Buying A House.

[Fly Navy]

Well said, Brett. TheBubba, I was merely talking about how you all of a sudden have chores to maintain the place, and the insane need to collect "things" once you have more room.

[George Carlin]

Ever notice how all your shit is stuff, and other people's stuff is shit?

You go into someone else's house and think "Look at all this shit, where do I put all my stuff!?"

[/George Carlin]

 

[Circle K]

A housing forum would be great. Divide it by major locations so it's easy to get the gouge on those places most of us are likely to end up.

 

[HeyJoe]

Personally, I think the whole hype about buying a house and all the associated paperwork and responsibility is one of the bigest myths around. Yeah, it's definitely a transaction that you should be smart about and have done due dilligence as far as researching what you're getting into, but when I bought my first house, I was prepared for this nightmare experience and it was really no big deal. Sure there's lots of documents to sign, but most of it is just legal proforma. Real estate transactions are pretty much standardized and there aren't a whole lot of pitfalls that a reasonably intelligent person will get into. Whatever agent you're working with will guide you through the process, but there are also a bunch of good books out there if you want to read up and get smart. Knowing what I know now, I would have bought more homes a lot sooner in my career - food for thought.

Brett

Concur,
One thing I'd add is make sure you look at the market and assess how long you'll be in the house if you intend to be in it only for that tour. If market is descending, then you may get hurt. If it's ascending, get all the house you can and make it hurt. The paperwork is seemingly daunting but you can get a lender online (if you want to compare rates). Assess your cash flow and remember you get to write off the interest on the loan so that increases your buying power per dollar compared to renting. Get a smart tax person to help in that regard. Know what you can afford and plan for some unexpected expenses (especially in an older home...are you ready for new furnance, a/c unit, frig?). Lots of stuff to think about for a useful thread.

 

[Banjo33]

How do you know what the "market" is doing? My wife and I are looking at properties now, but are doing this without a clue as to what we're looking for! A seller's wetdream....

However, we'll be here for 3 years minimum and figured we should be investing in something solid...

 

[HeyJoe]

How do you know what the "market" is doing? My wife and I are looking at properties now, but are doing this without a clue as to what we're looking for! A seller's wetdream....

However, we'll be here for 3 years minimum and figured we should be investing in something solid...

Ask the folks who are in the market...real estate agen twill put a spin on it, but use AW to ask folks down there how it's trending. If no response, asl instructors who likely bought. This is a common Ready Room topic among homeowners (as is how and when to seed your lawn) so the gouge is there. just isolate and tap it!

 

[Schmuck]

Here, I did some research for you. Buy now before the next wave of hurricanes come through. Hurry, hurry, hurry!!!!!!!!

Oh yeah, buy a newer house so it won't blow down and make sure there are no large trees around it.

 

[Brett327]

just isolate and tap it!

That sounds like my dive bar technique.

Brett

 

[HeyJoe]

Dive Bar Technique

That sounds like my dive bar technique.

Brett

Does that also include "going ugly early" (see pearls of wisdom thread)

 

[Brett327]

Does that also include "going ugly early" (see pearls of wisdom thread)

Hey, I'm in SOCAL, what's ugly?

Brett

 

[HeyJoe]

Hey, I'm in SOCAL, what's ugly?

Brett

Well put!
True that!

 

[A6-EA6]

I'd be careful buying in P'Cola as an SNFO since you will definitely be leaving soon. You'll need to ready to be a landlord while you're gone which can be easy with a newer house and hard with an older one. It all depends on the tenants and how you manage the property (do it yourself or pay someone 10% of the rent to do it for you).

Bottom line, lots of stuff to think about. Real estate has plenty of ups and can be a really good investment, but like the others said, do the research and think "future" and how you will handle it while the Navy sends you around the world. Good luck!

 

[HeyJoe]

I'd be careful buying in P'Cola as an SNFO since you will definitely be leaving soon. You'll need to ready to be a landlord while you're gone which can be easy with a newer house and hard with an older one. It all depends on the tenants and how you manage the property (do it yourself or pay someone 10% of the rent to do it for you).

Bottom line, lots of stuff to think about. Real estate has plenty of ups and can be a really good investment, but like the others said, do the research and think "future" and how you will handle it while the Navy sends you around the world. Good luck!

Real estate is a good investment as a hedge against a violatile (read flat) (stock/mutual fund) market and if you can take advantage of still relatively low mortgage interest rates to get a place to live and then keep it as you move on, you're off to a good start.

Gotta think a bit about how long you intend or can stay in home after purchase...don't go for interest only loan for good cash flow and then find out you owe more than you can sell it for (that mortagage option works in superheated markets like San Diego, but not in SW Florida methinks).

 

[TheBubba]

Thanks for the info all...

My plan is to buy, and when I leave, rent it out. At least that what I have going on in my mind. I know a bunch of people that did that with pretty good results.

Have any of you gone that route or no?