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I arrived in Montgomery, Alabama in 2013 for a 10-month assignment to attend a military school. During that time I purchased six houses with cash. I then moved to Germany for three years, and then Korea for two years. While in Germany and Korea, I purchased 14 more houses in cash, all sight unseen. I haven’t been back to Montgomery once since I left.

You are going to ask the property management company for references. The best reference to get from a management company is from other investors. electricity word search printable If they have a track record of working with investors, and they are satisfied customers, this is a good sign. If they’ve never worked with investors and/or don’t give you any references, that’s a potential issue.

My wife uses Zillow.com to view properties. It pretty much has all the info available on the multiple listing service (MLS). This is the information that used to only be available to real estate agents before the days of Zillow and Trulia. We use this info to make multiple low-ball offers, through our real estate agent, on pretty much any property that meets our criteria. We then sit back and wait for bites.

If one of our offers gets accepted (this is rare), or at least gets a counteroffer that is close (more common), then we start the next step in the process. gas efficient suv 2014 We have the management company go over to the house with the realtor and give us their take of the property. They will likely take pictures as well, and send us a detailed email explaining if we should proceed with the negotiation and purchase or not.

Once our offer is accepted, we immediately schedule an inspection of the house. I also use the same inspector, someone I know and trust. We will get a detailed report with lots of pictures. At the same time, I ask my fire insurance company to go look at the house. He will also perform a detailed inspection and give a report of what I will need to fix before he will insure the property.

As a fellow military officer who has attempted to navigate the waters of landlordship from across the country and overseas…..you are lucky the Montgomery market is what it is my friend. The BAH rates relative to the cost of housing must favor landlords significantly. Your 1% rule will not work in most military markets…..granted I see your strategy has been to buy homes on the lower end. For your method to work, you must also have very unsatisfactory on-base housing that military members do not want to live in. In the North Carolina market where I purchased, the base continued to build base housing in addition to the new housing market booming outside of the base. When an E-6 or E-7 with family could buy a 2300 sqft house for only $225,000 – the majority of the market sought to purchase homes. You are in a very unique situation with a military market to cater to. You have a steady flow of renters which you obviously understand how career timing and progression works. I would bet there is not enough housing on base to cater to young enlisted who are married, and I commend you for finding the market nitch. I a truly happy for you, however I don’t find your method able to be replicated anywhere but in a unique market such as where you’ve placed your guidon. I’ll stick with VTSAX and the TSP.

All I can say is stupidity or maybe impossibly naive. gas dryer vs electric dryer hookups In 2004 I inherited a 7 unit rental about 2 hours away. Sold it and thought I had to do a 1031 exchange to not lose it all to taxes. That was wrong and I didn’t know. I bought the only place in my current town, that was on the market and I wanted to own. It was overpriced at the time, then 2008 happened and had to lower rents.

Today, I’m able to handle it and pull a little out each month (all to savings goals). I’m on a very tight budget, and live a good life, one I could be happy with for the remainder of my life. Today I put away about $2.5K per month, in good months. To meet Rich’s ideal of putting 50% of rental income aside, I would need to put $6K aside each month instead of my current $900.

Afraid to sell though. I would lose all the tax credits I’ve built up (over $100K), plus closing costs. Would also have to pay taxes on what I have written off to depreciation. In other words, to the best of my understanding, I would lose a lot if I were to sell today. Believe I am stuck with it for quite a while, if not the rest of my life.

Your manifesto, Mr. c gastronomie vitam Collins, has given me reason to hope. I liked your line about reaching for a star. That is what I want to believe I am doing. Holding onto this purchase almost broke me, and it hasn’t yet. I’m reaching for that star that would bring me more income than I could hope to spend, once the mortgage is paid off, in about 15 years. Between now and then, things will get better by bits and pieces, with increased rent and decreased maintenance costs as I take care of things. Also paying a little extra on the mortgage and hope to pay it off in less than 15 years. Have already prepaid enough to cut 2 years off the length of the mortgage.

Would you hold on or sell? I read your story about how you lost money in real estate and learned that the depreciation I have taken would hurt me. I can hold on and believe that is my best option. The hemorrhaging of money has stopped and believe selling would just start it again. If you have any other thoughts I would love to hear them. `

I own 4 rental houses in Albuquerque, and – like you – I bought them cash and owe nothing on them. (How did I do that? I had a line of credit on my primary residence, and kept paying it down. Whenever it got low enough, I’d buy another property. That counts as “cash” – and the line of credit for my primary residence was much lower than anything I would have found for investment property.) Not complicated.

I also have a good management company, and have been working with them for almost 30 years. Like you, I thought in simple terms: 1% – if I could rent it for 1% of what I bought the property for, that was enough by me. electricity definition wikipedia Additionally, I had to LOVE the place, or – I wouldn’t buy it. And: Unlike you, I got a pretty good “multi-property discount” – the original 10% went to 8% with the second house, and 6% with the third. So that’s what I pay now.

Now – here’s where I’m asking your advice: I’d like to sell the properties. They’re well run – and the management company doesn’t bother me much, unless there’s a question of a major repair. You mentioned having a realtor who looks out for investment properties. But what about – selling those properties? Any suggestions on how to get rid of properties that are already rented, already earning income – I don’t want to toss the tenants out and have to “stage” the properties! I’m not looking for more work – I’m working on selling my primary residence already.