 Bab rental market (by Robert [NC]) Sep 11, 2016 7:53 AM
 (by Moshe [CA]) Sep 11, 2016 8:29 AM
(by LivetheDream [AZ]) Sep 11, 2016 11:44 AM
(by Robert [NC]) Sep 11, 2016 1:21 PM
(by ntj [GA]) Sep 14, 2016 1:28 PM
(by ntj [GA]) Sep 14, 2016 1:28 PM
(by Sisco [MO]) Sep 14, 2016 3:16 PM
(by Ray-N-Pa [PA]) Sep 15, 2016 6:55 PM
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Bab rental market (by Robert [NC]) Sep 11, 2016 7:53 AM
Message:
Military town in Camp Lejeune area town over builds housing. Military force cut the quality renters are gone. We are very frustrated in the real estate market here with high rental vacancy and high home sales not selling .Poor tenants application are not the meeting the basic rental criteria of stable job, good rental history , fair credit score, or the rent to pay ratio salary. We are very optimistic and have lower our standards and rents to keep our business alive, but tired of fixing and repairing trashed homes and chasing renter around for rent money. We have consider to let some homes go on foreclosure this small city of Jacksonville, NC has one of the highest foreclosure rate in the country. We have been in business for 14 years and have kept up with the mortgages hate to ruin our excellent credited score, we do not see any thing getting better. Please advised and share any you past experiences and thoughts. Rob Retired USMC --174.106.xxx.xx |
Bab rental market (by Moshe [CA]) Sep 11, 2016 8:29 AM
Message:
Thats a problem, namely investing in an area that is subject to economic changes. Makes long-term planing pretty hard, doesn't it?
You need to try to assess the future direction of the area. Will military spending increase or decrease in the future? Will the outcome of the election influence that trend? Is it possible to upgrade your property or to trade it in to be able to attract the more desirable tenants in town?
I recognize that you need to do SOMETHING. If the rental business is no longer profitable in this area, you will need to either move your center of business concentration to another location, near or far, or look for another type of investment.
P.S., I don't know about 29 Palms, but the area around Camp Pendleton has great real estate potential.
--47.139.xx.xxx |
Bab rental market (by LivetheDream [AZ]) Sep 11, 2016 11:44 AM
Message:
Yes Moshe, but the Oceanside economy is more diversified and if Pendelton cuts back it isn't felt as much. Plus, it's CA.
Jacksonville is "toast" until the next war. This is the problem with military towns. They are boom and bust.
I was stationed at Ft. Bragg in the early 80's. Both Fayettville and Jacksonville were in the dumps. Then we had the "Great War with Grenada" followed by "Just Cause" in Panama and things started picking up. The build up since the Gulf War will likely not be repeated.
For the OP, save what you can and dump the rest. You may be looking at bankruptcy. Try to protect your important assets. I don't see much upside for you. Sorry. The longer you extend the pain the more it will hurt. --24.121.xxx.xxx |
Bab rental market (by Robert [NC]) Sep 11, 2016 1:21 PM
Message:
Thank you both for taking the time in sharing your point of view. 90% of my investment properties about 20 homes carry equity. I ve considered letting 10 go foreclosure and holding to about 10 if possible. I understand my credit score will go down but I really do not mind. My concern is my saving at the bank our nest egg? WhY go bankruptcy and paying a lawyer 8 to 10 thousand dollars to report you to the mortgage company on your bank holding and liquid-ed access? Thank you again please share your comments. --174.106.xxx.xx |
Bab rental market (by ntj [GA]) Sep 14, 2016 1:28 PM
Message:
Hey Robert, if you are holding all those houses in your name, the bank is likely to come after your equity in the other houses if you let some of them foreclose. Likewise if you have other assets. You'd be wise to consult with a lawyer to understand how this might play out. --24.98.xxx.xx |
Bab rental market (by ntj [GA]) Sep 14, 2016 1:28 PM
Message:
Hey Robert, if you are holding all those houses in your name, the bank is likely to come after your equity in the other houses if you let some of them foreclose. Likewise if you have other assets. You'd be wise to consult with a lawyer to understand how this might play out. --24.98.xxx.xx |
Bab rental market (by Sisco [MO]) Sep 14, 2016 3:16 PM
Message:
Civilians can now live on post at Ft Wood. New houses all utilities included in rent. --72.172.xxx.xx |
Bab rental market (by Ray-N-Pa [PA]) Sep 15, 2016 6:55 PM
Message:
Honor Courage and commitment is how you steered yourself for many years........use those tools along with 1031s. You need to diversify yourself into market places that don't rely on a single industry.
I would be looking on selling, even at a loss and buying in another currently depressed area like Texas, that is not enjoying the low energy prices. If you are buying low, then the cycles are not so bad.
If you don't want to sell there....consider renting the buildings out to the base housing office or even the VA office.
Thanks for your service!
Senior Chief sends --24.239.xx.xxx |
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