Here's a little about myself. I currently serve in the U.S Army as an Explosive Ordnance Disposal (EOD) technician. I have been in the Army for 13 years and plan on retiring around the 20 year mark. Through all of the podcast I have been listening to, I figured it would only be right to read "Rich Dad Poor Dad". This got me thinking about what I wanted/ needed after retiring...a passive income. This is what has lead me to the opportunity in which I am currently in.
Currently I teach a military course in which students consistently come through 300 days out of the year. They stay in a hotel for the duration of their stay. As the course is taught in a desolate location the students have two options. One, stay close with nothing to occupy their free time or two, drive every week day over 45 minutes each way. The problem which was brought to my attention was there is no where for them to hang out and relax as a group while limiting their drive times.
This brings my to my current plan which any feedback would be greatly appreciated. l could buy a piece of property in between the two locations and rent tiny houses to the students with a recreational building located on the property. The building would consist of a larger group setting, television, lounge style seating, pool table, darts, etc. The rec building would also have a full kitchen to include multiple refrigerators and stoves for cooking. This would save on space in the compact areas meant for securing personal belongings and sleeping.
Besides zoning and land development where is a good direction to start? Would it be possible to create a business summary and present the plan for a business loan in order to fund the complete project? Like I stated before any suggestions or criticism could be greatly appreciated. I look forward to meeting and speaking with those with knowledge in this area of expertise.
Great idea! After you retire. Well, check that. I mean it's an idea, it might be okay, or it might not. My time at BFE bases like Fort Huachuca, AZ showed that cities like Bisbee and Tombstone would recruit groups off the base....my group fell for Tombstone, and they got a buck or two for the two years the bulk of us were there. By the end, Bisbee was hot and no one really came to Tombstone anymore. My point, yeah you may have a thing.
But....not while in the Army you don't.
Not, while you are an instructor in any capacity.
Not , while you are stationed there.
I left a couple of houses behind and rented to officers and enlisted, but never EVER while I was assigned there. NEVER. It doesn't matter how disconnected your command is from a prospective tenant or client.
You never know when one Saturday you're the NCOIC/OIC over some group at an airshow and low and behold....IG investigation.
The military and their families are a great investment opportunity due to the consistency and longevity of their demand. But not while you are in. You speak the language and know the code, sadly you can't capitalize (and I mean that word respectively) until your service is done.
Getting building approval will be your greatest hurdle. Don't count on it. Aside from that you will need vey deep pockets to be able to build the infrastructure and carry the property for a decade before you see any positive returns. By that time the tiny home fad may have passed it's time.
Thanks for the real world perspective. I am currently on orders to leave this position and everything will not be up and running by the time I leave. I have an appointment with JAG next week to work out the legal issues in order to cover myself just in case there may be an issue in which your speaking of.
From what I have gained so far, the only building permits will be for the recreation building. The tiny houses for example will be exempt because of the size. Of course electric, water, and sewer will need to be addressed. The only reason I tend to lean towards tiny houses or like wise is to cover the basis of possible movement of the course in the future. Thanks for lending your knowledge.
Hey. Have you followed The military Guide??? Since you’re active- Doug Norseman has great financial and retirement info for you.
Sounds like a cool idea and great set up for the In between place .
Thanks for the advise. I'm definitely going to look into Doug Norseman now. Thanks!
Updated almost 3 years ago
I did a little research and came across themilitaryguide.com from Doug Nordman. I just wanted to get the correct name out there for anyone else interested.