All Forum Posts by: Todd Atkinson

Has anyone had experience working with this Fed Govt. program?  Thoughts? Experience? 

Here is some basic information about our program:

The US Army Corps of Engineers has a program offered to Army, Air Force and Navy members in which we sign a lease on behalf of the service member and pay the rent and utilities for the duration of the lease term. We request a one year lease with the option to renew for up to four (4) additional years. We ask Lessor's to register their information with the online website http://www.SAM.gov. I have attached some information about this site.

When we have military families relocating to an area we try to secure homes within twenty (20) miles of their duty station if possible. The US Army Corps of Engineers is an excellent tenant and our military members are in an area for up to three (3) years and possibly a total of five (5) years depending on their tour of duty.

Because it is a lease with the US Army Corps of Engineers, we are required to have the Lessor utilize our lease (a DRAFT copy has been attached for your review) and the 2 major differences in our lease are:

#1 in lieu of a security deposit we offer a "Restoration/Repair Clause" that states any damages, above normal wear and tear, caused by the family will be paid for by the US Army Corps of Engineers. We ask that all parties conduct an entrance and an exit inspection of the leased property to determine the damages caused over the lease term.

#2 Because we lease on behalf of military service members, the Government reserves the right to terminate the lease contract after the first year by providing the Lessor (30-60) days written notice (This clause is required in any Government residential lease due to the nature of military assignments). The service members are military recruiters who will not be deployed. Other than that clause, all terms and conditions are negotiable.

Josh - I'm intrigued by your short-term rental comment.  In that area, what is the typical ST rental profile (sq ft,#bed, bath, daily/weekly rate)?   What about Mojave area?  

Hi Joe -The ownership of the utility bills varies by city/township in this area. In most cases, you should be able to put most utilities in the tenants name. If you'd like, I'd be happy to discuss this local market with you and help in any way that I can. 

Jason - happy to help out....let’s connect and schedule a time to talk 

Looking to purchase a property "as-is" at a Sheriff Sale. Unfortunately, not able to see inside of home and uncertain on the rehab & renovation costs.  Any suggestions on estimating the renovation costs?  

@Misael Carlos Vera

While LLC's provide asset protection, if you're starting out in real estate, then you could title the property in your name. IF you go that route, then I'd highly recommend an umbrella policy. The umbrella policy is relatively inexpensive and the insurance company can write the policy to cover not only your rental property but also primary residence, auto, watercraft, etc....

Once you scale, then you could file a quit claim deed and transfer title to your LLC. Be advised that if this is a financed property then the bank could exercise a due on sale clause (calling the note)...While this usually is rare, consult with local experts whether the risk is worth it

Hamilton County has been booming the last decade and will continue to see more growth...Fishers has consistently been ranked among the Top 50 cities in the US....the challenge is inventory and ROI..this continues to be a sellers market and it's tough to find "deals"...I don't have data in front in front of me but the county website is a good start..if you're looking at metro Indy and the "doughnut" counties, then I'd suggest Boone, Hancock and Madison - the exponential growth is in those counties....frankly, Hamilton's hyper growth time has now surpassed...hope this helps

Great advice!...thank you

Looking for a general contractor recommendation to work on a SF home (2 bed/1 bath) in Hamilton County..any recommendations ?

Thank you!

Contractor recommendation