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Jack
First, thanks for an absolutely awesome weekend in Tampa! I am actively working to apply some of the great concepts you taught.
My question today is regarding renting to the Military. We have thousands of new military coming to a base here in Virginia. I have rented to one soldier and his family and so far it has been a good experience. My rent comes direct and there are no issues. My tenant says there are plenty of other soldiers needing good clean housing and he can help me find them. This is housing in areas where I can cashflow.
My question is this… Knowing the military is bringing plenty of new tenants and buyers, how should I tweak my buy and holds and how could I plan to also sell to military that are coming?
How has your experience with the military been?
Thanks
JimJim:
As for renting to the military, I’ve had rentals around military bases on and off for almost 50 years. You may want to contact the Off Base Housing Office on nearby bases and list your rentals with them.
I agree, military personnel can be the best of all tenants, but hey have special needs. One of these is to be able to terminate their rental contract in the middle of their lease term when they are transferred. Another thing to bear in mind is that military personnel who are deplyed get special treatment under the Soldiers and Sailers Relief Act of 1940 against eviction when they can’t pay rent as specified in their leases. I’ve never had this to be a problem, but in Oceans Side, California just outside Camp Pendleton, it created problems for leveraged landlords in the past.
I think we covered selling to the military in the Options seminar you attended by making it easy for them to sell once they got their movement orders. Since you have the Options book, look at pages 45 and 51. This may be a mystery for all of those who didn’t attend my Options course. All I can say is that my Advanced Options Strategy seminar will be presented in Tampa in February, 2008. The new book explains even more creative ways to make money.
To hear an audio answer to your question, copy the url below into your address bar.
http://www.crewealth.com/Portals/0/Audio/Forum/Jim%20Ingersol.mp3
I am considering going in with an associate to purchase an old mobile home on land from an estate. ( maybe 25-30 K ) He supposedly has the unwritten first option. If we go 50-50, what is best way to maybe let him buy it, in his name, and I hold a option for half of the net proceeds when sold and/or half the net rent collected? How would I go about ‘securing’ my option with a mortgage as you talk about sometimes?
If I tried to establish a roth IRA or other retirement account to lend the money and/or hold the opytion and mortgage don’t know if it whould be worth the fees and I might be prohibited from assisting in the management?
Jack,
We have two New Construction homes that aren’t even being shown and are on the MLS. One is a 3 bed, 2-1/2 bath on 1/2-acre, priced at $367k in Gig Harbor. Nothing is that low, comparable, in the area.
The other (wish we hadn’t started this one) is a 5-bed, 2-1/2 bath, granite counters, wood floors on 2-1/2 acres on a private air strip with views of the Olympic Mtns. Listed at $649k. Again, nothing that low for comparables even without the air strip.
Had a “Highest Down Payment Auction” last weekend on the first house, and no one came (except neighbors!)
The large house was just finished, but has been listed since it was weather tight.
No offers and very few showings. Comments are, “This is a great house”… ?
What to do ? Not looking for the huge profit as before. Really just ready to get rid of it and do other things. Even offered seller financing, but no bites ?
Scott
Hi Simon and others
I’ll be calling Jack on Wednesday morning to ask the most recent questions in the ASK JACK area. Jack will answer the questions while I record the call.
You should have an AUDIO ANSWER in the Learning Annex by Thursday.
Jackie
p.s. Keep those questions coming folks!
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