So, You Want to be a Landlord

Buying a home is a right of passage; always an expensive passage but hopefully a very exciting one! It’s a huge step of responsibility that for those in the military comes with a level of risk not common for our civilian counterparts. Frequent and sometimes unexpected orders to PCS can put military families in a position where selling on short notice is simply not feasible. In order to spare inordinate financial hardships, trading the title of homeowner for landlord becomes an appealing option.

Before you take the plunge and throw the “For Rent” sign in the front yard be sure you’ve researched the ins and outs of what being a landlord really means. The potential to supplement your income (or just to cover your mortgage) is wonderful, but if you don’t follow some simple steps when getting started, the process can quickly turn into a very expensive nightmare.

Decide if you want to use a property manager or run the rental yourself.

  • Pros – A property manager should handle many of the details below. No midnight calls from the tenant!
    • Do your research. Not all property managers are created equal. Ask for references.
    • Read the contract entirely. Be sure you understand their responsibilities.
    • Make sure they will not give the security deposit back to the tenant without an official walk-through and report damages, if any, to you.
  • Cons – The property management fees, and they can be quite substantial, are going to cut into potential profit.
    • No one is going to treat your home the way you would. This goes for property managers and tenants alike.
    • Check those references you asked for! Don’t be afraid to ask for a status report on your home every six months or so especially if you are not living in the same area where your property is located.

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Stacy Huisman: Stacy Allsbrook-Huisman is an Air Force spouse, writer, mother and advocate within the military spouse community. As a former Parent-to-Parent trainer for Military Child Education Coalition, she led workshops and seminars on many topics related to the education of military-connected students. She is the coauthor with Dr. Amanda Trimillos of Seasons of My Military Student: Practical Ideas for Parents and Teachers (Elva Resa, 2018). In her “other” life, she worked in public affairs and project management for the city of Las Vegas for 14 years. She was the Executive Director for the Las Vegas Centennial. She had a hand in baking the world largest birthday cake, hosting a 100,000 person parade, marrying 100 couples at once, organizing an amazing Red Hot Chili Peppers concert and managing 450 other events, programs and public relations celebrating her hometown birthday! She met her husband while he was stationed at Nellis AFB. She was whisked away on a crazy military spouse journey around the globe and hasn’t looked back since – only forward. Stacy is connected to many aspects of military life. She writes for one of our other Victory Media publications - GI Jobs Magazine - where she features successful transitioned Veterans in the workforce. She continues to write for myriad of websites and blogs, including a mini-think tank she co-founded called Families on the Home Front. Stacy was published in the popular book Stories Around the Table - Laughter, Wisdom, and Strength in Military Life. She is also a judge for Operation Homefront's Military Child of the Year 2015.
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