Military buying in Oahu

[Jacob Nolan]

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!

[David Pere]

@Jacob Nolan long answer, short. It can be done, but is not easy on Oahu. Doug is a finance wiz, and knows what he is talking about for sure. That being said, there are ways to buy right and still do well depending on where you want to live. One of my friends just bought a condo that appraised for $80k more than he paid at closing, and should easily be able to at least break even when renting, if he doesn't sell.

i was stationed out there for three years, and built some good relationships with local investors, happy to jump on a call if you would like to talk through things a little more. Either way, best of luck on your hunt!