PCSing to Hawaii
User ATElisara (Opens a pop up layer) Contributor
User smileydoc (Opens a pop up layer) Contributor
User SillamanRE.com (Opens a pop up layer) Contributor
Ok disclosure, I am a Air Force Reservist/Real Estate Agent. I hope this simply explains how living on base espcailly in Oahu, Hawaii is a wasted opportunity to potentailly buy into the best investment you can ever make.
Fact: Honolulu Board of Realtor facts in 1984 the Median price of a home was $158,600, in 2013 the Median price was $650,000
If you were to buy a $650,000 Oahu house based on historical figures in 30 years it could potentally be worth $2mil+ if you just sat on it. Forget any rental income off it after you PCS or 1 year of living in it.
Now if you were to be stationed in Oahu, HI and lived on base you would never see a dime of your BAH (E5 w/ 4 year tour totals $130,032) back again. With a purchase of a home, you could get your BAH back and more.
Imgaine being Active Duty and having almost no cash reserves on you, but you could buy an home that could be later turned into an investment that has the potentail to double in value every 10-15 years...Yes, it can be done using a VA loan which Acitve members qualify for. The VA garantees a loan that doesn't require any down payment and has very low rates.
With the VA loan, Active Duty miltiary stationed in Hawaii have the opportunity to generate significant wealth.
The idea is to buy, live/rent. sell...The longer you wait to sell the more you could make. Oahu homes are investments in your future. Take advantange of the huge opportunity!
Then again by living on base is more convenient since you're closer to work and the commissary.
I would love to help those interested in Oahu, RE please visit my site!