here's a brief overview of the situation:

I will be moving back to NC, stationed at Cherry Point, somewhere around June (maybe even late May). To start with, I can live in Havelock (where the base is located), or in New Bern, Morehead City, Newport, Harlowe, or even potentially Atlantic Beach (although that's kinda far and prob more money than I want to spend). That's not the thing I'm trying to decide, though.

I'll be going to Iraq in September for a 6 month deployment (and then pretty much 6 months on, 6 months off for the foreseeable future, along with, I don't know, maybe a month out in AZ/NV/CA or wherever during the time I'm "home".)


What I can't decide is what to do about a place to live. So far, I've considered 3 main options.

In no particular order:


1. Buy a decent size (25' or so) travel trailer (probably here in WA, and use it to haul all my stuff and sleep in on the XC drive). Live in it for the few months I'll be in NC before deployment. Would be inexpensive; wouldn't have to worry about lease agreements, etc; would be easy; could sell for pretty much what I paid for it whenever I leave for Iraq; would be kinda nice to live on the RV park on base just a couple of minutes from work; could take it up to Raleigh or to the beaches for the weekends.

Would strongly consider buying a house upon arrival in NC, then immediately renting it out (and just living in the travel trailer until getting home from deployment). Hopefully I could break even on rental income vs mortgage payment and expenses.

This is what I was leaning towards until I realized how much montly rates at RV parks are (several hundred dollars per month). I don't know that I'm willing to pay that just to live in a trailer!



2. Rent a cheap apartment (either a studio or split the rent in a bigger place with a friend or two). This would only work if I am able to break the lease when I deploy (since it's not a change of station...I don't know how that works).

Could still immediately buy a house and rent it out. Otherwise, would just buy a house when I get back.


3. Buy a house immediately and live in it. Try to find a roommate or two (though problems could arise if they are also military and face deployments, and also would be very choosy about roommates, since they'd be living in MY house with me not there part of the time).

3/27/2008 3:44:46 AM

I suggest option 3 IF you can get the mortgage. The credit market is a lot worse right now than most people know. It's to the point where, to prevent banks being afraid to loan to each other, the federal reserve is creating an auction system for short-term loans to cover things like customer withdrawls.

To secure a mortgage right now you'll have to have either great credit or a cosigner with great credit. Not sure what benefits military types have (GI bill?) but if they help you out then go for it. Housing prices in the New Bern area aren't that bad. If you can find a good site to check the drop in housing prices over the last 6 months and they're around 10% lower, then it's probably ok to buy in terms of an investment.

Of course, I am talking out of my ass. You should probably talk to a family friend who works in investment banking if you can find one. The market is really fucked up right now and buying a house could be extremely risky- particularly if you're having to manage payments while deployed. Appartment is safer, house is traditionally smarter- but be careful and find an actual non-TWW professional. What I hear from friends and from analysts on TV and radio is that it's roughly the time to buy but that's just hearsay from talking heads.

3/27/2008 4:16:26 AM

I can't imagine that I won't be able to get a home loan. I have $10k set aside as a down payment, good credit, no debt at all (once I sell one of my cars, which I hope will be within the next few weeks), USAA, and the VA loan program.

[Edited on March 27, 2008 at 4:20 AM. Reason : asfdads]

3/27/2008 4:19:06 AM

Yeah, but the thing is that banks have gotten to the point where they're nervous about covering each other's cash withdrawals on a day to day basis. That means you might have more trouble finding the money than you should.

I know you're the last person here who needs to be told about current events, but humor me and just skim over the headlines on these sites:

http://money.cnn.com/real_estate/

http://www.ft.com/cms/s/0/698f1f0a-fb45-11dc-8c3e-000077b07658.html?nclick_check=1

http://www.foxbusiness.com/markets/industries/real-estate.html

Anyways, from the prices and what people are saying now is a good time to buy if you can. DO NOT build a new home. With new-home sales at a 13 year low you'd risk your contractors going bankrupt before your house was completed. That would seriously fuck you over.

3/27/2008 4:33:21 AM

it depends on the state, but the only requirement for us is to show our landlord the deployment orders as soon as we receive them.

the only legal issue that may come to head is that you know of the deployment before signing the lease. to that: you can always play dumb.

3/27/2008 4:45:00 AM

RV fo sho.

3/27/2008 4:58:40 AM

I like the RV idea....

Are you certain you can leave it there on the base long term tho?

And why not live in the dorms and store whatever can't fit?



Also, if you get an apartment, are you sure you want to break the lease every 6 months and have to move all your stuff out? I know the military gives you a housing stipend....

Maybe you can try and find a roommate who's deployed the 6 months that you aren't....

