All Forum Posts by: Michael K Gallagher

@Keegan Mraz very interesting, so is the laundromat in the same property as the duplex, or are these two separate properties the seller is looking to sell together?

If its a Laundromat and units upstairs or something you may run into some lending issues making it a primary and being a business, but I'm honestly not sure that's a question for your lender.  Regardless sounds like a very cool arrangement to get in on.

Would have to agree that if the business was included in the sale with the real estate you are likely looking for a biz broker that has a real estate license.

@Andy Chen I'm not sure on the specific % discount but if you plan to be doing several projects it could be worth calling on a couple local supply houses or lumber yards in your area.  May get better service, and higher quality products for a similar price after discounts, and many of the area stores like this in my area have pro or rewards programs that could be beneficial.  Again not sure how it stacks up head to head with the HD discount but could be worth shopping around a bit.

@Pradeep R. piggy backing on what others have said here, if you are going the passive investment route, while the asset is important, the real due diligence you need to do is on the operator and manager of the fund.  It becomes more of "personal due diligence" along with the numbers.  

big congrats, you took a big step not many actually take. Good luck and enjoy the process!

@Robert Medina would for sure recommend the house hack route if you are able to do it.  It is by far one of the best ways to start building wealth for as little down as possible, if you can make it work financially to hang onto your current home, rent it out, and move into a 2-4 family multi unit, that to me gets you into a great position for long term wealth building.  

An intermediate step could be house hacking your current home if the layout lends itself to it.

Hey @Mia Blank padsplit is pretty new to our market here in central OH so I've not had muhc exposure to it, but I imagine its like anything else, its down to how you manage and the details.

Padsplit as I understand it is mostly based on the rent by the room strategy so as long as your units were at least 2 beds it would work, if it were me I'd want my units to have at least 2 baths each, better yet a double ensuite.  If it were me I'd also incorporate things like professional cleaning at certain intervals to elevate roomate tensions.  Honestly it could be worth it but to me is likely more "babysitting" and managing people and depending on how well you can do that will dictate your success in my mind.  

@Ted Bowyer welcome to BP, this is a forum where you can ask specific questions, or even search previous posts to find what you are looking for.  If you are specifically looking for lenders I believe BP has a lender search tool to help you find someone specifically in your market.  Good luck, these forums have launched many a multi millionaire.  

@Frantzline Moise the fact you did a small multi family gut renovation on a 203K loan is a huge accomplishment, I hope you are very proud of that.  I'd love to learn more about the details and the specifics that went into getting the project done.  what market was this in?

Not in that market but the non traditional student you are talking about I'm sure is an interesting niche.  Are there ways you are thinking of mitigating risk there?  If you could get a house that was suited to multi people living there, the student could be an interesting option to offer more affordable rents but perhaps end up more profitable over all?  interesting concept, I'm curious to see what others have to say also.

@Jesse Johnson welcome to the forums!  I would need to dig into the OP specifically but I am involved with outparcel retail development on a pretty regular basis.  We are usually searching for a retail medical user.  

I can tell you right now that if it is actually a 1.05 acre outparcel for a publix shopping center, than that is the creme de la crem of what we look for.

Understanding the end use and if you are dealing with the end user or a developer is going to be a big part of the deal.  Again I don't know the details on the lot, and would have to dig into the demographics, but a group like the ones I work with are paying in the area of $250K-$.300K for .6-.75 acres to make their deals work. 

Are you set on selling the land?  a build to suit or ground lease may offer some benefits for you also over the sale.  

Like I said, if the land checks out as you describe, there should be plenty of uses interested unless there are topo or other geological challenges to building.