Realty411 Featuring Jimmy Reed, 1REClub.com | Page 63

We already had lived in the area for many years and felt comfortable about purchasing locally . I started out by researching properties locally to figure out what the properties were going for . Whether you invest locally or longdistance , an investor needs to know their target area like the back of their hand .
Investors should seek the assistance of licensed real estate professionals in the area they plan to invest in . Connect with professionals who can guide you , as well as give you guest access to the local Multiple Listing Services ( MLS ). An “ investor­friendly ” agent or a broker who is also an investor can make a valuable difference in your portfolio . Be sure to connect with professionals who know the business inside and out .
It ’ s essential to build a great team , but realize that , in the end , it all comes down to YOU . Seasoned real estate professionals are in high demand , and they may have a lot of clients who need help . Don ’ t wait for the phone to ring ; be pro­active .
Be sure to search the MLS , or the numerous websites that provide access to home listings daily . ( Here are a few sites : Homes . com , Zillow . com and Redfin . com ).
Do enough research so you learn how to spot a good deal . And , be ready to quickly tie it up under contract with as few contingencies as possible . In this game , time is money . Brokers are not going to wait around for tire kickers , and you can bet that good deals get snatched up FAST .
It doesn ’ t matter if you ’ re trying to find a value­add property with built­in equity in Beverly Hills or Biloxi , Mississippi . The mechanics of real estate are still the same . The money is made on the purchase . And , a real estate deal with built­in equity is what every investor around the country is actively looking for .
Luckily , we were able to find a few distressed opportunities in the area . All
Photo by Ivan Omar Hassib from Pexels were purchased at discounted prices from motivated sellers . One civilian property owner lost his job and lost his home ; another owner was a divorce situation ; one older , neglected property became uninhabitable and could not be financed .
All were ideal rental properties by the local military base . We purchased and rehabbed them . Then , we put them back on the market , ready as short­term and long­term military housing . Our property manager , who specialized in the niche , also gave us a lot of insight and knowledge .
The only drawback that I can think of when it comes to specializing in military rental housing is that there is a lot of movement . Normally , our tenants are short­term , one to two years maximum . This is vastly different from other rental properties we own that are rented to civilian families . In those instances , our tenants stay long­term . In fact , we ’ ve had one family renting from our company for the past 15 years !
Yes , that is a very long time , and we are most thankful . We attribute the long tenancy to taking care of property issues as quickly as possible and being fair with rental increases .
Although our military tenants may not stay as long as our civilian renters , my husband and I have had worry­free years providing clean housing to active soldiers . Plus , it gives us such a sense of pride knowing we are providing spotless , affordable and safe housing to our military members .
As the daughter of an Army veteran , it makes me feel amazing to give back all while making a nice monthly profit .
So in closing , I ’ d like to motivate your further . Investors , consider this article your draft papers ! Get serious about your future ; stay on budget ; it ’ s time to start investing more . Uncle Sam needs YOU to house America ’ s military !
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