All Forum Posts by: Damon Whitten

Hi All -

We close on our first rental tomorrow and have a few options to rent the vacant property.

One avenue that has come to our attention is renting to the Coast Guard.  They have shared details of a program they offer to enter into a 5 year lease with local landlords to help with the low inventory in our area.

We would receive the rent payment directly from the Coast Guard and not the tenant.  We would be responsible for utilities and then reimbursed by them.  We have the ability to work with them to increase rents with supporting evidence on an annual basis.  

They have their own lease they use instead of the lease we have prepared to use.  We certainly need to do some more research and exploring on the topic.

But we were hoping to hear feedback on the pros and cons with this arrangement especially since it is our first property.  Our real estate agent, who has multiple rental properties in town, thinks it would be a great opportunity to partner with them.

Thank you for any feedback.

Thanks for any assistance you can provide.

My head is swimming for the next steps in purchasing an investment property.

I have sufficient funds in our low cost of living area (Northern Michigan) to finance from retirement accounts.  I've taken some steps to use a ROBS rollover (C Corp. formation)  but now am unsure if that is the best vehicle for our first property with the intent to build our portfolio.

Is there a best resource to use to make sure we make the best choice to finance the purchase? Or recommended specialists to help with this step?

Thank you for any recommendations so we can move forward with the purchase.