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rent or buy at Prowler RAG (Whidbey; USMC)

T

theduke

Registered User
I don't know exactly how long I'll be up there for beeps/squeaks and the actual Prowler RAG...I'm guessing 1-1.5 years?

I'm debating whether I should rent or buy up there, since unlike my USN counterparts, I'll be heading to Cherry Point upon completion. Does anyone have any insight as to how likely I am to generate positive cashflow through rental after I leave? what's the housing market around Whidbey looking like these days?

are there any drawbacks (assuming that you can break even or make money with renting), other than the potential headache of being dependant on a property manager from all the way across the country (or more)? any recommendations for property managers?

I'm tired of renting. It's so dumb from an investment point of view in the long term, not to mention the tax impact. I just don't know if this is a good buying opportunity, or if I should just wait and start accumulating real estate when I get to Cherry Point.
 
snake020

snake020

Contributor
theduke said:
I don't know exactly how long I'll be up there for beeps/squeaks and the actual Prowler RAG...I'm guessing 1-1.5 years?

I'm debating whether I should rent or buy up there, since unlike my USN counterparts, I'll be heading to Cherry Point upon completion. Does anyone have any insight as to how likely I am to generate positive cashflow through rental after I leave? what's the housing market around Whidbey looking like these days?

are there any drawbacks (assuming that you can break even or make money with renting), other than the potential headache of being dependant on a property manager from all the way across the country (or more)? any recommendations for property managers?

I'm tired of renting. It's so dumb from an investment point of view in the long term, not to mention the tax impact. I just don't know if this is a good buying opportunity, or if I should just wait and start accumulating real estate when I get to Cherry Point.
Click to expand...


I own so I will give you my perspectives in short:

-When stuff breaks in the house, you need pay to fix it
-If you have periods where nobody is renting the house and you are searching for a tenant, you need to have enough cash flow from your salary to cover it.
-Your aim in charging rent should be to break even or come out slightly ahead in your mortgage. This is a long term investment and you'll see the gains the longer you hold/pay down the principal/realize gains in real estate value.

If you can afford the possibilities of fixing stuff and possible vacancy, you can survive it and it'll be a good investment for you.
 
Brett327

Brett327

Well-Known Member
None
Super Moderator
Contributor
theduke said:
I don't know exactly how long I'll be up there for beeps/squeaks and the actual Prowler RAG...I'm guessing 1-1.5 years?

I'm debating whether I should rent or buy up there, since unlike my USN counterparts, I'll be heading to Cherry Point upon completion. Does anyone have any insight as to how likely I am to generate positive cashflow through rental after I leave? what's the housing market around Whidbey looking like these days?

are there any drawbacks (assuming that you can break even or make money with renting), other than the potential headache of being dependant on a property manager from all the way across the country (or more)? any recommendations for property managers?

I'm tired of renting. It's so dumb from an investment point of view in the long term, not to mention the tax impact. I just don't know if this is a good buying opportunity, or if I should just wait and start accumulating real estate when I get to Cherry Point.
Click to expand...

As someone who owns (and rents out) a house in Oak Harbor, here's my take. If you're looking for cash flow, then don't buy a house there - here's why. When I got into my property, the median single family home was going for less than $200K. After the various expenses of renting, I do just a little better than break even because that's just where the rental market sits right now. There's a fairly decent supply of rental property with lots of turnover because of the military presence, so you can't jack the rent up too much or it will sit vacant. Today, median single family home is going to be $300-350K. That means your mortgage is going to be closer to $2000 vice the $1100 I pay in my own scenario. There is no way you are going to get $2000 in rent out of that home - more like $1400-1500 max. Bottom line, you're going to have negative cash flow, so that would be a liability for you when you leave. WRT property managers, I've used one for the last three years and it has been a hassle-free situation.

Now, another way to look at it is that the market has been moving deeper and deeper into the "buyers" market in the last 18 months, so houses are on the market longer and asking prices are in decline. If you get in for the long haul, this is a good time to buy a house, and I am, in fact, looking to buy a second house. Values will increase and you will make money in equity, so that's an alternate way of looking at things. The house I bought in 2001 for $152K is now worth ~$350K. So, it's all in how you look at things. Let me know if you have any further questions about this, Whidbey, or 129. BTW, it shouldn't take you any longer than 12 months to get through AVEWS and 129.

Brett
 
Flash

Flash

SEVAL/ECMO
None
Super Moderator
Contributor
theduke said:
I don't know exactly how long I'll be up there for beeps/squeaks and the actual Prowler RAG...I'm guessing 1-1.5 years?

I'm debating whether I should rent or buy up there, since unlike my USN counterparts, I'll be heading to Cherry Point upon completion. Does anyone have any insight as to how likely I am to generate positive cashflow through rental after I leave? what's the housing market around Whidbey looking like these days?

are there any drawbacks (assuming that you can break even or make money with renting), other than the potential headache of being dependant on a property manager from all the way across the country (or more)? any recommendations for property managers?

I'm tired of renting. It's so dumb from an investment point of view in the long term, not to mention the tax impact. I just don't know if this is a good buying opportunity, or if I should just wait and start accumulating real estate when I get to Cherry Point.
Click to expand...


Don't listen to Brett, buy my house..........:D

Actually, renting is the better bet for Marines.
 
A4sForever

A4sForever

BTDT OLD GUY
pilot
Contributor
Seriously ... for a "regular" Navy tour @ NUW .... BUY !!!

For a USMC, I'm just passin' through training tour @ NUW .... RENT !!!
 
feddoc

feddoc

Really old guy
Contributor
Mmmm, thread jack here....


There is a young Ensign...JG by now, maybe. He was with the RAG at Whidbey.....about two years ago.

However, he showed up at my place and caused a bit of a stir......seems he liked to travel with his hamster....said hamster escaped from his cage and scared the crap out of the maids.

I get a frantic call from the BOQ manager...."XXXX, please inform Ensign XXX that pets are not allowed in the BOQ. His hamster got out and the maid has refused to service his room."

During a break in class, I pulled the youngster aside and grilled him about the hamster. Didn't have the heart to ask him why a single man would travel with his hamster.


'scuse me for the thread jack...the vicodin and Yukon Jack have the better of me and are forcing me to tell sea stories.
 
HAL Pilot

HAL Pilot

Well-Known Member
None
Contributor
142333912_7a4dd835f1.jpg
 
A4sForever

A4sForever

BTDT OLD GUY
pilot
Contributor
If I'm not mistaken ... :) ... I believe the operative word is "gerbil" ... not hamster. Even Mr. Gere would pale at the prospect of ..... a HAMSTER !!! :eek:
 
Brett327

Brett327

Well-Known Member
None
Super Moderator
Contributor
A4sForever said:
If I'm not mistaken ... :) ... I believe the operative word is "gerbil" ... not hamster. Even Mr. Gere would pale at the prospect of ..... a HAMSTER !!! :eek:
Click to expand...

What, is the hamster too girthy? This has got to be one of the most bizarre threadjacks ever. Someone keep the opiates away from the Doc.

Brett
 
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