Home Real estate company Veteran-led real estate company aims to improve military housing

Veteran-led real estate company aims to improve military housing

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A US Marine Corps veteran’s mission is not only to improve housing for Marines and their families in the Jacksonville area, but also to provide real estate investment opportunities.

Former Marine Intelligence analyst John Morgan started IzMaCo, or IMC, Investments in 2019 with a simple idea: to provide better housing and more reliable property management for members of the military service.

The company is described on its website as a residential real estate investment firm focused on single-family rental properties in underserved military communities.

“I’m focused on buying distressed properties, rehabilitating them and turning them into long-term rentals for the military,” said Morgan, who served 13 years in the Marine Corps, including time as a embassy guard in Egypt, Russia and Brazil.

The interior of a Jacksonville property located on Yaupon Drive that has been remodeled by IMC Investments.

FOLLOWING: Judge dismisses motion to dismiss Camp Lejeune housing lawsuit

IMC Investments, which claims to have a 20-year growth plan for investment and community development programs in Jacksonville, has been 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 at over $ 1 million, seven of which are located in Jacksonville.

The crowdfunding campaign has just started, Morgan said, and so far about $ 6,000 has been raised.

Morgan’s vision for IMC is also focused on delivering real estate investments to everyone.

“What I’m trying to do is democratize the ownership of investment property within the service member community,” Morgan said. “A lot of housing on and off base has a reputation for not being the best, so why not also make it possible for the military to own rental property as well?”

Anyone can invest in the business starting at just $ 250.

“Where I try to be different is that it allows anyone to invest, not just the accredited investor,” Morgan said.

Having deployed seven times, including tours to Iraq and Afghanistan, Morgan knows how housing issues at home can cause unnecessary stress for the military.

“If you’re going to serve your country, I really think there are things you really shouldn’t have to worry about,” said Morgan, who is a third generation serviceman and the grandson of a medal. of Honorary recipient.

IMC also owns properties in Virginia Beach, Virginia, and Buffalo, New York, where Morgan and his wife reside when not in the Camp Lejeune area. Future IMC expansions could target North Carolina military towns like Fayetteville, Elizabeth City, and Goldsboro.

Morgan said he hopes his company’s reputation is true to the origins of its name, which honors the founder’s three Bulldogs, Izzy, Mae and Coco.

“There is nothing more loyal than a dog, and that’s what I wanted to be able to show,” Morgan said. “That’s the type of business I want to project was this loyalty of a dog.”

Journalist Calvin Shomaker can be contacted at cshomaker@gannett.com.


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