretty common, seen several grocery stores turned into that.  and we've had mall's just demoed and the whole lot redeveloped into a more modern use case for the the community needs.  And we've got a mall that hd a huge Macy's or maybe it was saks 5th ave I can't remember, regardless they through a huge volleyball facility in the space and that has really been driving the mall, its actually really cool, they left a huge window into the rest of the mall so people can see in walking buy...very well thought out.

 Totally agree and I think the key word you used is "discipline".  Something I've been concentrating on internally very much lately.  that and intensity.  

Hey @Devon Moore not sure where or why you'd lean towards a land lease unless that's standard for this developer.

In my experience its difficult to capitalize deals with ground leases involved.  

If I understand correctly you'd be purchasing the land, and improving it and splitting it into the appropriate "buildable lots".  I would assume that you'd just simply sell each individual lot to the developer at a set lot price such that your cost to purchase the raw land and improve it to buildable lots was worth the proposed profit per lot.  

That to me is the simplest deal structure and the least "risk to you" as you aren't waiting for the final home to complete to be paid, as I understand it most construction loans close on the "dirt" up front....although like everything in real estate its infinitely negotiable and changeable.  

But in my mind that's your best case scenario, take your profit at the beginning, maybe buy a couple of the houses at a discount on the back end as rentals if it works out, but for sure I wouldn't want my profits for improving raw land tied to the final sale of the home unless I was incentivized to do so.  

 @Jonathan Klemm always asking the real questions!  gotta echo the sentiment for spending some time on the ground even if a small amount on the front end.  and planning to attend meetups while there is another great idea.  

@Alfath Ahmed big congrats on the acquisition.  I see you had it as an off market pocket listing, can you share some of how you came to find the deal in the first place?  

Also would love to hear what the plan go forward is now it sounds like you pulled the funds back out.

@Marc Shin thats amazing congrats!  always valuable to throw yourself in a guest's shoes and turn everything on and make sure it functions well or as intended.  you'd be surprised how many "issues" are pretty simple little things.   

@Mostafa Koperly sounds like a good plan for the building! 

Hey @Tanya Maslach what about those two zip codes interest you for this use case?

Love that you are coming to the market to interface here, nothing can substitute it in my mind.  

welcome @Cam Caraher and congrats on joining BP, this place is the start for many, sure was for me longer ago than I care to admit.

I'm not personally in your market, although was born in dorchester and grew up in NH, but this is a great place to meet locals.

If you have not already a great starting point is the Meetups posted here, just search for your area and see if any meetups are happening.  That's where you'll really find your "tribe".

Happy hunting, would love to hear more about the local market dynamics you are serving.

@Naveen Desai are you listing this yourself?  If you are going through a licensed professional for listing in the market, I'd prioritize the stagers they have worked with and vetted, oftentimes they have a referral pricing to help you out on that front.  

Otherwise I'd find the flipper doing the most and best quality flips in town and try to find who their stager is.  

Thanks much,