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becoming a landlord as a single active duty soldier living in the barracks?

Im just wondering if anyone has had experience or seen someone do this. I am about to pcs and want to try my hand at real estate. Id like to buy a house and rent it off to someone(through a property manager) and try to pay it off completely before my potential ETS date and keep it as a rental property until I feel like settling down somewhere. Live in the barracks until I am kicked out because of rank or my singleness ends.

Houses near my next unit are way below the national average cost and Im fairly sure I can pay off a house I am eyeing completely, even without renting it in around 5-6 years given my savings and salary.

Any advice on this matter would be greatly appreciated. Thank you.

2 Answers

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  • 3 years ago

    Have a good contract drafted with the management company you choose. See a lawyer to draft one if you have to. Monitor their work. Is not just about receiving the money. After one month of non-payment of rent, you should be immediately notified and the tenants should be evicted. Don't mess around. You cannot afford it, especially if you have not paid off the house. Specify HOW they are to maintain the lawn/yard, if you want them to do it. If the house is in an HOA, I suggest you have it professionally done and include the cost in their rent. Get first & last and a hefty security deposit up front. Make sure a complete background check is run, references are checked that they have money IN the bank. You don't want someone living from paycheck to paycheck. Avoid people with children and pets but, often, a cat is okay. It's up to you. Some animals are not damaging at all. Others are a disaster. Perhaps, you can find out from prior landlords whether their pet was a problem and then you can decide whether to accept someone with a pet. Get it IN the lease. How many and if it is a dog, specify what breeds are not acceptable. Familiarize yourself with landlord & tenants laws in your state so that when you are talking to the mc you hired, you can actually converse on intelligent terms.

    Source(s): Certified Paralegal, with 25+ years' experience & with Landlord & Tenant law experience.
  • Bob
    Lv 7
    3 years ago

    Sounds like a great idea

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