All Forum Posts by: Alex Morstadt

Hi guys! We're Military and just moved to Jacksonville and are in need of a great, friendly, savvy real estate specialized accountant. They'd need to help us with our two llc's, note partnerships and international RE assets. Does anyone have any recommendations? We'll mention the referral of course! Thanks!!

That sucks! Personally, I'd figure out what the whole situation has actually cost you and reimburse them the rest. Im not sure what your lease says, but at least they were up front and honest with you. Lots of times, tenants will stick around for a month and just not pay.

Just my opinion but I'd feel bad for them and try and help them out a little.

She doesn't have due on sale clauses on those mortgages? What happens if the banks foreclose on the properties? You could be stuck with some serious issues with the ones which she owes on.

@Anna Watkins

We lost as well... but consider the price of the education you learned from your experience. Now you're a pro!

@Deborah Tuck

I think 50% sounds good for terms in the early days. Once you've established a solid track record with your investors, you could probably get more favorable terms.

As for finding investors there are the usual, as on BP, go to meet ups, talk with friends and family. Im not sure those will work on your timeline. BP might be the best option quickly.

My wife and I are setting ourselves up to have a couple "lines of credit" type fall backs that we own and control. But we've approached a wealthy friend who is very interested in being our bank to secure good lien deals. We purchase the liens with our cash, if the Lien redeems... he wont even hear from us. But if it doesn't, we get on the phone with him to start talking terms.  

It took being abused by big money companies to learn that having the same sort of money to back up the bids is the only way to get involved.

@Deborah Tuck

What kind of terms were you thinking of offering or would consider reasonable?

Originally posted by @Tim G.:

I wouldn't ever rent from a military landlord. They have too much power when it comes to court action. 

A good friend was taken for her entire deposit by an active duty landlord. I reviewed all documents and could see she would win her case. She took him to small claims in March of 2015 papers were filed. 

Due to him being active duty and close to deployment he legally can delay the case until October of 2016. He is holding her entire deposit until then, it is so unethical and wrong. If you don't have time to handle landlord issues, don't be a landlord.

Yes Its kind of difficult to defend yourself in court when you're overseas, away from those you love and your life completely. These men and women aren't on vacation, they are focusing on how best to defend America and defend guys like you. Sure, there are definitely some bad characters in the military, but more often then not, its a military member who is the one being taken advantage of. I know from personal experience, and appreciated the chance to wait to return to the US to settle the matter in person.

Originally posted by @Shawn Dandridge:

Like I always post to these types of military renting threads:

Commanders/Chain of Command CANNOT ORDER a military member to pay bills. This is a civil matter, not a military matter. If you run into an informed service member, which anyone with more than 6 months in, they will know this. So if you run into a guy who wants to be shady and knows the rules, you will be out of luck until you file a lawsuit.

I've never been asked or required to give my unit information when I rented the two places before I bought my house. Never would. I see no reason as to why this is important to a landlord. I promise you there will be someone else out there that will take my money without this information.

I know the information because I am currently an active duty Staff Sergeant in the US Army.

If one of my sailor's landlords called me up and complained about them not paying, they would pay. It doesn't really matter if its an order or not an order, it would just happen. It must be a Navy thing. You know, civil responsibility going with the whole Honor, Courage, Commitment thing.

I would also never rent to someone who I couldn't call their place of employment to verify they work there. In the past I definitely listed my department heads as someone would list a manager at a typical job and reminded the property manager some of the pro's about renting to military to secure a hot rental.

@Brie Schmidt

So Awesome!! I am definitely going to share this!

Enjoy your break!

Hey @Kenda Bell

Im not an expert or lawyer but I have spent some time looking at the Baltimore Tax Sale

1) No clue

2) You pay the lien amount (the stated amount, including fees and previous interest) as well as any High Bid premium you come up with.

3) We have a plan in place to secure Private Money (I have several wealthy friends, not HML) to finance any foreclosure.

4) Not 100% but I'm pretty sure there are no issues.

If you're serious about pursuing this strategy I recommend spending the money to get professional advice and treat the money as the cost of doing business.

Good LUCK!!