All Forum Posts by: Brent Taylor

Hello all!

I just created an account after reading and listening to threads/podcasts for the past few weeks. Firstly, I want to apologize if I am not posting a unique discussion and this overlaps with a thread that I have not yet seen. I have a lot of questions about owning and renting out a house.

Background: 

I am going to commission as a 2nd Lt in the Air Force and am heading to San Antonio (Randolph AFB) for training. Because of this, I somehow qualify for a VA loan ($0 down). I intend to buy a house and rent it out to myself and 3 other roommates for a year. There are two reasons why I want to buy a house 1) Because I want to start the learning process early in the hopes of one day owning many different properties 2) Because my father, a USAF vet who rented out 1 property in the past would be within the local area. Basically a point of contact when I eventually have to move.

I have not begun house hunting yet as I haven't had the time to go to the area in person. However, I've compared mortgages of 4 bedroom houses (new properties), added property tax, and insurance at 1% of the property's value. I'm still in the early stages but I'm looking at new properties between $160-190k next to the base. 

My questions are:

-Are there other costs associated that I need to know about?

-For a $180k house (with insurance,tax,mortgage) how much would you charge for rent? 

-What is a reasonable profit amount?

-Any concerns that come to mind for you experienced folk

I hope this discussion finds everyone well and hope everyone has a great day!

-Brent