Looking for advice on selling/renting my house due to PCS

PO1 Private RallyPoint Member — Thu, 09 Oct 2014 23:35:35 -0400

I bought a house and was hoping for a local command change. My Detailer had other ideas. My house is currently worth more than I paid for it I would like to sell it so i don't have to worry about it and i only have about 5 months before I leave. Any advice or similar situations would be helpful

Response by SSG Private RallyPoint Member made Oct 10 at 2014 12:29 AM

SSG Private RallyPoint Member — Fri, 10 Oct 2014 00:29:09 -0400

Honestly, the best thing to do would be get a property management team and rent out the house. I know most people dread hearing this but if you think about it it makes sense. The first problem is figuring out IF you can rent it out for a decent amount to make at least a slight profit. For example, if your mortgage is $700 but rentals go for around $900 then you can probably rent it out for about $850-$950. OF course there's the other end. If your mortgage is $1200 and the rentals go for about $900 then you're more than likely not going to get at least $1350 to cover the mortgage. In that case, the best bet would be to sell it ad move on.

Personally, I recommend the rental route because there is always a demand for rentals especially around military areas. You know it's going to be rented out and you'll also know the individual CAN pay since they receive BAH. By doing this, you have someone else pay your mortgage while establishing equity in the house. Get it refinanced every 6 years or so and you can make some decent money off of it. Later on when you retire, you can sell the house, take the profit from it and use it to buy/build your retirement house.

Just my 3.57 cents worth. If you want to chat more, let me know.

Response by SN Jennifer M. made Oct 27 at 2014 6:26 PM

SN Jennifer M. — Mon, 27 Oct 2014 18:26:55 -0400

I absolutely LOVE the website http://www.militarybyowner.com

MilitaryByOwner Real Estate - Military Homes for Sale and Rent near U.S. Military Bases

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Response by Maj Diane Varni made Oct 23 at 2021 11:05 AM

Maj Diane Varni — Sat, 23 Oct 2021 11:05:06 -0400

Unless your a nervous nellie who thinks tenants will deliberatly break things; Renting is my recommondation. We have better income in our retirement from rentals than combi ed military retirement. Bought a home at each duty station and did 1031 exchanges to retirement areas...so I can locally manage. Just paid cash for new cobstruction townhome and the rental income there is about equal to my ssa.