All Forum Posts by: Derek Horn

Wow, thank you for so much information. Thankfully the notary portion should be easy for me being military as long as they are willing to sign real estate contracts. For whatever reason, the office here in Texas refuses to notarize anything to do with real estate.

Is there anything that would prevent the closing attorney or our realtor being the one we assign POA to? I'm guessing it's some type of conflict, but that would make selling super easy. We hadn't thought about setting up a POA, so really appreciate all the insight about this.

We will continue investing in the area. All of our rentals are currently in the Hinesville area. 

My wife and I currently invest in rentals and flips outside of Savannah, however at the beginning of next year we will be moving to Japan for 4 years. We are trying to make sure and have all of our ducks in a row to continue purchasing properties. So, considering the wealth of experience on here, I wanted to reach out and see what recommendations everyone has for conducting business while overseas. How you setup banking, deal with mailing contracts, how you maintain contact with your team, etc? 

Appreciate it in advance. 

Just wanted to take the time to say thanks for all the advice received. I know its been a little while since I was on here, but deployment life doesn't lead to being online all the time.

Alfred, it’s super unexpected to meet someone else that has property in the WF area on here. I was not expecting that at all. Unfortunately, we are having a house built up in Burk as trying to get something around the stadium simply proved too expensive. From what I hear, it’s not too bad because it’s closer to the base than the more popular areas in WF, but all I have is others word since I’m not there yet. Regarding BAH, it’s an allowance. So you get paid whatever amount your allotted if your living off base. So for example, I will be getting 1370 and my mortgage will be 1100 so I will be pocketing some money. The rates are public knowledge, so it’s a way to price your home and to keep younger people out if you wish. Also, thanks for the info on your PM. I will give her a call when we get there. 

Adam, thanks for the link. I will take a look at that when I get a chance. Unfortunately for me, I did a fair amount of remodeling and pushed my luck with my better half. She, as of right now, is very adamant about no projects while we live there. We also have a 9mo old, so that doesn’t work so well either. The multi family homes she might be for, but I doubt it as she’s prefers a nice home and yard to come home to. 

So a buddy of mine introduced me to this site a few months ago and I have been reading and trying to educate myself ever sense. It’s honestly a little overwhelming so I figured I would finally post and seek out some advice.  A little background on myself, I’m currently in the military and will be able to retire in 7.5 years. We currently own two homes and will be closing on our third towards the end of the year when we move. We are planning on moving to Jax Fl when I can retire. 

With regards to what we have, one house is rented, the one we’re in now will be put on the market at the end of the year, and then we will be living in the third for 3 years until we move again. First two homes are located in Goldsboro, NC and the other is in Wichita Falls, TX. 

So here are my current numbers and what I have to work with. I would love to hear some suggested reading or approaches to reach my goal. 

First home: 1016 PI+TI rented out for 1150 with 8% due to management. 0 money down w VA loan.

Second: 1095 PITI, should rent for 14-1500. 0 down w VA loan.

Third: 1100 PITI, I receive 1370 for housing, so I'll be saving the $270 as if it's cashflow.

We have $150k in savings to cover any future investments/repairs/etc. 

So at this point, I’m curious how you guys would proceed? Would you stick w Wichita Falls since I’m still new or start in Jax instead since that’s were we will move to? Obviously I’m going to stick w management companies since I’m not local so that will eat into my cash flow. Finally, I would prefer to be $100k w/o my retirement pay, but if that’s not doable, then I should have an additional $30k coming in which would only require $70k. 

-Derek