3/27/2008 8:42:16 AM

Rent a cheap ass apartment

3/27/2008 8:51:55 AM

i would be very concerned about renting out a property that i owned while deployed. do you have someone in the area (like a close family member) that can periodically check on the property as well as handle any maintenance calls should they arise while you are deployed?

3/27/2008 9:02:58 AM

I'd say that no matter what else you did, the sooner you buy a house the better. What about a duplex or something of that nature?

If I was to buy a house in any of the areas mentioned, I'd look in the New Bern/Trent Woods area. Some nice areas around there that are far enough from the base to keep that stigma from affecting property values.
Morehead has some ok areas as well, but most are close enough to the water to be $texas.

[Edited on March 27, 2008 at 9:28 AM. Reason : \]

3/27/2008 9:26:29 AM

RV for sure. You can park at any Walmart across the nation.

My house has wheels. It rolls with me....

3/27/2008 9:43:33 AM

If you do buy a house then rent it out, check out getting a property manager.... I was looking into renting out my house while I was away, and they charge an initial fee then 10% of the rent collected, but they'll make sure you have tenants and that they're not too sketchy and things get fixed if they get broken

3/27/2008 10:06:24 AM

Didn't you make a thread just like this a while back?

3/27/2008 12:37:35 PM

^ i think that was asking about the different locations

^^ yeah, i'd prob use a property manager (depending on the roommate(s), but probably)

3/27/2008 12:44:11 PM

Quote :

"Of course, I am talking out of my ass. "

Gloommonger, begone.

Duke, I would not worry about being able to get a mortgage.

[Edited on March 27, 2008 at 1:02 PM. Reason : I thought you were already looking at new bern/morehead/beaufort (ha on the last)]

3/27/2008 1:01:06 PM

the soldiers and sailors act will get you out of any contract upon deployment or EAS. So going to iraq will get you out of a lease agreement as well as a cell phone contract

3/27/2008 2:04:52 PM

If I did a camper thing there are a few good places on the MHC side of Hwy 24


if I did a house I'd look anywhere between beaufort, mhc, or newport, all of those are easily accessible to CPMCAS

I'm still hoping to find something down that way because I can do my job anywhere, plus I'd have more opportunities down that way with what I do

3/27/2008 2:15:04 PM

hell, i suppose i could even buy a house when i get there and NEVER even live in it (just rent it out), and keep on renting apartments or something whenever i'm home (which will only be 4-5 months per year).

I just hate to keep missing the tax benefits of home ownership, and especially to miss this buy-in point in the real estate market, now that it's been so pummeled and interest rates are low at the same time.

3/27/2008 11:50:52 PM

I just got a feeling that the market hasnt hit as low as it will, you will find a better bargain later this year if you can wait, i'd bet

3/27/2008 11:54:30 PM

The NC market is still pretty strong and I would assume that housing in military towns is pretty stable.

3/27/2008 11:58:14 PM

home loan rates are NOT good right now. Save your money, get a month to month lease somewhere and just ride it out for cheap. The trailer idea sounds good in principle, but ive had a couple of cousins try it, and it ended up being a money pit in both cases

3/28/2008 12:56:16 AM

^ i understand that 30-year mortgage rates are not directly linked to short term rates. still, 30 year rates are looking pretty decent.

^^ yeah, i would agree on both counts from what i've observed

^^^ well, it'll either be in june, or i'll be waiting until march when i get back.

3/28/2008 12:58:39 AM

Is it safe to assume that any rental property in a military town that you rent to marines will be beat to shit by the end of the lease?

3/28/2008 2:58:41 AM

depends both on what Marines you rent to and if you have a good, hands-on property manager.

3/28/2008 3:09:13 AM

Maybe you'll actually come to Raleigh and see some of your boys?

3/28/2008 8:04:31 AM

i would definitely buy. rent a place month to month if you have to while you're looking, buy make buying your goal. i have a feeling if you rent it out to fellow officers (instead of 2-3 kids out of boot camp/c school) you won't have to worry about the house as much...but yeah use a property manager/friend to keep an eye on the place while you're gone.

morehead is a pretty far drive, i doubt you'd be wanting to do that everyday...but that kind of proximity to the beach would be nice.

Quote :

"AZ/NV/CA"

yuma/nellis/san diego?

