All Forum Posts by: Jeremy Roberts

@Dylan Meeker - You should've received copies of documents at closing. If you don't have them, your agent's brokerage is likely required to retain documents for a certain number of years after closing. 

Everyone on here talking about eviction is correct. If you haven't yet, you should get a copy of your state's landlord tenant act and stay awake reading it. This will guide you on everything you can and can't do. 

Btw, if you're paperwork doesn't show you own the washer, you don't. Let them keep it or throw it away when they leave, but don't fix it.

The 10% discount HD gives military has a cap on it.

Purchasing your first rental property is like having a child, if you wait until you're 100% ready, you won't do it. That's where an experienced partner or a creative strategy helps. I have a couple brothers who live in the Watertown area, but they work in law enforcement and don't invest. I haven't looked into it too much, but am personally leery about Fort Drum. I feel the entire economy is basically propped up by the 10th Mountain, but you know better than me. Basically, if you work the numbers and they are as good as you say, post them on here and you'll find someone who'll work with you. I believe this business is about people, not houses.

I'm still active duty and my wife and I own three SFR. I have been stationed in southeastern Virginia my whole career which I consider an advantage. The best advantage is time and getting started. I bought my first house in 2001 at 21 years old. I didn't know what I was doing. It was just cheaper for me to pay a mortgage than rent an apartment. Then, I learned (made mistakes) from the housing crash but managed to keep two rental properties. Regardless, Uncle Sam has faithfully paid my mortgage for over 17 years and the least he should do is start your investment career.

@ Andrew Major - It takes 1-2 months to close if you finance conventionally. If the deals meet your criteria, they'll meet a partner's goals with the same criteria. Just make sure you trust him.

The bright side is...you don't have to spend winter in Watertown. If you're investing up there, I would be interested to see what the deal looks like. Of course, Fort Drum has been built up decent since 787 was built. 

As a fellow military member, I know you'll find a way. Keep us posted.

@Aaron R. - What about designing a lease option for 12-24 months? You can design the deal to recoup the lost rent on the front side, build some equity toward your down payment if you're purchasing conventionally, and set things up with the tenants to gradually increase the rent so they will stay beyond current lease term.

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@Brandon Knudtson - I'm curious what the current occupancy is. If you have all four units occupied for the next 6-12 months, the window of opportunity to add value isn't as big as you might want. Of course, that depends on how easily the upgrades can be made.

@Warren Barnett - I'd start with asking your dad only because I believe in family being there for family, but make sure you have a deal that you can explain easily to him. Remember, you didn't learn the value of real estate investment until later in life and your father is a huge part of why that is the case. There are plenty of le dears on this site that not only will help with real estate investment "your way", but their reputation to lend would be tarnished if they didn't do right by you.

Most important, know the people you'd partner with before the money moves. The way people act in any circumstance will tell you how they'll do business with you. Good luck.

@Allan Bishop Jr. - Thank you. I actually put some money in a note investing company recently. Nothing I'll retire on, but just $1k to see how it goes. I'm also looking for an individual investor to passively invest with. I'd like to see all of us succeed so why not help each other out?

To get your license, each state has pre-licensing requirements. You won't learn how to buy and sell, but it will cover state and federal requirements. Shop around for a good brokerage that has a good training program to learn the "how to". Good luck with everything.

If you consult a lawyer, make sure they understand the details of the Soldiers and Sailors Civil Relief Act. If the active duty service member entered into the contract after they begin active service, then some of the protections do not apply. The military is absolutely a cross-section of society. 

An advantage you have is with proper documentation of the rent owed and damages getting you a judgment in civilian court, you can send the paperwork to the Defense Finance Accounting Service to process a garnishment against his wages where 25% of his "disposable" income will be garnished monthly until you get paid back. This will include the interest rate awarded from the court while you wait to get paid. In the military, disposable income is the total of his paycheck. I spent the first eight years of my military career processing things like this so let me know if you have any specific questions or concerns.