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Old 08-14-2010, 03:59 PM
 
2 posts, read 4,208 times
Reputation: 10
Default Navy move to Millington--where to buy a house as a short-term investment?

My wife is Navy and will be stationed in Millington in the fall. We expect to be there until early 2014.

Looking at rent vs. buy prices and the VA mortgage option, we're leaning toward buying. We would either have to sell in 3 years, or make it a rental when she is reassigned to a new station.

We don't plan on having children during this time, or have any other requirements for the house. Our main priority is getting a good buy that will hold (or increase) value in that time frame, in a desirable location.

What areas are our best bets? I've been looking at Millington and Bartlett houses so far.
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Old 08-14-2010, 04:40 PM
 
Location: Memphis
369 posts, read 704,151 times
Reputation: 222
I like that user name. crazypook. That's a good one. lol I'd say you've got your search area about right. If you want more options, I'd say you could also look towards Atoka, TN as well. It's a bit more rural than the Millington and Bartlett. But if you would like more options you can give that one a try. Also, checkout Mud Island. The drive wouldn't be all that bad IMO and homes usually sell pretty quick out there. The houses there also might be a bit more pricey depending on your budget.
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Old 08-14-2010, 09:04 PM
 
Location: Memphis tn. 40 years
51 posts, read 61,519 times
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Millington and Bartlett are two good areas. What is your price range ? Also you might want to think
twice about renting your house later. Financially it is not a good idea.
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Old 08-15-2010, 08:58 AM
 
Location: Collierville, TN
733 posts, read 1,427,176 times
Reputation: 300
Arlington seems to be growing and gaining in reputation, and not too bad a commute from the base.
http://www.city-data.com/city/Arlington-Tennessee.html

Even though you don't plan on having kids, looking at quality of local schools is extremely important since you're not planning on staying in the home, the next renters or buyers might care, and it affects property values.
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Old 08-15-2010, 10:48 AM
 
201 posts, read 320,002 times
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well...here's my opinion based on my experience as an investor...in a lot of things

2014 is not that far away, the economy is in the tank, ans will be for a while...but things may have bottomed by the end of this year...I see pockets of value in several spots in the SE, and plan to take advantage even more..

my opinion is that stable areas always seem to do well over time...but I would avoid 'competing with a developer/builder' if he has not completed a subdivison of course...

areas far east and near decent schools are key for re-sale in the Memphis area..stay away from most anything in Cordova...no no no....nothing in Hacks Cross area...no no no

Arlington, Eads, Collierville, even a zero-lot or condo in Germantown proper...


on balance though, I would tell you not to buy a dammn thing...just rent given your schedule and military uncertainty...too many deals out there to strap on a mortgage, plus most landlords will provide you a military clause to cancel the lease...

my opinion only

good luck
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Old 08-16-2010, 08:50 AM
 
Location: East Memphis
835 posts, read 1,175,554 times
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Great Post Weisenheist!!!!

Last edited by Tigertate; 08-16-2010 at 09:29 AM..
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Old 08-17-2010, 09:17 PM
 
2 posts, read 4,208 times
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Thanks for the advice.

I have seen some properties where the listing price looks very low compared to the estimated value, with the sellers willing to pay closing costs. This is very tempting, especially when I see the high price of the better looking apartments. But even if we buy and don't lose value, I'm afraid of being stuck with a house that no one wants in 3 years.

As far as renting, there seems to be a HUGE gap between the cheap and expensive apartments, with no middle of the road rentals available. At least not near the base. And I haven't found a decent house for rent under $1,150, which we can't afford. This is especially frustrating when we could buy a 3 bed 2 bath house and have a $600-650 payment.
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Old 08-18-2010, 10:08 AM
 
Location: Collierville, TN
733 posts, read 1,427,176 times
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Quote:
Originally Posted by crazypook View Post
Thanks for the advice.

I have seen some properties where the listing price looks very low compared to the estimated value, with the sellers willing to pay closing costs. This is very tempting, ....
Remember, there was a huge flood in Millington this year, with hundreds of homes affected. People may want to get out! I volunteered one day to clean out flood debris in some homes, and many of them were rentals owned by military families. I'm sure they'd have to tell you eventually in non-disclosure if the home was flooded.
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Old 08-18-2010, 08:12 PM
 
8 posts, read 11,845 times
Reputation: 19
Quote:
Originally Posted by weisenheist View Post
well...here's my opinion based on my experience as an investor...in a lot of things

2014 is not that far away, the economy is in the tank, ans will be for a while...but things may have bottomed by the end of this year...I see pockets of value in several spots in the SE, and plan to take advantage even more..

my opinion is that stable areas always seem to do well over time...but I would avoid 'competing with a developer/builder' if he has not completed a subdivison of course...

areas far east and near decent schools are key for re-sale in the Memphis area..stay away from most anything in Cordova...no no no....nothing in Hacks Cross area...no no no

Arlington, Eads, Collierville, even a zero-lot or condo in Germantown proper...


on balance though, I would tell you not to buy a dammn thing...just rent given your schedule and military uncertainty...too many deals out there to strap on a mortgage, plus most landlords will provide you a military clause to cancel the lease...

my opinion only

good luck

I would go even further to say that Arlington, Eads, and Collierville are too far out east and unestablished. If gas prices shoot up again, which is sort of a looming danger of an economy recovery, these far-flung areas will get pretty undesirable pretty quick, especially since really all Arlington and Eads have to offer is value. They are bedroom communities with few employers, if any. If you're one of the few employed in Collierville that can afford to live there, it's probably decent. Germantown and (the good parts of) Midtown are established and highly desirable, but overpriced, which is stupid for an investment. Those are lifestyle communities. Best bet is E. Memphis. It's got a large inventory and decent but not unbearable demand, so properties are fairly liquid, and there are a ton of high-paying jobs in close proximity, so even if gas prices shoot up, you're not SOL.

I agree with you though, 3 years isn't long enough to own a home to get over the cost of purchase and sale. If you look at averages, a home isn't really an investment until you live in it for 10+ years. Everything else is a fluke and dumb luck. You've got a very real risk of not being able to sell it or rent it out for enough and/or something costly happening that doesn't exist in a renting situation. And if you think FSBO is an option, the vast majority of FSBOs eventually turn to the real estate cartel for help.
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Old 08-22-2010, 09:56 PM
 
132 posts, read 205,471 times
Reputation: 53
Quote:
Originally Posted by weisenheist View Post
well...here's my opinion based on my experience as an investor...in a lot of things ..........
stay away from most anything in Cordova...no no no....nothing in Hacks Cross area...no no no
...........my opinion only

good luck
Ok . You've put down Cordova on several threads. What exactly are your reasons for forming that opinion?

I am looking for property and Cordova is on my list. What do you know that I don't?
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