Quote :

"CPMCAS MCASCP"

3/28/2008 8:21:15 AM

Quote :

"morehead is a pretty far drive, i doubt you'd be wanting to do that everyday...but that kind of proximity to the beach would be nice."

i know people who drive from davis shore to the base

that makes the drive from morehead look like a bitch

3/28/2008 9:33:43 AM

Quote :

"the soldiers and sailors act will get you out of any contract upon deployment or EAS. So going to iraq will get you out of a lease agreement as well as a cell phone contract"

I know you can break a lease if you get PCS orders. I'm not so sure you can break a lease for a deployment, though (at least by law...I'm sure there are places that will voluntarily let you out of the contract).

3/29/2008 3:35:40 PM

i doubt its close, but you can scoop up some pretty good real estate in greensboro right now for a good price. ive been watching stuff near me sit on the market for over a year now. and seen the price come down 20k. and they were already a steal to begin with

3/29/2008 3:37:10 PM

Why can't you live in base housing?

^no, greensboro is the fuck far away

[Edited on March 29, 2008 at 3:38 PM. Reason : eastern NC]

3/29/2008 3:37:59 PM

i would hold off buying a house....especially in your line of work, unless you want to deal with that far away.....get an apartment...hell, if I had bought a house I wouldnt be where I am now in my career. Just alot of headaches to deal with if you have to move...fast...

[Edited on March 29, 2008 at 3:48 PM. Reason : w]

3/29/2008 3:48:11 PM

Quote :

"I will be moving back to NC, stationed at Cherry Point, somewhere around June (maybe even late May). To start with, I can live in Havelock (where the base is located), or in New Bern, Morehead City, Newport, Harlowe, or even potentially Atlantic Beach (although that's kinda far and prob more money than I want to spend). That's not the thing I'm trying to decide, though. I'll be going to Iraq in September for a 6 month deployment (and then pretty much 6 months on, 6 months off for the foreseeable future, along with, I don't know, maybe a month out in AZ/NV/CA or wherever during the time I'm "home".) What I can't decide is what to do about a place to live."

I'm from Havelock first off. The apartments in Havelock are crap. Although if you don't mind that, it would probably be the cheapest avenue for you to go.

If you're white, I wouldn't suggest living in Harlowe.

Newport's okay. There's been a bunch of apartment construction the past couple years there that I don't think has been entirely filled yet from the expected Yankee Invasion.

I'd suggest living in Atlantic Beach if you can find a price you like. It's about a 30-to-40-minute drive depending on how fast you drive. Morehead's okay too. About 20 minutes. If you want to not live in town, there's residential areas in between Havelock and Morehead and also in between New Bern and Havelock.

3/29/2008 3:51:41 PM

Quote :

"It's about a 30-to-40-minute drive depending on how fast you drive."

ahaha, that's about 15 minutes for ol' theDuke866, amirite?

if it were me, I'd get an RV and plan to sell it, keeping an eye out for good deals on houses.

3/29/2008 4:23:43 PM

all i know is that renting houses out is just plain hell in havelock for some reason, unless you have someone in town to watch over it while you're deployed

my parents rented out a house for three years we had in town and it got pretty fucked up...tenants claimed they didn't have dogs when they were going to move in but they had like 3 great danes. my grandfather was in charge of the place, but he was a fucking idiot about it and tried to sue the guy for not following through with a totally separate deal.

Our neighbors in a different part of town had a really bad time renting out their nicer house too.

3/29/2008 5:00:29 PM

Might could also get a beach condo...that would be a lot easier to rent out on a weekly/montly basis when I'm gone (I'll also be gone about 3+ weeks in the summer for training exercises when I'm not deployed).

3/30/2008 2:35:19 PM

yo bro, i have thought about the RV deal for a while now. Christina and i found a lot on the intercoastal waterway that would be awesome to build on. problem is i can not afford to build the house to justify the lot. we have been considering buying the rv to live in until we are ready to build. i say go for the rv and let me know how it works out?

3/30/2008 3:18:09 PM

Wilson, NC!

what dont you get a PO Box in a state with no state income taxes? TX, CA and there are a few others....wait, do you even get taxed if you are deployed?

[Edited on March 30, 2008 at 3:25 PM. Reason : s]

3/30/2008 3:19:50 PM

^ you don't pay federal income tax when you're deployed. I also switched to FL residency (no state income tax), and don't plan to switch back.

^^ yeah, that's another option...buy a piece of land, live in an RV. that would prob cost about the same month as keeping it in a park with hook-ups--but i wouldn't be pissing it away on lot rent. the only problem is what i'd do about water, electricity, sewage, etc.


I will probably be going to iraq for 6 months, coming home for a couple of months, going to out to the Mojave desert to train for a few weeks, coming home for a couple of months, and then going back to Iraq again. Rinse and repeat--I probably will only be home about 4.5 months out of the year, and that won't even be all consecutive. It makes it kinda difficult to find a liveable yet cost-efficient solution.

