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Buying Condo in P-Cola

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Pilot123

Member
pilot
I just wanted to get some thoughts from those out there regarding what they think when it comes to the idea of buying a condo in Pensacola for API and primary and then keeping it to rent out as an investment property after leaving the area? I've seen some that look pretty nice for under $160,000.

Any responses will be appreciated.

Thanks!
 
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navywareagle

HSC3 RP
it's doable but would be difficult as an O1. you only get one housing allowance so, after you move, if the condo doesnt rent (or another hurricane passes through), then you better have some money saved up. however, it is a great tax write-off. if you don't have any student loans to pay off and you're good with money, then go for it. the market in pensacola is great right now because no one is buying and real estate is selling for cheap. and if you get a two bedroom, then just find a couple of new selects to rent it to. A family friend of mine (a single navy nurse that has been in for 19 years) has a nice town house in pensacola and a nice condo in virginia beach. She has been real lucky with keeping them rented mostly to other navy people. Both are paid off so she pockets the rent payments.

about the townhouse in pensacola...if I get selected, i will possibly be looking for a roomate. it's in east pensacola (about a block from senic and olive) 3 bedroom with a nice hot tub in the back yard.
 
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wreckmaster

New Member
Jmetx,

Real estate is a great investment, but just be aware that it will carry a certain degree of risk (as navywareagle has pointed out). First piece of advice to you would be to read as much as you can. Two books that got me off on the right foot are Kiplinger's "Buying & Selling a Home" and Bridget McCrea's "Home Buyer's Question and Answer Book." Start looking over your credit reports and find areas where you can make improvements. Start shopping for cheap interest rates, perusing the MLS and contacting Realtors if you choose. Bottom line is to research this decision as much as possible; hell, it may cost more than anything you ever buy again in your entire life.

I'm a primary student in Corpus (for 2 more days at least) and decided to purchase a condo out here and found that no matter how much research you put in, there will still be unforeseen expenses. Just make sure you factor in HOA fees, property taxes (these are a ***** in TX), insurance costs (if not covered by your HOA dues), and other miscellaneous costs in addition to the principal and interest payments.

Shoot me a PM if you have any specific questions.. I'm more than happy to elaborate on the benefits / costs thus far.

-wreckmaster
 
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