Long distance land lording Published March 6, 2009 By Captain Kenneth Artz and Airman Elena Stofle 14th Flying Training Wing Judge Advocate COLUMBUS AIR FORCE BASE, Miss. -- After a permanent change of station, the extra duty title of "landlord" has befallen many military members because of the downturn in the economy. Moreover, the current economy is causing the future of the housing market to look rather bleak. Leasing a home can be a very stressful process, especially if you are a long distance landlord. If you are in this predicament, the legal office is here to help you. Although the legal office cannot provide legal assistance for issues involving personal commercial enterprises, an exception is made when you are unable to sell your home and decide to rent it out. According to a recent report put out by Realty Trac, foreclosure filings were up 81% percent in 2008 as compared to 2007 and up more than 225 percent since 2006, which means that the falling home prices, in addition to the flood of bank-owned homes to the market, will continue to make selling a home difficult. If you are leasing a home, please consider hiring an accountant, property manager or real estate expert to assist you. There are many tax implications and other pitfalls to owning a rental home, but these are also possible tax benefits. These experts provide an array of services and, most importantly, peace of mind. If you decide to not hire a professional, please be sure to keep excellent records - accurate and detailed recordkeeping may keep you out of legal and tax trouble. The legal office is ready to assist in reviewing your lease as well as to provide any other practical pointers to make the job of being a landlord a bit easier. In addition, the Automated Housing Referral Network, sponsored by the Department of Defense, is a great resource that allows you to find these professionals, post your home on the site for rent or sale and locate homes to buy or rent. The AHRN specializes in helping service members. Visit http://www.ahrn.com/ for more information. Also, given the many financial issues that are plaguing so many homeowners, there are a few common sense lessons to know if you are considering buying a home. If you are in the market to buy a home, keep in mind that you might not be able to sell it upon your PCS. You will then be forced to make two house payments until you can locate a renter. Also, at the time you purchase the home look to the future and determine if you will be able to charge a reasonable rent to cover your mortgage payments. It is also smart to buy on the basis of one income. In the current economy, the ability of your spouse to find a job at your next base may be a struggle which could hurt your ability to make your mortgage payment if you cannot rent the home. On the positive side, the glut of houses on the market has made it a favorable market for would-be renters. Military attorneys may review lease agreements to protect service members' interest so if you are considering renting a home, the legal office is here for you as well. Military members and their dependents can bring a copy of their lease to the legal office and have it checked for legal sufficiency. Service members will not normally be penalized should they receive PCS orders or go on a deployment or TDY lasting 90 days or more and need to end the contract, but service members should always ensure that there is a clause for these situations in their lease agreement. To make an appointment to discuss these matters or any other legal issues please contact the Columbus Air Force Base Legal office at (662) 434-7030.