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Should I Buy A House?


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#21 mike0331

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Posted 20 July 2018 - 14:47

 

You've got me confused on this...adjusted BAH? You somehow receiving dual BAH (for family not PCSing to Rucker) or something?

 

DOD BAH rate query for 36362 (Rucker) is $1149 w/dependent and $957 w/o dependent for W-1 is the reason I ask.

 

So apparently if you are guard you can get a BAH waiver for your home of record if you have a mortgage/own property... or so I'm told. I think you need to apply for the waiver on a case by case basis. I don't think it's dual BAH, I believe it's one or the other. 

 

As far as time to do work goes -- I'm in an awkward position because I can't really get a civilian career oriented job with my training on the horizon. Once I have all my final dates for training locked in I may move down a couple months early and knock-out the house-work. 

 

Mike


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#22 Sabell44

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Posted 03 August 2018 - 13:38

Perhaps a dumb question, but as an unmarried WOC am I required to live on base even if I can afford to live off base? I'm facing surrendering my animals otherwise so it would be worth it for me to bring them with me if I can.

#23 flanker

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Posted 03 August 2018 - 17:33

once you're a w1 you can live off post if you choose to 



#24 mike0331

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Posted 03 August 2018 - 19:07

Perhaps a dumb question, but as an unmarried WOC am I required to live on base even if I can afford to live off base? I'm facing surrendering my animals otherwise so it would be worth it for me to bring them with me if I can.

 Sparing you the classic animals are family members lecture (in the case of dogs), you can have dogs on base anyway. 

 

Mike



#25 Pluto

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Posted 17 August 2018 - 16:33

It really depends upon where it is. I have a strong background in real estate and economics. And I can tell you that the USA is about to see the prices of homes start to decline. Mostly because the interest rates are going up.

 

 

Also, fiscal policy. I don't know how you guys feel about Donald Trump so I won't touch that subject to much. But the border policies effect the housing market in the lower income areas too. It is discouraging illegal immigration. Which makes up of about 1/3 - 4/5 of the rental market in certain areas. That's why rent in sactuary cities is already on the decline according to https://www.rentometer.com/

 

Sense the rental market is what contributes to the rising price of investment properties. You can conclude that the price for multi family homes will go down.

 

Plus there has been allot of homes built to accommodate the population boom.

Now the price will go down because nobody is there to rent the homes. 

 

So in my opinion you should buy in areas near the ocean or lakes. And A and B class properties. Also, you can wait and find a ton of lease option deals on the horizon. If you don't know what they are. It's a way to buy a home from a distressed owner without a down payment at a 30% - 47% discount.

 

And you can bet homes near lakes and the "gaybor hood" will always go up. Also, if it's near a starbuck it goes up once that goes in. You can always PM me if you need help with that. I'll tell you how to do it in your best interst and not the brokers. Some times they don't tell you everything so they can profit.



#26 mike0331

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Posted 17 August 2018 - 19:59

Since I think I'll be able to keep this under 65K total cash investment, after a bit of sweat equity I think we'll do alright. It's a relatively low risk investment. While I don't disagree that vacation houses are money-makers, I don't have that type of cash at the present time. Also up here in NE it's very seasonal.

My questions here are somewhat specific to the Ft. Rucker area. 

 

Mike



#27 Pluto

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Posted 18 August 2018 - 10:39

Since I think I'll be able to keep this under 65K total cash investment, after a bit of sweat equity I think we'll do alright. It's a relatively low risk investment. While I don't disagree that vacation houses are money-makers, I don't have that type of cash at the present time. Also up here in NE it's very seasonal.

My questions here are somewhat specific to the Ft. Rucker area. 

 

Mike

If you have the VA loan you can get the down payment for the property from that. Also, I recommend getting a multi family house so the tenants from the other units will pay your mortgage. Then you can live there for free. Some place you can even profit from.



#28 mike0331

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Posted 18 August 2018 - 12:12

Going to use a HELOC and cash out refi.

Mike

#29 Sabell44

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Posted 22 August 2018 - 19:42

 Sparing you the classic animals are family members lecture (in the case of dogs), you can have dogs on base anyway. 
 
