Rent vs Buy in 33616>Question Details

Rafi Footerm…, Real Estate Pro in Edison, NJ

Should one Rent vs Buy near MacDill Air Force Base?

Asked by Rafi Footerman, Edison, NJ Fri Jul 13, 2012

My nephew is being stationed there as of Monday and needs a place. Seems to me that rental makes sense. Please contact me ASAP if you are a Realtor with experience in this area.

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roythomas101’s answer
I live in apartments across the Gandy Bridge in St. Pete and there are plenty of military types who live there and work at McDill. If you are going to rent there may be more options in that area.
1 vote Thank Flag Link Fri Jul 13, 2012
Rafi Footeman, Sounds like he needs something in a hurry. Financing will take 30 to 45 days not realistic. Finding a rental seems most practical, there may be short term housing available through MacDill to help him get situated.

Gandy is close to MacDill and offers a broad variety of housing options. South Tampa is expensive. Rentals right now are at a premium.

Sounds like you are a caring concerned Aunt, proud of her nephew. Thank him for his service.

Good luck
Lynn Brock
Brock Realty Inc
941.313.1234
http://www.brockrealty-inc.com

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
0 votes Thank Flag Link Fri Jul 13, 2012
As mentioned by other Realtors, the rental prices are very high in Tampa Bay because of the demand.

The other problem with renting is he MUST rent in an apartment complex OR he must do a background check on the owner and the public records. You see there are quite a few owners that are NOT paying their mortgage payments yet they are collecting rents from unsuspecting tenants.

We also have first time homebuyer money that may allow your nephew to buy with zero down with an FHA, VA or conventional mortgage. Depending on his income he may be able to get up to $7,500 from the State of Florida Bond program. There is plenty of money available but your nephew MUST get his mortgage through one of the approved lenders. Here is the lookup for lenders and the income limit:

http://apps.floridahousing.org/StandAlone/FTHBWizard/FTHBWiz…

Most condos are inelligible for financing without a large down payment (sometimes as much as 50% down) so he may want to exclude condos from his search.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri Jul 13, 2012
Hi Rafi,

Buying or renting? It really depends on his current situation. If he is likely going to be stationed here for a few years, I would say definitely buy. Realistically, a mortgage payment would likely be a little less than what he would actually pay in monthly rent. Additionally he would be building equity and his new home. The rental market in the area is currently really tight. All all the people who have been foreclosed on or short sold thwir house are now in the rental market and the rental rates have climbed. Tell your nephew thanks for serving. I would be happy to talk to you or your nephew please feel free to call.

Jeffery Lonas
Real Estate Consultant
Keller Williams Gulfside Realty
727-831-6089
JefferyLonas@gmail.com
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0 votes Thank Flag Link Fri Jul 13, 2012
Hi Rafi,
I am a Realtor here in South Tampa and actually own 3 houses very close to Macdill AFB and lived there for 5 years. The truth of the matter is he can probably by for the same price as renting of not cheaper. It would also depend on how long he is stationed there. Please email or call me at 813-624-3679 and I will be happy to help you. Thanks so much.

Ken Allen
Realtor
The Toni Everett Company
kennethallen78@yahoo.com
0 votes Thank Flag Link Fri Jul 13, 2012
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