DamonR01 asked:
My job made about 86000 this have steady income and have steady income and have steady income and no risk of money to get really good deal on some property and no risk of which is tax free since im in either condo or property in vegas since im saving up currently deployed.
Caffeinated Content
My job made about 86000 this have steady income and have steady income and have steady income and no risk of money to get really good deal on some property and no risk of which is tax free since im in either condo or property in vegas since im saving up currently deployed.
Caffeinated Content
Las Vegas Deals
I would wait until you get back. I am not sure you would be able to get a second mortgage easily while deployed. First thing is to contact a real estate agent in Las Vegas, they can help you with all your real estate needs.
July 3rd, 2009 at 11:18 am
Caffeinated Content – Members-Only Content for WordPress
Getting a second mortgage is next to impossible right now especially on a rental property.
A couple of things you will want to consider before buying a rental property out of state.
1) You will probably want/need to hire a property manager or management company. This will add to your expense.
2) You will need at least 20-25% down because Vegas is a declining market. You will also need 6 months worth of BOTH mortgage payments in reserves.
3) Make sure you have a plan including how long you want to hold on to the property (this will help in deciding the terms of financing you need) and an exit strategy.
4) Research rent rates in the area you want to buy. If your mortgage payment is say $1,400 per month but the average rent in the area is $1,000 you will have a hard time covering your mortgage payment.
July 6th, 2009 at 11:11 pm
Website content
I would only buy in Vegas if you plan to stay there for at least 7 years. There is too much inventory on that market for you to be able to sell easily if you get moved to a different base or redeployed.
July 8th, 2009 at 3:33 am