Active Duty And Landlord?
Hi all, so I’m highly interested in owning property to rent out to others as a second income and want to do it within the next 10 years or possibly sooner if possible. The only problem is that I’m also about to be active duty military in the Coast Guard. Now being active duty has tons of benefits when it comes to trying to become a landlord, for example (if you’re single) almost all of your expenses are taken care of for you and you’re provided a home or at the very least enough money to rent somewhere to live. The downside and thing I’m most concerned about is if I buy a property within the next 5 years to rent out and then get stationed somewhere else. How would I be able to collect my rent and if they suddenly stopped paying how am I supposed to go and collect it and if I needed new tenants how could I even work on doing so if I’m across the country? Seems like it’d be kind of hard to do but I wanna be able to start as soon as I can so that when I retire my properties will have already paid for themselves and will be making me income. One idea I have is to buy property that is nearby major military base since there will likely many military families looking for a place to rent out year round. These families would also get housing allowance from the military so there would be no reason why I wouldn’t get my rent money. Plus another advantage that I feel I’d have with this is that these families would be more trusting to an active duty soldier being their landlord and that I’d understand their way of life more than a civilian. Do y’all have any suggestions or advice on this matter? Are there any active duty landlords out there that can give me insight on this?