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All Forum Posts by: Mark Gallagher

Mark Gallagher has started 21 posts and replied 1058 times.

Post: Flipping partnership going to court on debate of renovation costs

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

There are always 3 sides to a story, and we're presented with 1 here. 

Post: Beware of Cozy, the Landlord Site

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

My biggest issue with cozy isn't money, it's that it doesn't resize photos of the property. Maybe I'm OCD but it's my only complaint with cozy :) Of course they make money on the float, how else would they be in business? Someone who works there was on a BP podcast and I don't remember the number but they process something like half a billion per month in rent. 

Post: color choices for selling property

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

@James Masotti

We use agreeable gray, lattice, and gossamer veil. We don't like our houses to look too similar when possible.

Post: 100k to invest in Pennsylvania ... Where to start???

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

Thanks @James Masotti

JR - Send me a message and I'll point you in the right direction.

Post: Mortgage on Property, please help with calculation!

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

@Janice Delantes

There are a couple angles here.

The monthly rent is currently $550 - but what is that the market rent? What kind of lease is the person on? What are the taxes?

Are you trying to do a no-money down deal and/or is this your first possible deal?

Post: Updated Philadelphia Duplex, $1400/mo, 15% CAP, Off-market REO

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

Awaiting current lease details and pics, off-market opportunity here. 400 Block of N Robinson St. Well-kept block and units. More info for serious parties. Wholesalers welcome, add your fee. 

Post: Possible First wholesale deal??

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

@Account Closed

Don't forget the insane 4.1% transfer tax in Philadelphia. If you're giving the buyer his $1K in his pocket, you'll be paying the 4.1% transfer tax. $1148. 

Post: Lawn Care Question for SFH

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

@Karyn S.

We make the tenants take care of all landscaping, and do not provide a mower. They can find someone in the neighborhood for ~$25/cut if they don't want to buy a mower. Part of the responsibility in renting a SFH in my personal opinion.

Post: Drexel Hill, PA SFR $1390/Month 10% CAP

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701

Renovated end of row, occupied with Section 8 tenant paying $1390/month. Lease runs through 4/30/2019

Rent: $1390

Monthly Insurance: $86

Monthly Taxes: $341.58

Properties selling for $100-$140K nearby.

Post: Dont buy paint from Home depot.

Mark GallagherPosted
  • Flipper/Rehabber
  • Allentown, PA
  • Posts 1,100
  • Votes 701
@Tom R. I’ll provide some constructive feedback. FIRST - Never, ever, ever, ever, expect to touch something up. Does it happen, yes. But the odds are never working in your favor. For perfect touch up, you need to use the same exact paint, apply with the same exact applicator, in the exact same weather conditions and relative humidity. Light colors touch up better than dark colors. Use as little paint as possible, and thin it with water 5-10%. Never touch up a wall that was painted with a roller, with a brush. You’ll have different textures that will make even the perfect match stand out. To save yourself headaches, simply paint from corner to corner. Instead of $3, if you would have spent say $12 on a gallon, and painted corner to corner, you’d spend probably an extra 30 minutes and $9, but surely you would have been much more satisfied with the outcome.