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Buying a House in FL

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Member
pilot
Any thoughts on buying a house in the Pensacola/Milton area, using it while you are in the area and when you leave renting it to future SNA/SNFO's going through flight school. Does anyone have any thoughts/experiences with this? Any recommendations on specific locations that rent well / real estate agents to use? I recently started to consider the possibility of doing this since you can't go a week without hearing how homes are getting forclosed and selling for under value. If I were to do this it would be along term purchase and I wouldn't plan on selling any time soon. Any input would be greatly appreciated. Thanks again.
 
ea6bflyr

ea6bflyr

Working Class Bum
None
Super Moderator
Contributor
Investment wise, it's a good deal. First off you are taking TAX-FREE BAH money and investing it into something that will give you a TAX BREAK. It's Double-Dipping. It's not the way to get RICH, but it will leave you better off than before.

-ea6bflyr ;)
 
wingsB4rings

wingsB4rings

Four fans of freedom, all day long
None
I bought a house in 2006 right before I reported to NAS Pensacola as an SNFO. Was there for 13 months until I selected P-3's and moved, and rented it out to flight students after I moved out. I think its a good idea since a) houses are very cheap right now and b) we have a steady income. With that being said, don't bite off more than you can chew in terms of how much you'd borrow. Basically I was in the same shoes as you, and right now I have no regrets whatsoever in my decision. Feel free to PM me for specifics on locations/realtors/anything or any other questions. I feel that I have a decent amount of gouge I could give you and could steer you in the right direction if you decide to go through with it.
 
M

milky-f18

loud-mouthed, know-it-all
I own a number of properties in Pensacola. The only thing I would say is look very closely at insurance. Right now, there are very few companies writing policies for the area. Some will write a policy for your primary residence, but they will drop you after it is not your primary residence. Many will not even write a new policy. I think it's going to get worse before it gets better. I'm looking at ways to give my properties back to the bank or sell them right now because of insurance problems. This is pretty much a Florida-only problem right now, though. In general, I agree that owning a property found at a good price is a good thing.
 
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