I'm about half way through my 4 years of being in the military. I want to buy a house in oklahoma. 40,000-120,000 dollar house. Now should I do It now and how would I do that? or should I wait till I get out?
If I did It now I would either find a company to take care of it and or have someone living in the house paying rent right?
Please give me a detailed answer.
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You details on the renting are a bit ambiguous. Are you stationed in Oklahoma and considering renting it out when you ETS, or are you somewhere else hoping to move to Oklahoma in a couple of years? If it's the latter, you won't get the tax credit. You also won't be able to do it on a VA loan, as owner occupancy is required by the VA within 60 days after closing.
If it's a home you're planning on moving into now, your loan application will go much more smoothly now, since you're currently employed and have been with the employer for a couple years. Prices are low, interest rates are low and if you close on or before November 30th, you get the 8k tax credit.
chatsplas
Long distance LL can be a serious problem and expensive.
You need to be sure that the house will be readily rented, at enough to cover your mortgage, and that it will be readily marketable, to sell it if necessary. Many in the military buy a house at every posting, and rent them out when moved on. Sometimes it works well, sometimes it doesn't.
?
If you find a 40k house and can immediately rent it for 700, and get a property management company to deal with it, then I would say yes.