All Forum Posts by: Josh Edelman
Josh Edelman has started 53 posts and replied 173 times.
Post: Rentals to Military on TDY
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
BAH - for people assigned permanently at a location
Per diem - when TDY, deployed, or some sort of short term non permanent exercise or mission
Post: Rentals to Military on TDY
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
Quote from @Wale Lawal:
When a tenant's monthly rent is paid by the military, it typically means that the tenant is receiving housing assistance through a program provided by the military or government. This assistance is often referred to as Basic Allowance for Housing (BAH) in the United States.
In the case of military personnel, such as active-duty service members, they may be eligible for BAH, which is intended to help cover the cost of housing. Rather than receiving the BAH directly, the military may pay the monthly rent directly to the landlord or property management on behalf of the tenant.
The amount of BAH is based on various factors, including the service member's rank, dependency status, and the location where they are stationed. BAH rates are set by the Department of Defense and are adjusted periodically to reflect changes in housing costs in different areas.
By paying the rent directly to the landlord, the military ensures that the service member has a suitable place to live while on duty. This arrangement can provide stability for both the service member and the landlord, as the rent payments are typically reliable and consistent.
It's important to note that the specific details of how rent payments are processed can vary depending on the military branch and the policies in place.
Landlords who accept tenants whose rent is paid by the military often have to comply with certain requirements and procedures set forth by the military or government housing programs.
If you are a landlord considering renting to tenants whose rent is paid by the military, it's advisable to consult with the appropriate authorities or housing offices for detailed information about the process, eligibility requirements, and any necessary documentation.
Goodluck.
I appreciate the input but yes I am military - I know this info very well as I was sharing this info and my experience with others. I assume you meant to respond to someone else.
Post: Rentals to Military on TDY
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
Quote from @Kelly Johnson:
I try to make my rates competitive with what the market will bear, not all of my tenants are military. I believe military get to keep the difference if they don't spend their allowance so they are still savvy about what the cost is.
If they are assigned at a location, they get to keep the difference.. But if they are traveling, they get a per diem! Ie a 3-month work trip they they can spend up to the max nightly rate allowed!
Post: Tenant Not Paying Last Month Rent
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
I recommend making it a strong security deposit - knowing that many tenants might try to skip the last payment knowing they will have to leave. Holding that security deposit is the way to go - should cover at least that month's of rent plus a half of another month is how I like to look at it.
Sorry to hear and hope things get better!
Post: Renting to Insurance Companies
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
I've heard that if a family is displaced due to a hazard, the insurance company may place the family in a home and pay the landlord rent. Anyone have experience with this? Where and how do I get my rental on these lists? Thanks!
Post: Military House Hacking
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
Quote from @Ben Einspahr:
@Josh Edelman excellent success story! Any specific platforms you use to target other military tenants? Huge fan of rbr hh'ing!
We have FB groups internal to our base - there are many FB groups!
Post: Military House Hacking
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
My first investment I found two military roommates (I am military also). They each paid me $800 and $850. My mortgage was $1300. The next 3 years I was able to save up to help me fund my next property.
If you are military or live in a military town you have a great opportunity not for just the VA loan but the NETWORK of fellow military members with a solid income!
Anyone else looking to do this or rent out their rooms? Share you experiences/questions below!
Post: Using my HELOC for the next deal
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
I just paid off a $70K HELOC I used to purchase my second property. I now have access to $120K back. Any tips/tricks or best practices with utilizing a HELOC out there? Looking to buy the next SFR investment (not moving into it).
Curious to hear how people use their HELOCs. Thanks!
Post: Best Tips for Preparing Your Current Home to Be a Med-Term Rental
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
Practical tips!:
- Ring doorbell so you can monitor and answer visitors and guests if ever needed
- Security system
- Electronic door lock you can control from your phone (change combos, lock and unlock, etc)
- Remote garage opener (being able to open the garage for services, if door is locked, etc)
- Create an item inventory list that your guests sign for within the first few days of moving in
- Create a welcome packet with how to's around the house and things to keep note of (how trash days work, HVAC, internet, etc)
Hope this helps and good luck!
Post: Rentals to Military on TDY
- Real Estate Agent
- Las Vegas
- Posts 189
- Votes 135
Many military members come to Vegas for several weeks to months at a time for exercises and events. What does this mean? They need a place to stay, if not on base, and that my friends, is paid for by the military.
What does being paid by the military mean?...the individual doesn't pay nor do they care about the nightly rate. The DoD has a cap based on the city. As long as I provide an invoice, I can charge them max nightly rate!
Anyone else rent out to military? Please share your experiences below!