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Updated over 4 years ago on . Most recent reply

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Jacob Nolan
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Military buying in Oahu

Jacob Nolan
Posted

Hey guys, brand new here. Still learning and not very knowledgeable about this stuff yet. Im in the military and finishing up my first tour in CT and absolutely hating the fact that I’ve been renting for 3 years. So I’d like to buy a house for my next duty station. Unfortunately I chose to go to Oahu.

I’d like some advice on what to do here. I move out there in about 4 months, and plan on only doing 3 years and moving again. I’d love to buy a house at every duty station and turn it into a rental, but I’m also open to other ideas, I’ve considered selling after three years as well so I don’t have to deal with a huge debt and property management company from 5000 miles away, especially as a first time landlord. 

I would need to use a VA loan, the limit for which on Oahu is 763k. I'm looking to live in the property for 3 years and then turning it into a rental. I don't know what my schedule will be like, I could have a ton of down time or I could be away from home more often than I'm home, so I'm not sure how much rehabbing I can realistically accomplish in 3 years.

I know I’m not giving many specifics here, but some general advice or specific things to research or read up on would be a huge help. Part of me wants to play it safe and rent again, but I’m hoping someone can give me a good face punch (if there are any mustachians out here) and convince me it’s worth buying something. 

Thanks so much!

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Jacob Nolan
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Jacob Nolan
Replied

Doug, thanks for that insight. I couldn’t have asked for anyone with more experience for my particular situation. I’ll do what you suggest and get a some roommates and focus on saving and buying a home at my next command. 

Jaysen, I believe you have to live in the home for at least a year so I don’t think that would work. Also I don’t want to rush into anything right before I leave. 


I’m gonna take the next few years to educate myself more and get more comfortable with buying rental properties, I’m very hesitant to try to buy anything on the mainland from Hawaii for my first time. Anyways, thanks all for the advice, I appreciate it!

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