[Edited on March 30, 2008 at 3:46 PM. Reason : asfdad]

[Edited on March 30, 2008 at 3:56 PM. Reason : asdfasd]

3/30/2008 3:43:55 PM

I'll holler at you some about this next time you're around or get up with you on aim sometime

esp since I'm dwon that way a lot

3/30/2008 3:48:24 PM

^^ water/ sewage is not a big deal for since i will be building there eventually. but you are right. you would spend another 6-14k on water and septic.

3/30/2008 5:39:15 PM

and even then, could you hook up your RV to it?

i mean, i know there's gotta be a way, but aren't they just made to hook up to the campground sites?

3/31/2008 2:02:37 AM

i figure there is a way. i know people do it often so it cant be rocket science. i know the water isnt an issue.

3/31/2008 10:24:14 AM

All I know, is that if you lived in the trailer and rented a house you owned, you'd make a killing on your BAH, plus you'd have a lot more interesting stories living in an RV park.

3/31/2008 10:26:45 AM

Quote :

"...a state with no state income taxes? TX, CA and there are a few others"

california most definitely has state income taxes, with one of the highest rates in the country i believe

3/31/2008 11:01:35 AM

Maybe they were thinking Florida. They both have Disney theme parks so they're easy to mix up.

3/31/2008 12:40:27 PM

^^^ yeah, i was almost sold on that idea, but I don't think I'm down with paying $350/month or whatever for a park hookup. I think I'd rather pay just a little more and get an apartment if I go that route.

^^, ^ FL (where I'm a resident), TX, and WA (where I currently live) are the 3 states I know of. There are more, but I don't know which ones.

3/31/2008 1:10:10 PM

A beach condo would be nice. With your hectic schedule you probably aren't wanting to deal with a ton of maintenance while you're here and after you leave it will end up costing you an arm and a leg.

I'm pretty sure I've seen some 1BR ones around Atlantic Beach in the $175k range lately. The big killer is going to be the homeowners fees. I know one person who owns a condo at "A Place at the Beach" in Atlantic Beach and she is paying around $320/month for homeowners dues. That's an extra $50-$70k of buying power, but at least there is no external maintenance to deal with.

3/31/2008 1:12:26 PM

yeah, screw that. i'm not paying that much in homeowner's fees.

i would prefer somewhere without a homeowner's association at all. i know they have a certain utility, and as an investor, maybe i'd be better off with one, but i have a very hard time stomaching a bunch of busybody neighbors telling me what to do with my house and property.


if i can find a trustworthy roommate who will live there year round, i think maybe just buying a house might be the best thing.

places i've looked at online:

http://www.militarybyowner.com/listings/tourplus.asp?F_BASE_ID=190&F_STATE=NC&LISTING_ID=63934

http://www.militarybyowner.com/listings/tourplus.asp?F_BASE_ID=190&F_STATE=NC&LISTING_ID=35644


http://www.coldwellbanker.com/servlet/PropertyListing?action=detail&ComColdwellbankerDataProperty_id=12941412&page=property

(not particularly interested in this specifically, but maybe something similar)


http://www.militarybyowner.com/listings/tourplus.asp?F_BASE_ID=190&F_STATE=NC&LISTING_ID=35644

http://brendakwilson.point2agent.com/Listing/ViewListingDetails.aspx?ListingID=1496518&Bb=C0&Cc=1496518

http://eastnc.craigslist.org/rfs/622395224.html

The last one is probably what's most interested me so far (although it may be gone by the time I get there). It has only a 1-car carport instead of a garage (preferably 2-car), which is a minus for me, but everything else looks good. I like hte location (close to everything, but not in town. also between new bern and work, almost right on the pamlico sound, and right down the road from the civilian airport. also is brick construction.)

4/8/2008 2:48:36 AM

Quote :

"I'm pretty sure I've seen some 1BR ones around Atlantic Beach in the $175k range lately"

I've got one at little river for $159K (Three bedroom, on a golf course)

Hoa's are $300 a month tho

4/8/2008 7:02:46 AM

man, i want to jump in while the market is depressed and interest rates are good, but it looks like I won't be getting there until June, and will be leaving in September--but I'll also be spending 3 weeks out at Mojave Viper doing some training before we go to Iraq...and taking 2 weeks of leave in between Mojave Viper and deployment to the sandbox.

...so really, I'll probably only spend a month and a half at Cherry Point before leaving for 6 months. I'd probably be better of just renting a room from someone during June and July, then maybe trying to buy when I get back.

think it'll still be as advantageous for buyers in March (in terms of real estate prices and mortgage rates)?

4/23/2008 1:10:08 AM