I'm a 70 year-old Veteran. Should I buy a house (VA loan) or rent? My monthly income is $4,200 and my credit score is 670?

I'm looking in Savannah, GA.

Asked by Larry Barnes

1 Answer

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Larry.

Thank you for your service. I am US Navy retired and Savannah is not far from Charleston, SC.
Buying or renting is an individual answer. A question for you, "Why do you need to own a house? What are the advantages/disadvantages over your current living arrangements?"

For example:
We have some folks that prefer to rent because their landlord covers all the maintenance, offers free transportation within a 30 mile radius, has great amenities (swimming pool, tennis courts, free bicycle usage, etc.).
We have some folks who own their home because they were born there, love gardening, painting, doing handyman-type projects, etc.

In both cases, we ensure that their cash flows more than cover their expenses. They are all content and leave the management of their hard earned dollars to us.

There are pros and cons to both. As an Investment Manager, I focus on you getting and keeping the lifestyle you deserve. Do you know what your number is? Meaning, with your stated income of $4,200/month what are your lifestyle expenses? What is the size of your portfolio and what is your MARR (Minimum Acceptable Rate of Return). My job is to ensure that you enjoy living within your means now and for as long as you need.

Feel free to contact us directly to discuss your situation in greater detail. No obligation. I plan to be in Savannah next week, so we can get together on this or we can just share some stories together. Your choice. All I need is to be in good company.

It's not what you make; it's what you keep that determines your lifestyle. | 05.26.16 @ 00:16
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