All Forum Posts by: Michael K Gallagher

Welcome @Sarah Kozlik!! congrats on your two flips!  Is your agents business focused on investors?

not knowing too much about the property or the area it sounds like there is a joint well that the community uses to irrigate the landscaping. Seems fine at first glance if that's all that it is used for. If the supply of water to the home is off a shared well I'd ensure you get a very clear statement of exactly who is sharing the well and where the responsibility of well maintenance falls. Otherwise if it is just for landscaping in the area, I'd just make sure you get a copy of the HOA bi-laws around the well but that should be pretty easy for your agent to get for you.

@Shiva Bhaskar wonderful write up, and your points are so very valid.  That local on the ground knowlege is what can find a good deal or screen for a bad one.  I agree with your sentiment that some of the more challenging, or "block by block" areas hold some of the highest potential if you understand where the trends and good blocks are.  

One of the most elite Women I know has a brokerage in your market.  You should look into Amy Renae and Brick and Banister Realty.  Even if you don't want to change brokerages she is an incredible person and I'm sure she would be a great connection for you! Happy to make an intro if you'd like as well.

hey @Dylan Bohannon congrats on jumping into House Hacking!  it is so so powerful and a great way to get started!  when we did our house hack, a duplex, we ended up choosing to purchase a property that had already been rehabbed, and we knew we were going to pay a premium for it at the time, but the piece of mind knowing all the capex had been handled was worth it to us as first timers.  So something to consider there.  Additionally, don't worry so much about "how much it will perform" if the rents you'll get, while accounting for a some vacancy, will get your living expenses to drop below where they are now its a win for you.  Don't let the fact that your house hack does not cashflow while you live there to keep you from buying it.  

Additionally as long as you treat it like a biz from day one, and set it up accordingly with an automated rent collection, and tenant screening, you'll do just fine!

Additionally if you haven't listened to "the house hacking success" podcast I'd recommend it...some great info there.

If I can provide any more help or insight feel free to reach out!

Hey @Alex Grullon I can only speak to Cbus OH but your range of 10-15 units would be a promising asset class here, in my opinion at least. Like most areas it just depends on where specifically or what specifically you are looking to accomplish.  There are several pockets of the city that offer tax incentives, as well as some rapid development immediately surrounding down town that is pushing rents and price appreciation in a very promising way. 

From a macro level the region is strong and diverse economically, while still being fairly affordable for the rents a good unit will demand.  Cbus has many different major employers and industries, including being a logistics hub, so the job market is strong, and we are slated to have another million people move to the city by 2050, so the growth potential is there.  

I would be happy to discuss in more detail some options and strategies based on your desired criteria, feel free to reach out if you are interested. 
  

I'm sure with the guys at Reafco you'll have a good list of traditional property managers that will take great care of you...if you are interested in something a little different I've been using an online option called "Hemlane" with a couple of my clients.  Its a tech solution to the traditional model and seems pretty promising so far.  I'll admit its still early for me but so far its bee fantastic.  They have several levels of service, but as a whole its an interesting alternative if it fits your needs.  

@Anna Marie Holland my first deal was a house hack, the duplex was already flipped prior to us purchasing it so we were able to use an FHA loan. Really made the initial jump very low risk and let us learn as we go from the management side of things. Can't recommend it enough as a first step!

Hey @John Ford I actually just recommended Monday.com on a different thread but it fits here as well! I personally love it because it's infinitely flexible, so no matter how your business changes or scales, you can adjust it to fit your needs. They have a ton of templates and training to get you started, and it will integrate across many platforms and apps you are probably already using.  it automates communications and alerts based on statuses of projects.  And all of the projects are key-word searchable.  

For the money, in my opinion its the best all around solution for project and communication management out there.  Especially since you can invite vendors and other people to use it with you.  They tend to have limited access as guests, but for the most part the just need to link their email's or slack or whatever you are using to communicate so that they can get the alerts on the project statuses.  

It really is a great platform, I'd be happy to show you how I've used it in the past if you're at all curious, just shoot me a DM.

Cheers,

I honestly don't know if it will work for what you are trying to do, as I've never personally done a large volume of direct mail..but Monday.com has always been my go to for anything project or flow related.  They have a pretty large youtube channel of how to do things, and it's essentially flexible enough to do anything, but that also can be its biggest downfall...too many options some find. 

The interface is great and it integrates via API across a ton of platforms. 

I would give it a strong consideration not only for the middle piece you are looking at but perhaps an end to end solution.

it works really well as an alert/communication/process flow tool across not only your company but you can have vendors join and submit things there.  

I've used it for everything from artwork approval on skincare projects, to an automated center for communications out to clients based on the status of the project in question.  Integrates with BOX, Google drive, drop box, all the major cloud storage options as a data room.  Everything is searchable and most importantly you can control who has change rights, and who has access to the information. 

So like I said, I'm not 100% sure it would work for what you are trying to do, but I'd for sure consider it as an option and see if it would fit your needs.