Mike


Isn't on base housing outside of the barracks given to married couples? There's little information in regards to moving and housing accommodations during these transitional periods. Is 1 week between WOCS and WOBC enough time to find an apartment should I need one? Any and all information about this would be very helpful

#30 Thedude

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Posted 22 August 2018 - 21:49

Isn't on base housing outside of the barracks given to married couples? There's little information in regards to moving and housing accommodations during these transitional periods. Is 1 week between WOCS and WOBC enough time to find an apartment should I need one? Any and all information about this would be very helpful


You qualify for a normal on post house as a single officer. One week will be plenty of time to find an apartment or townhouse, the market there is usually very open.

#31 Pluto

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Posted 31 August 2018 - 22:07

once you're a w1 you can live off post if you choose to 


While in WOFT. I have to live in the barracks? I want to use my VA voucher. Is that at all possible to do while completing my training.
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#32 mike0331

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Posted 05 October 2018 - 09:50

Is the closing something the JAG office or on base housing office will typically help with? 

 

Mike



#33 Thedude

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Posted 05 October 2018 - 10:29

Is the closing something the JAG office or on base housing office will typically help with? 
 
Mike


Help in what way? For the houses I’ve purchased the closing was done at the title company’s office for all the paperwork signing and transfer of ownership.
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#34 WApp

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Posted 05 October 2018 - 10:46

Sorry if this isn't exactly on topic here:

 

I've heard rumblings about Single Officers becoming roommates during WOFT and splitting rent.

 

Is there some type of HRC action that facilitates pairing like-roommates? for WOFT students during Common/Advance or is it a "word of mouth" type of pairing



#35 mike0331

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Posted 05 October 2018 - 11:51

Help in what way? For the houses Ive purchased the closing was done at the title companys office for all the paperwork signing and transfer of ownership.

Typically you have an attorney who organizes the title search, MLC, land survey and reviews the P&S, etc. I can probably do it myself but I'd rather have an attorney familiar with AL law and other potential local issues.

Mike

#36 Thedude

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Posted 05 October 2018 - 12:21

Typically you have an attorney who organizes the title search, MLC, land survey and reviews the P&S, etc. I can probably do it myself but I'd rather have an attorney familiar with AL law and other potential local issues.

Mike


I haven’t done that for either of my house purchases. I know there was paperwork detailing the title search/results/guarantee, land survey with boundary markers/easements/etc and obviously the P&S. To me it was all pretty straightforward both times. Is it common to have an attorney review it all and I’ve been doing it wrong this while time?

#37 mike0331

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Posted 05 October 2018 - 16:01

Yes, typically. It's usually about a $750-$1000 flat rate fee to have a law office handle the closing. Typically it's a practice that primarily handles closings, and it isn't exactly challenging legal work, but they negotiate the P&S, handle the title search, insurance, looking for liens, getting a surveyor out, etc. It mainly revolves around the P&S, there are ways a seller or buyer will word both the P&S and the offer to provide themselves maximum protection in the event something goes wrong. If nothing goes wrong, then no big deal. A P&S can be used to royally screw one of the parties if they don't know what to look for in it before signing. 

 

Mike


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#38 Pluto

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Posted 07 October 2018 - 12:21

Here are some very good pieces of financial advice. It's hard to find information like this. And most companies will charge you $300/mo. or something like that to tell you what I am about to right now.

 

You can reduce the brokers fees. If you want to apply 3% of the property value towards the closing costs instead of giving it to the broker. You can get your self a real estate license in 2 months after a quick test, before you buy it. 

 

You can also get a grant for a 0 or low money down mortgage. There are several, but here are the ones I know of

 

 

Once you have your home. You can start getting into the more advanced debt elimination. It takes a great attention span, and only about 8 years to pay off your home.

 

 

His channel has great financial advice for civilians. Veterans are almost in a separate country inside the united states. Certain states let Veterans eliminate all student loans and give perks to home owners. You should always check with your local home owners association to see what kind of benefits are available to you in your state.



#39 mike0331

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Posted 07 October 2018 - 13:12

^Make sure ya'll take your financial advice from "Pluto"


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#40 Pluto

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Posted 07 October 2018 - 14:40

Haha, thanks. Most of it comes from college, books, and youtubers.

 

Here is an article and document about how to get your student loan repaid if you are in the military.

 






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