All Forum Posts by: Michael K Gallagher

most section 8 experience I have is that its a set deposit amount, not something you decide.  although you'll want to check with your local jurisdictions to be sure.

Have to echo the sentiment that being adaptive and niche is the key in the market, and that affordability is the main issue, even here in the investor space, if you aren't offering something at an affordable price for the market or asset you are offering, there's little "value" there. 

@Zack Hoyt I haven't looked at your sheet but the only thing you need to ask yourself with a house hack is if in the short term it betters your financial position. That can mean alot of things to alot of different people.  For me it was taking my monthly cost of living from $1300+ down to $600 instantly.  If you are planning to stay a couple years many things will change and you'll likely end up making a totally different move than you are planning on now.

But Like I said if it betters your current financial position in a way that matters to you, rock and roll its a great move.  If you can close on the first couple days of the month you get the longest time without a mortgage payment.  will help in getting it leased up.

Good Luck! 

I'd agree on the prop stream, its pretty solid as far as pulling sales in the area, and then its up to you to run the comps based on the data available. They do have an estimate they give but to some other points here if you are doing this for an ARV you'll want to be more detailed and nuanced than any of that.

Not super familiar with your market, but in my market anywhere that you can get a 2/1 for $153K a door is pretty solid.  Assuming the current leases check out, and you understand the physical condition and needed repairs in detail then just looking at the cost per door its a solid deal in my book.

are you familiar and comfortable with the area?  driven around at 11pm yet?

I've got clients still actively buying, to your point its hard to make things pencil so its a certain kind of investor and buy box that works, and generally its about "making the deal work" that is tricky part, but in general there are still deals out there for the right investor.  Large value adds are seeming especially profitable lately.  its the "easy base hits" that have taken a downfall it seems.

@Sebastian Clutch if you are at a PM company and looking to track and manage both residential and commercial assets, and leasing leads that come from them then I'd recommend you check out Hemlane.com they can handle both asset types, you can move applicants and tenants around in the assets, and its an overall great hub for all things management.  

However, if you are wanting some kind of CRM sales manager you'd likely need to export or link those leads into a follup boss or other tracking system for the people themselves.  really depends on what you want to do there, any leasing followup etc with prospective tenants is basically handled in hemlane, so you'd only need something else if you wanted to do more than that I supose.  

@Stasiu Geleszinski love this idea and sentiment.  Was just having a conversation with a brewery manager that recently had to shut down one of their tap rooms and he ended up opening another bar in the same area, but his sentiment was similar, in that their business and operations were actually quite efficient and profitable, however, their overhead and real estate costs in the space were so astronomical (it was a newly developed building they were the first ones in the space) that it wasn't sustainable.  Similar cause/impact, but on a "down stream" business other than the real estate itself.

Would agree that there is much "misalignment" out there not only from sellers, but buyer's I interact with are still expecting there to be some kind of fire sale that will get them the deal but in reality and to your point its the people that can see through a bit that are being successful.

@James McGovern if your buying criteria is based on "getting the most concessions possible and the lowsest price" I'm not sure why you wouldn't just go direct to builder?  "youtube agents" are generally producing the content and putting it out there so that buyer's and seller's will find them connect with them and want to do business because of a relationship and rapport built on youtube.  

Seems, and perhaps I'm wrong, that you are much more concerned with the bottom line number, and the delta to the appraised value, and don't have much weight on a specific builder or area/ancillary factors?  that's totally ok and can be successful, again just not sure if those are your motive's and "buy box" where you'd be looking for the service of an agent. 

again seeming that you are very cost conscious, would highly still recommend you get a 3rd party inspector to any new build.  regardless of any warranties or other programs they offer, the inspector is always worth the money in my mind, but again you may not think so.  but I would say they are even more important with new builds than existing homes.   

don't have any experience with them but noone will care about your property more than you do.  Have you considered a hybrid approach if you are out of state?  getting a leasing agent in that market and having a couple handy people's numbers can lead to some pretty efficient self managment.