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Old 11-20-2011, 01:16 PM
 
Location: nc
436 posts, read 1,295,880 times
Reputation: 456

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DH and I want to move to the colorado springs area in another three years. DH is in the military and we're hoping to pcs there before he ets's but I'm doubtful that will happen.

We were thinking of buying a house in fountain now and renting it out. We figured it would be easier to find renters near the military bases. If we were to pcs there, then we would move into the house. If we did not pcs there, we would just move there when DH ets's in three years. In which case we would still move into the house. DH wants to use the gi bill and go to UCCS and I was hoping to have a family child care out of our house.

Does this sound doable at all? I'm not sure how else to get out there when DH ets's if we don't already have jobs lined up. I found a really nice, affordable house that I think would be perfect as a rental and would also work perfectly for a family child care. Obviously we would go out there and see the house and the area before we did anything permanent, but I don't want to waste our time if the whole thing is a bad idea.

So I guess I'm asking if there is a good market for rentals and child care homes in the fountain/colorado springs area?

TIA
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Old 11-20-2011, 04:33 PM
 
5,003 posts, read 6,678,903 times
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It sounds doable, but I guess things could go either way for you. I think there is a good market for child care and a decent market for rentals.
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Old 11-20-2011, 06:03 PM
 
794 posts, read 1,491,804 times
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There are few jobs on the planet more frustrating than operating long distance rentals. If you can find a competent rental agent, and can get at least enough rent to cover the payment + taxes + insurance + agency fees + about three times as much in repairs as you would have ever believed possible, then it might work.

I am NOT saying you cannot do this. I am saying you need to go in with eyes wide open.
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Old 11-22-2011, 08:56 AM
 
Location: Colorado
9,734 posts, read 6,265,376 times
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One thing I need to mention which might cause you issues: getting a mortgage on said house. I was wanting to get a VA loan on a place back in our home of record, DH was possibly going to Alaska (we thought at the time) and me & fam were gonna go live by his folks. The idea was, if/when they sent him someplace that was NOT Alaska, we'd rejoin him and then his family back home could manage the home as a rental for us (since they lived a block away)...then when it's all over, we'd have a house back in his home state to go back to. Seemed like a sound plan.

Well the VA lenders said, if HE was not going to be living there as his primary residence immediately, then it would be handled like a second or business loan (even though it was our first home loan) and we would have to put down 20% just like any other mortgage. I called big banks as well as USAA and official VA loan & military affiliated types to make sure, that was their answer. Even though we're married and all, it is HIS VA loan. HE must make it a primary residence.

So what I'm saying is: If you're prepared to make a big down payment, this won't be a problem for you. If you're counting on getting a VA loan with a low or no down payment option, that isn't likely to happen under the circumstances you describe. Call lenders and talk to them before you plan anything further. They'll tell you.

Otherwise, good luck to you no matter what path you take!
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Old 11-29-2011, 08:01 AM
 
3,493 posts, read 4,701,296 times
Reputation: 5358
Quote:
Originally Posted by Arrby View Post
There are few jobs on the planet more frustrating than operating long distance rentals. If you can find a competent rental agent, and can get at least enough rent to cover the payment + taxes + insurance + agency fees + about three times as much in repairs as you would have ever believed possible, then it might work.

I am NOT saying you cannot do this. I am saying you need to go in with eyes wide open.
qfmft

well said.
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