A veteran of the U.S. Marine Corps set out to not only improve housing for Marines and their families in the Jacksonville area, but also offer real estate investment opportunities.
Former marine intelligence analyst John Morgan founded IzMaCo, or IMC, Investments in 2019 with a simple idea – to provide better homes and more trustworthy property management for military personnel.
The company is described on its website as a residential real estate investment firm focused on single-family homes in underserved military communities.
“My focus is on buying distressed properties, rehabilitating them, and converting them into long-term rentals for service members,” said Morgan, who served 13 years in the Marine Corps, including as an embassy guard in Egypt, Russia and Brazil.
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IMC Investments, which claims to have a 20 year growth plan for investment and community development programs in Jacksonville, was valued at $ 2.6 million, according to Morgan. The goal is to raise $ 5 million to expand its current real estate portfolio, which includes nine properties in three states valued in excess of $ 1 million, with seven of the properties in Jacksonville.
The crowdfunding campaign just started recently, Morgan said, and has raised about $ 6,000 so far.
Morgan’s vision for IMC is also focused on making real estate investments accessible to everyone.
“I am trying to democratize investment property ownership within the service member community,” said Morgan. “Many on-base and off-base apartments have the reputation of not being the best option for service members to also own a rental property?”
Anyone can invest in the company from as little as $ 250.
“I try to be different because it allows anyone to invest, not just the accredited investor,” said Morgan.
After seven missions, including trips to Iraq and Afghanistan, Morgan knows how housing problems at home can lead to unnecessary stress for the soldiers.
“If you are to serve your country, I really think there are some things you shouldn’t really be bothering about,” said Morgan, the third generation military officer and grandson of a Medal of. is honor recipient.
IMC also has properties in Virginia Beach, Virginia and Buffalo, New York, where Morgan and his wife live when they are not in the Camp Lejeune area. Future additions to IMC could target military cities in North Carolina such as Fayetteville, Elizabeth City, and Goldsboro.
Morgan said he hopes his company’s reputation will stay true to the origins of its name, which honors the founder’s three bulldogs, Izzy, Mae and Coco.
“There’s nothing more loyal than a dog, and that’s what I wanted to show,” said Morgan. “That’s the kind of company I wanted to project was a dog’s loyalty.”
Reporter Calvin Shomaker can be reached at cshomaker@gannett.com.
source https://www.bisayanews.com/2021/09/29/veteran-run-real-estate-company-aims-to-improve-military-housing/
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