All Forum Posts by: Bain Craddock

BiggerPockets Family,

I am active duty Air Force currently in Denver, CO but am about to move between December and May 2019. I bought a condo in Denver (plan to Air Bnb or rent when I move) and am looking to refinance in order to recapture my full VA loan, then buy a duplex/tri/quad in either Phoenix or Houston. I have an active duty job offer for Phoenix and a National Guard offer for Houston. I plan to House Hack the duplex/tri/quad and keep them as long term rentals with the exception of the unit I'll be living in. The VA loan covers a $450k purchase (given that you qualify...I will) with no downpayment. I have 3 questions for you as I'm relatively inexperienced and definitely not familiar with either location.

From a real estate perspective only:

1) Would you choose Phoenix or Houston? And why? I'd prefer a property that only needs cosmetic work and is located near a good part of town as well as an "attraction"- ie baseball stadium, hospital, concert venue- so I'll have the option to Air Bnb if I choose to.

2) Generally, which city has a higher profit on rentals?

3) Where would you find the deal?

4) For those of you in these areas, does 450k even cover a duplex/tri/quad?

Thank you all so much for your help!

BiggerPockets Family,

I am active duty Air Force currently in Denver, CO but am about to move between December and May 2019. I bought a condo in Denver (plan to Air Bnb or rent when I move) and am looking to refinance in order to recapture my full VA loan, then buy a duplex/tri/quad in either Phoenix or Houston. I have an active duty job offer for Phoenix and a National Guard offer for Houston. I plan to House Hack the duplex/tri/quad and keep them as long term rentals with the exception of the unit I'll be living in. The VA loan covers a $450k purchase (given that you qualify...I will) with no downpayment. I have 3 questions for you as I'm relatively inexperienced and definitely not familiar with either location.

From a real estate perspective only:

1) Would you choose Phoenix or Houston? And why? I'd prefer a property that only needs cosmetic work and is located near a good part of town as well as an "attraction"- ie baseball stadium, hospital, concert venue- so I'll have the option to Air Bnb if I choose to. 

2) Generally, which city has a higher profit on rentals?

3) Where would you find the deal?

4) For those of you in these areas, does 450k even cover a duplex/tri/quad?

Thank you all so much for your help!

Welcome! I'm working in Aurora right now....and should probably close the 6 BiggerPockets articles I have open right now.

Hey BP! I'm active duty Air Force stationed at Buckley AFB in Aurora. I have been here 2 years and am now interested in buying. About a week ago I was pre-approved for the VA loan, found a realtor, and started looked near DTC. Needles to say, prices are high (as they are all over Denver). I've listened to podcasts on BP and I chose the Arapahoe/DTC area because the commute to Buckley is relatively short. I also wanted to have a place near the light rail/DTC in order to rent the condo after I move. I'm looking to rent the other half of a 2 br while I'm here (9 more months), or likely Air Bnb it. As some others have mentioned in the forums, I don't see real estate taking a dive anytime soon, but I'm basing that on low interest rates for 9 years pushing capital into markets (national viewpoint) and also a continued strong job market in Denver (local viewpoint). The property I have found would barely pass the 1% rule once I rent the condo after I change locations. If rent prices drop I'd likely be breaking even. But given that I need a place to live anyway while I'm here, I would rather buy than rent. It needs to be a good investment, though. Just in case the offer isn't accepted, I started blanketing the building in the complex with small flyers with my picture and a short explanation of wanting to buy in that area and that I'm pre-approved (If you live there...sorry for soliciting 🤷‍♂️). BP users, is any of this a good idea? Should I be waiting to buy? Anyone know of any deals in this area? Am I on the right track by getting in the game with that first property? Let me know your thoughts! Thanks!