All Forum Posts by: Michael K Gallagher

hey porter, not sure I understand the two options.  but if you are asking if you should wait till you have a job or invest now, My advice is always to do it sooner rather than later.  If you have the means to get a loan and house hack in your current situation, I'd think living in a college town and knowing that town and area well would give you a strategic advantage.  

The lowest barrier to entry I've seen for house hacking would be to find areas with grant loans, there are several here in central OH, they are general "majority minority" areas, but many local banks are incentivized to do loans in these areas, so you can often get into a 2-4 unit with no money down, and 15K towards closing costs and rate by down. if you aren't will to or don't want to go into those types of areas, but by all means the FHA or 5% down conventional 2-4 unit loan is gonna be the way to go in my opinion.

We did a house hack as our first move into reale state investing and it was the best thing we ever did and continues to expand ints benefits to us every year, So I am a huge fan of the strategy.  I think its the single best way to start.

Austin that is legit amazing, I hope you are very very proud of what you have accomplished because not many people take that much action so way to go!!!

Tell us some more about the house hack is it a true multi family or are you just rocking with roomates?  you say youre in central coast maine, is that a specific city or a region?  I'm from NH originally, but only made it as far up as ogunquit, so excuse the ingnorance.

Very interesting thanks for sharing, how does this kind of thing differ form the chip manufacturing and server farms we are seeing in the midwest also?  any benefits to this quantum thing over and above the other assets as far as growth or economic impact?

Its been a couple weeks since returning to BP con, and I feel like its taken about that same amount of time to wade through all my notes, ideas, inspirations, and things i "could do".  

I can say for certain my top 2 moments of the conference were the initial guided networking session lead by Andy Gil, really was a great small group of investors and I'm confident I'm going to consistently keep up with their journeys!

The 2nd was the literal 1 on 1 time with the one and only @Scott Trench in the "how to use your BP profile to grow your biz" breakout.  The  fact that Scott looked at my profile and gave me candid and action feedback on something that I've spent YEARS building was trully incredible and honestly worth the cost of admission just for that one breakout.  

Takeaways and next actions for me became very clear in that I need to get back to my basics, posting here, and making offers.  If I can work to track the number of offers I'm making per week or per day with my clients it will drive the business not only on the transaction side but will push and pull forward the need for off market deal flow.  Its nothing new or exciting, but its a slightly different way of my brain and mind taking it in and it seems to be the combination I needed.  This combined with actually getting a handle on the success rate of the leads I am getting will bring the clarity to my biz I am severely lacking.  

What's your takeaways if you went to BP con?  any actions you are tracking now?

 Seth, 

Not sure what market you are in, but I can garantee I can provide you some insights on this.  We've done over 500 urgent care deals and own and maintain what we believe to be the largest and most comprehensive database of urgent cares.  

In short there are many levers that go into a deal like this including but not limited to TIA, buildout, Operator risk, etc...would be more than happy to jump on a call and see if we can provide some insights for your purchase.

In general we do not like to place urgent cares in med office spaces, although hospital systems are notorious for throwing an UC in empty or extra med office space they have.  the majority of the successful urgent cares in the county are in close proximity to grocery anchored retail centers.

 There really isn't a "general caprate" for an entire area.  you'd have to break it down to some like for like comparisons to come up with a more "general caprate for a specific asset class" or something like that.  

call me old fashion but if you are sifting through deals, the number 1 thing I look at is market dynamics. I'm not even considering a deal if its not in the specific market that meets my requirements for demographics and psychographic profiling. 

- Then the next filter is physical property attributes with regard to its placement in the market, entrances, and exits, visibility etc.   

- Then I start looking at prices and returns etc.

This is why I like to go in that order, the least of which is that it helps sift through a lot of crap quickly.

 The physical asset you are going after is going to dictate much of what "fair pricing"is going to me.  Same logic applies here as it does to your previous experience, there's just simply an added layer of the income produced by the property.  But ultimately all tenants leave, all debt comes due, and you're going to need to backfill it, so who is that, what pool of tenants could you consider? is significant retrofit needed?

- Generally if you are getting triple net deals from big name brokers the deals are going to be overpriced. The CBRE's of the world are notorious for overpricing their Broker opinions of value in my experience. 

- If you are looking for help/input like I said we specialize in market and site selection, so if you haven't don't that yet, we've got some data backed approaches that might be interesting to you.   its mostly focused on retail, but the inputs are infinitely adjustable for whatever asset you are going after.   

 I'd certainly echo what most have said here, #1 sounds out of the norm for what I'm used to dealing with in retail. 

Also will 1 up the sentiment to underwrite the dirt itself, and the building itself.  Where are these in the shopping center?  are they even in a shopping center?  is there an alternate use to put in there following the restaurant.  wink wink, if its in a grocery anchored center retail medicine would be a great alternate use.

and I assume you are looking at a free standing single tenant building, especially if its a QSR....just very surprised there isn't some kind of a ground lease at play here, given the situation.  

@Jonathan Greene this is very true.  I still consider myself fairly new to this world, and I can say with 100% certainly the biggest battles are the internal ones, and this industry has given the pleasure of being forced to address several of my short comings, and continue to address them all the time.

I find I get the most emotional when I get reactionary, so my constant focus is around honing and suppressing reaction as a whole both internal and external.

Thanks for taking the time to write this up.

I do not do this personally, but grew up around "horse people" in vermont/NH, and I feel like this is a great idea! Perhaps a stupid question but is there a way to like parlay this into a type of themed Short term rental or vacation rental type thing?  Like come stay on our property, bring your horse if ya want? or do people not really travel with horses?  

regardless what a great Ideal I'd be facinated to hear how it turns out.  

I'm a product of BP through and through, was on these forums figuring out how to house hack after we already were in contract on a duplex, all the way through making it the foundation of my current business.  I've listened to just about every podcast in the BP library, hell I was listening to "left field investing" before they got bought out back when they were on the "gentle art of crushing it".  My point being I've consumed a vast quantity, and variety of content in the rei space.  Since becoming an investor agent have expanded that into the agent content areas.  

I recently found myself struggling to even find a podcast to listen to, none sounded like anything that would serve me in my current state of mind, (out side of BP On the market, let's be honest that's the only reason i have any idea what's going on at a macro level with the economy at all, so anytime a new episode is out there its a listing immediately).  

that caused me to turn to music, I haven't listened to music while working out or on a walk or working in the yard for years, its always been podcast time, in the interest of maximum efficiency.  

I've found myself more focused, and have come to the realization that while, the vast world of REI and improvement podcasts is a great way to find out what is possible, it does not work well for me to help drill down and take action, especially when this is an industry that literally everything could work.

I'm excited to take this new "era" to BP con and use that as another launching point going into the Q4 and Q1, and ensuring I'm saying NO more than I'm saying yes.