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Updated over 4 years ago on . Most recent reply

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Jonah Bosma
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Is Buying the Best Option for me?

Jonah Bosma
Posted

Hello BiggerPockets members!

My name is Jonah I am 22 years old and in the military. In February of 2021 I will be moving from Virginia to Jacksonville Florida for my next duty station, and I will be in Jacksonville Florida for about 4 years. My current dilemma is do I buy or rent? Some of my biggest fears of taking out a mortgage is debt! I have not had any debt ever and currently have about 30k in savings and 40k in mutual funds/investments. If I take out a mortgage should I put any down (using a VA loan) if I'm most likely going to move in a 4 years. OR should I not put any down and use that money to put it in some type of investment? If I rent it makes me not responsible for anything thats happens with the house/apartment, but I would be throwing away money.

I would love to buy a house, I love projects and home ownership is something I've always wanted to achieve. 

Thank you for any advice.

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Michael Robbins
  • Property Manager
  • Henderson, NV
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Michael Robbins
  • Property Manager
  • Henderson, NV
Replied

If you are in a strong rental area then I would consider buying a property that needs a bit of work and put improvements via sweat equity over the next four years.  In determining a good rental area it would be good to touch base with a Realtor and Property manager in your local area.  Make sure the current rental rates can cover your mortgage expense. The rental rates will change in the next four years but at least this gives you a starting point.  At the end of the four years you can analyze whether selling or renting your property is best.  

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