All Forum Posts by: David Jayne

Pedro,

Welcome! I'm active duty myself, and I wish I had started in real estate much earlier as well. The good thing is, there is still time, regardless of your age. So get to it!

This website is a treasure trove of information. All the best on your RE adventure.

David

John,

I'm active duty, and I can assure you that I was paid. I have no issue calling this dude a liar. Just give me his number...

David

This forum is an absolute gold mine, both for knowledge and personal connections. As an out-of-town investor and relative newby to the RE world, I've found it absolutely invaluable. Met with @Dawn Anastasi (thanks for the shout out!) a few weeks ago, and I'm sure there will be more in the future.

One of the biggest reasons I started in RE investing was because of the willingness of other investors to help new guys like me out. You don't find that kind of camaraderie in very many businesses. Actually, I can't really think of any other business where that is the case...

David

Jonathan,

Welcome to the forum! I'm active duty as well, and I wish I had started RE investing at your age. @James Vermillion has a great podcast you may want to listen to regarding investing while on active duty.

Best to you and your careers, in the AF and RE!

David

Congrats, and I hope it's the first of many more to come!

David

Lauren,

Welcome! I am currently active duty as well, and I would say 'yes' it is definitely possible. @James Vermillion did an excellent podcast that addressed several aspects of investing while on active duty. That would be a great place to start.

Regardless, the basics of real estate investing are the same: location, buying right, cash flow, etc. I know several military personnel who have bought a different house at each new duty station, and at the end of their 20-year career they can retire and never work again (of course most Type-A military-types can't sit still for long!). I wish I had followed that path a decade and a half ago, so now I'm playing catch up.

The property management is what I would consider the real key, assuming you will be moving around like a typical military member. Hindsight being 20/20, I would say joinging a good REIA at each duty station would pay dividends in picking a good property manager as well as all the other aspects of real estate investing. Just my two cents.

David

Welcome, Andy. I'm a fellow military man myself, with a few properties in Kansas City. Cash flow is pretty good, and I'm orginally from Kansas so I've got that going for me. Good luck on your endeavor!

David

Jeremy,

Welcome! I'm active duty as well. Buying a property at every duty station is a strategy I wish I had followed during my career. Buy a decent property, put a little money and elbow grease into it, and keep it forever (or until something better comes along!). One of the many recipies for success...

All the best,

David

Thanks to all for you inputs. I will let you know how it turns out.

BP Experts,

I have a tenant in a property nearing the one-year mark of a two-year lease. She just contacted me and told me she and her husband are getting a divorce, and she will no longer be able to afford the rent. She has asked if I could lower the rent to something she could afford, which would be another $250/month from what I would consider a very favorable rent.

The good news is, I've been kicking myself for signing a two-year lease on the property, as this summer would have been a good time to sell. The property is costing me money every month. Not a lot, but it was an accidental rental. It was a former residence that I turned into a rental with the intention of returning to live in it at some point. That potential option is now off the table, so I would like to sell it and reinvest in a property with positive cash flow.

So, I'm looking for a win-win solution here. I'm considering accepting a reduced rent and not enforcing the lease in exchange for assistance in getting the property ready for sale (basic touch ups, paint, small repairs, etc.), always having the property ready for a potential buyer to visit, and moving out as soon as the property is sold. I would help out on the move if possible.

The only potential problem I see is there is basically no incentive for the tenant to put in 110% effort to help me sell the property since she is getting a reduced rent (I'm having flashbacks of the movie "Stepbrothers" when they pull all kinds of shenanigans in order to keep their parents' house from selling!). The other option I was considering was offering whatever is left of their security deposit after repair costs and whatever costs are incurred due to the reduced rent (the difference in their lease rent and the agreed to reduced rent) as an incentive. Thus, the sooner the house sells, the greater portion of their deposit they would get back.

Not sure if anyone else has done something similar or has any recommendations for me, but I would appreciate any wisdom you have. Thanks!

David