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SAN DIEGO - Making the decision to invest in a rental property is one that requires adequate research and planning.
To help service members understand the basics of owning a rental property, Marine Corps Recruit Depot San Diego Personal and Professional Development hosted the ‘Rental Property Ownership as an Investment’ seminar Nov. 23.
Michael A. McIsaac, personal financial management specialist, highlighted the risks and benefits associated with owning a rental property during the hour-long seminar. Having retired from the Marine Corps after 30 years, he understands the unique situations that can arise for service members.
Since military families are constantly on the move with deployments and permanent changes of station, it’s important to fully understand what home ownership entails before pursuing it, said McIsaac.
He explained all the responsibilities required of a landlord. Some people don’t consider the smaller details that go into owning a rental property such as repairs, utilities and finding good tenants. Not to mention, tax season can become a confusing time and it can be difficult to manage a rental property while living in another state.
“Owning a home is not for everyone,” said McIsaac. “It isn’t only a financial investment – it’s also an investment of time and sometimes, an investment of emotion.”
He stressed the importance of clearing any existing debt to achieve a high level of financial comfort and stability prior to becoming a homeowner.
“In the investment pyramid, owning a rental property is at the top,” said McIsaac. “You start out with the basics like retirement plans and savings, then purchase your own home and finally work your way up to rental properties. It isn’t something you can just jump into.”
Lt. Jarrod D. Johnson, 3rd Recruit Training Battalion chaplain, and his wife, Synthia, attended the seminar to gain a greater understanding of the fundamentals as they consider purchasing a rental property.
“It was helpful to see the bigger picture,” said Johnson. “Now we know which direction to pursue and how to avoid some of the potential pitfalls and dangers.”
Attendees were able to ask any questions they had McIsaac shared real stories he has encountered in his years as a Marine and financial advisor to help attendees understand special circumstances and scenarios.
“He explained things so that we could all understand,” said Synthia. “He backtracked when we needed a little more explanation and made sure we understood everything.”
In addition to teaching monthly seminars on finance topics, McIsaac offers one-on-one sessions for retirement planning, personal financial management and teaches basic financial classes to Marines aboard the depot.
“I’m here to help people learn enough to take care of themselves and understand the importance of saving and investing,” said McIsaac. “I’m here for the Marines and their families, for whatever financial information they may need.”
McIsaac’s December seminar, ‘Tax Planning and the New Tax Laws,’ is scheduled for Dec. 21. To reserve a spot for this seminar or more information on financial services available aboard the depot you can call (619)524-1204.
| Date Taken: | 12.09.2011 |
| Date Posted: | 12.21.2011 19:20 |
| Story ID: | 81660 |
| Location: | SAN DIEGO, CALIFORNIA, US |
| Web Views: | 30 |
| Downloads: | 0 |
This work, Service members learn basics of rental home ownership, by GySgt Cristina Bates, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.
