Military In San Diego. Should I buy or rent??

[Sebastien Carriere]

My current apartment offered me a new lease for 2,032 and I'm having trouble coming to terms with paying this amount for rent. My income after deductions is 70k and my wife's annual income is a little over 50k. We both are mid 20's and have no debt or kids. My idea in this market would be to buy and sell once we leave or possibly buy and rent (using a agent we personally know to manage the property once we leave). I would probably use the VA loan although we could front about 60k for a down payment if it makes more sense. My other idea would be to continue renting and look to start getting into either turnkeys or general investing out of state. This obviously is a personal decision, but please let me know if there's something I'm missing or forgetting. Thanks a lot.

[Donald E Appleberry]

@Sebastien Carriere

Hey man,

Full transparency I'm a real estate agent in SD. Prior Recon Marine. Got into real estate about 4 years ago. I help people use the VA loan to invest, not just buy a temporary home.

With that being said, it depends. You definitely can pay about the same price for owning home. MAYBE a little less. However your principal paydown, appreciation, and potential rental income serve you 1000000000 times better for a 3 year stretch. I’m assuming that’s how long your orders are.

I’m in escrow with a Marine client for a $1.13M triplex, but due to rental income his mortgage is less than $1500. Yet, he’s getting the benefits from owning that property. (Seller is also paying him 15k for closing costs) in the end, it’s doable. Just be careful on your lender and agent you work with. Like most industries, there’s people without a sound moral compass.

Feel free to text or call me (PM me for number). Even if you don't want to use me I'll help how I can. I'm holding a real estate meet up in downtown SD soon as well, come by and chat with other VA investors. Check out "From Military to Millionaire " on Facebook too. David is a good friend of mine and writes for BP occasionally. Hope this helped!

All the best,

Donald Appleberry