All Forum Posts by: Michael K Gallagher

@Dustyn Blaszczak welcome to BP its a powerful place especially if you want to be an investment focused agent.  I'm not super familiar with your market but if off market deals are what you want to go after, find a broker doing that.  if you are getting licensed then go learn from someone licensed that is doing it.  We have a couple investment focused brokerages here in central OH I can only assume there are some local boutique shops in your market also.  

you've got a bunch of good advice here, I'm still not 100% sure on the situation but in general I've seen you mention strip malls and med office, two very different assets.   Even within med office there is quite a bit of variation, where the retail and med overlap is in the retail medicine, ie pharmacies, urgent cares, remote EDs etc.  Very different placements, assets classes, and business models when compared to a "traditional" doctors office, which are generally set away from major retail areas, and depending on the medical use, could be substantial buildouts in both cases.  

As far as trying to find buyers for these types of deals, if you are not a broker (which it sounds like you are not) then I think you are hunting for an owner operator, who may purchase and run their own office out of the building, or working through owners who potentially own similar assets in the area.  

very cool!  thank you for sharing1. curious to hear why you went after this asset in particular, and curious to know what your experience leasing it up has been?

@Bruno P. My general rule of thumb is that if they can prove it documentation wise, ie provide the title statment, you could even call the title company and further confirm things if she gave permission, but as long as you perform the standard due diligence of confirming all the information to a standard you feel comfortable with, I would personally not have any issues with accepting someone in that situation. As long as she has documented and confirmable income that covers the rent that's the major point to me.

Not sure of the specifics in your market, but in general the turnkey house hack is an amazing way to start out, was the best decision I ever made.  I'd also consider new builds in your search or doing a new construction duplex if possible in your area.  regardless, great idea, especially if you can get in, and then scale your active income.  

Great play, becoming a bigger and bigger fan of this considering the cost of old inventory.  Very much thinking about a build to house hack play.

This is a laarge issue in my market even without dumpsters, the suburbanites like to drive down to the city and dump **** in our alleys and use our trash cans, used to be a bigger issue when we had large communal trash bins in the alley.

The only thing i've seen really work is putting up a camera and a sign and say if you put unauthorized trash here, we are gonna fine the bejeasus outa you...and that's about all I've seen work. keypad and enclosure is a great idea as long as noone leaves it open, I'd still do the camera even with the enclosure.

Hey @Mihailo Rakic welcome to the forums, glad to have you, I am in both those markets, would be happy to get on your list.

you probably are entitled to rent if you want to pursue pressing the matter, you'd need to check with a local attourney about how to serve them appropriatly or what is required, but unles otherwise stated in the lease you can generally pursue for the remainder of the lease term.  In practicality, is it worth your efforts?  "people are idiots ron" not a whole lotta use losing sleep over it, but it is pretty common and customary for there to be fees or penalties when cancelling a lease or other contract early.

@Jamal Moore there are several threads on the forums on this topic, BP offers for sale, but in my opinion they are pretty decently priced, different attorney reviewed documents.  I'd start there.  Otherwise your local real estate board should have standard state contracts on their website for download. Or potentially your state attourney's office will have something.

As an aside if you are assigning something and you don't have any docs I'd start with a title company in your area.  they usually have a lawyer on staff and will be able to guide you through the transaction.  I'd say that any upfront costs there is to getting those documents will be well worth it, but if you use them for the transaction they may cut you a deal or loop it into the closing costs.