[goldnblack]

My husband is in the military and we are looking at the possibility of moving out to Las Vegas. We would most likely be living in the area for 3 years and then moving on, but possibly returning after another 3 years. I have been reading through the forum and have noticed that many of you do not recommend 89149 because it has been hit so hard. However, this is really the desirable neighborhood for us since it is closer to Creech for my husband's commute.

My question is, do you think we are absolutely rediculous for considering buying a home despite the foreclosures since the prices are so reduced (we were looking at houses in the $100-125 range) and we will be getting a considerably high housing allowance ($1400) and are eligible for a VA loan? We would prefer to live in a single family home since we have a dog, so we would be paying much more per month in rent than we would if we bought. We are not sure what we would have to do with the property after three years since it depends on my husband's job, but would consider renting it if we were going to return soon. Any advise would be welcomed since we have so little knowledge of the area and this would be our first time buying a home. We are also looking at renting in the area and would welcome any advise regarding that.

[airics]

look at it this way, a mortgage would be around $800ish (just a guess).. so after 3yrs, do you think you can rent it for 800. ? Its hard to find an apartment for that money let alone a house...

[Daddys///M3]

I agree with airics. The guess on the mortgage payment was pretty close as well, although I would say that the closer you go to $100,000, the closer you will be to $800 a month. The closer you go to $125,000, the closer you will be to $900 a month. I would suggest you look into 89143 and 89131 as well. All pretty much the same area, but 89143 and 89131 are east of US-95, 89143 being closer to the freeway. All have been hard hit by foreclosures but if freeway traffic is any indicator there are many folks moving to this area. Market rents in the area range between $1100 a month and $1400 a month based on what I've seen. VA interest rates are at 5% right now, so that coupled with a nice tax credit makes it a no-brainer in my opinion.

[RedRockAAAA]

I agree, with all that you have going for you, its a no-brainer. Go for it.

[goldnblack]

There is a possibility we are not going to return and would want to sell in three years. Would it still be a no-brainer?

[airics]

noone can predict what it will be like in 3yrs but look at it this way...lets say you rent at 1400 a month x 36. you have thrown away over $50k on rent alone and received no tax breaks.. so now lets say you paid $125k for the house, how much could you lose seriously... so in my opinion, its still a no brainer.. BUT buy in the right area... not in the northeast... buy north of craig west of 15 if you are looking in the north

[Daddys///M3]

Originally Posted by goldnblack

There is a possibility we are not going to return and would want to sell in three years. Would it still be a no-brainer?

If you bought, regardless where you went in 3 years and what your plans were after that, renting out the property would be a no-brainer. Think of it this way, there are quite a few people right now that are buying investment properties out here, putting 25% down and getting much worse rates. You would have a place to live for 3 years, you would spend less on the mortgage than on rent, you would get not only the tax credit (which of course does not need to be paid back) but the interest and property tax writeoffs, and when you decided to pick up and move you would have a cash flowing investment property.

I know what I would do.

[Kalbo]

The Air Force has gone to 4 year tours, so it is likely you will be at Nellis for at least four years.

I agree with those who say buy, now is a great time.

[olecapt]

Buy. At three years you have a better than 50/50 chance of getting out even or better. And if you don't the loss will be less than you would have lost renting.

I would also supect that you may not want to sell and may well be able to pull a few hundred a month from such a home for years.

And for Creech you can even go to 89129. I easily do Indian Springs in a half hour and I am well inside and in the middle of 89129

[goldnblack]

Thank you all for your advice. We are really looking into buying our first house and excited about it. We are not sure we would want to be long distance landlords, but if that is what is necessary at the end of the 3 years (it would most likely be 3 not 4, we'd be at Creech doing a UAS tour) we would do what we need to do. I know we can't know the future, but it looks like buying is a great option. Your opinions back up what we had been thinking all along. Thanks again!