My wife and I plan to get started in investing as soon as we are able to. I’m currently in the reserves and live in GA. I’m changing my job in the military and am going to be sent to Wichita Falls, Texas for training for 10-12months. We have never owned a home and have kids. The plan is after I’m done with the training we come back to GA. But there is a possibility I could get a job offer elsewhere and we move somewhere else or even stay in TX.
What we are trying to decide is whether to buy a house while there, with the intention of either selling it when we leave or holding onto it and renting it out. Being a military area I would imagine there is a good demand for rentals. Especially for the type of house we would buy, probably something like a 3bd., 2ba. family home in the 70-100k range.
What is most important is that we are able to get a house once I am done with school and we are settled into the area we plan to stay for a while.
I’m wondering if it would be a good idea, especially being first-time home buyers, for us to get a house and plan on being able to sell it or rent it out.
Would we be taking on too much risk? If we ended up unable to sell quickly and having to move away and rent it out, would it hurt us more than help if we were to try to get another home in a different area?
I know the question is kinda vague and uninformed. But I guess I’m looking for some seasoned advice on whether looking at just the basics if it’s even worth giving a second thought, before I start looking in-depth.
If you can find a bargain property then you may want to buy. Something where the sellers are forced to sell or a repo. A year is not very long to try to try to buy at retail and hold for appreciation. Being uncertain if you plan to stay after training is the hard part. If you can find a bargain that you could sell for a 20 to 25 % profit in a short term would leave you options later to keep and rent and make some cash flow or resell for a quick profit and still enjoy ownership. It may be hard to find a super deal from Ga is really only small problem that you need to overcome. With the right contacts you can do it.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
I don’t know how easily we would be able to find a bargain. Don’t really have a lot of money or time to do much traveling there before we move. Also I would guess most likely a bargain would probably need fixinig up or some type of rehab??? If so, our money and time is going to be kinda tight while I go to school.
Although my wife is really wanting to stay in TX after the school is over. (We lived in Killeen for a few years). Houston, Austin, or Dallas area. So maybe renting might be a viable option??? Though Houston and Austin are still kinda far from W. Falls…
I guess I’m leaning towards having to rent it out after I’m done with school as most likely what would happen. I’m most worried about ending up stuck with the house and causing problems getting another house after I’m done with school and we go to settle down.
That does sound like the best idea for now until you decide where to stay for a while. My Grandpa loved Crawford Ga and never moved from there. I too thought I shared his love for Ga but here I am in Austin. At least it is a beautiful city too. My sister is in Austell and teaches there. She loves it too.
Be glad to help any way I can
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile