The Service Member Civil Relief Act serves two goals: 1. It protects military tenant from last minute PCS, deployment orders, and in some states, the ability to move on base. 2. It also provides clear guidelines for the landlord on how to enforce it. This creates a very black and white policy for enforcement. As discussed in 3 ways to break a lease with the SCRA, the SCRA can be used more than just PCS orders. Over the past couple of … [Read more...]
Life Lessons From a Jaded Landlord
Building a Real Estate Empire is a crazy, winding road. While you will always know your end goal, the path you take will probably never be the one you ever imagined. I know it certainly hasn't been for us! Three years ago, when we put our first short sale offer down on our first rental property in South Carolina, I NEVER would have imagined where we would be today. While we have been more successful then my wildest imagination, I would … [Read more...]
5 People Who are Eligible to Waive the VA Funding Fee
Do you have a disability rating with the VA? Did you know that with such a disability your VA funding fee can be waived? Check out my tips below, to find out more! Author's Note: These are all excerpts from the VA Lenders Hand book 26: Chapter 8 Section 17. The complete guidebook can be found here. As always its is important to discuss this with your broker as they will have all the details regarding your particular situation. If … [Read more...]
3 Ways to Break a Lease with the SCRA
I have seen so many questions from both tenants and landlords regarding the SCRA and how it can be used. I figured an article explaining it was due! Let's begin first with the entire name: The SCRA or Service Member's Civil Relief Act The entire link to the SCRA can be found here. First - PCS (Permanent Change of Station) Orders Under Federal SCRA a tenant must provide 30 days notice from the day rent is due. After that they are … [Read more...]
The Difference Between FHA and a VA Loan
I have been asked this question a lot, "Which would you use FHA or VA loan? Honestly, that is a loaded question as they are VERY different investment types. FHA or VA Loan? As described here each loan have a lot of different requirements. Personally I am not a fan of the FHA loan. It requires 3.5% down AND currently requires pmi for life. It also has other fees. I would rather just get a 5% down conventional loan. What is 1.5% more at that … [Read more...]
Military Families: How BAH Affects Your Taxes
Military Members in a HIGHER BAH area have added benefits. So you read this article about owning a home and how BAH affects your taxes if you itemize. For military members BAH is tax-free and depends on your area. In high-cost areas you receive more BAH, in low-cost areas you receive less. Makes sense, right? If you live in a high-cost area and use your tax-free BAH towards a mortgage instead of rent (with all variables staying the same, … [Read more...]
7 Ways to Limit SCRA Surprises
The SCRA can be used a lot more than just leaving because of a PCS. As an adamant military supporter, spouse, and also a small business owner limiting these SCRA surprises has been very important. How to Limit SCRA Surprises First - Require Written Orders Make sure you are checking orders to make sure that the length of time the tenant is signing matches there orders. Second - Think twice between offering longer than 1 year leases I … [Read more...]
6 Drawbacks of the VA Loan
Want to know the truth about the VA Loan? We all know that the VA loan is an amazing asset and there are many WONDERFUL attributes to this loan. Unfortunately like any asset there are always negatives and the VA Loan is no exception! There is a reason why the saying "too good to be true" exists! That being said, we still have used the VA loan TWICE! So obviously it can't be that bad, but here are the things I have learned over the years. I … [Read more...]
How to Write a Professional Letter to a Difficult Tenant
Do you have a difficult tenant? Are you trying to schedule maintenance appointments, showings, and more with no luck? Trust me, I'm right there with you! There are some times that I know I earned my pay in stress management. As hard as this sounds, and trust me I know how crazy it is to leave emotions out of the equation, but I have had a lot of luck by quoting the lease and keeping it simple. Here is a great example of how to keep it … [Read more...]
Stop! Are You Hiring People Illegally?
As a long distance landlord, our helpers are imperative to our business. Without them we wouldn’t be successful and able to carry out our job as landlords. While virtual technology has given us a huge advantage, it unfortunately cannot cover everything. This is why hiring others is something many people do. At the same time, one has to be very careful about how you use these helpers so you don't break any laws. Per most state laws, contracts … [Read more...]