@Jonathan Perez , paying back $2k gets you out of "prison", now. Cheers...
[You still get to legally keep 2/3 of your winnings!]
Do you have any equity in your house now or cash on hand?
I'm assuming so since you said you're ready to buy more properties.
If that's the case then just do what @Brent Coombs suggested and pay the $2k and be done with it.
This way you can get started on your journey of buying more deals instead of sitting on the sidelines.
Or stay there and buy another .
@Brent Coombs Well it’s actually 1/3 less a year. So 6,000-2000= $4,000 I’d owe. Same point though, I guess. If I just pay it, I’d be free to go. That’s one option
Brian Garrett I’m going to look into the equity thing
As @Matthew Paul suggests, can you just buy another property that is strictly an investment? Yes, I agree you might not be able to get as favorable financing since it wouldn't be owner occupied but you just factor that into your calculation. The question really becomes, do you HAVE to move or can you just stick it out for another 2 years.
@Jonathan Perez I purchased my first SFH with this same assistance program in Columbia.
I moved out before the term was up, because the job was a much better ROI. If you have to pay back $4,000 in order to earn another $10,000, then is it worth it??
I did learn that I did not have to pay back the assistance money in a lump sum (unless house is sold). It was over a 5 year period. So now you are talking $4k at ~ 5% for 5 years. Now is it worth it to move out and on to the next??
Updated 10 months ago
*moved for a new job
@Andrew R. Lucas that’s good stuff right there Andrew, I was thinking exactly that only wasn’t considering the fact that they may take payments rather than demand a lumpsome! If that’s the case, then I’ll fix this side up real quick, get it rented and dip up outta here! Get a raise on my ROI and I’ll be alright! Ima call tomorrow and find out.
I’m just ready to start scaling UPwards but with my options as far as financing goes I would NEED TO be able to move OUT and use the FHA (or Conventional whatever works) loan at 3-3.5% DOWN “*owner occupied* for at least 1 year*” thing on the next one.
Other option was to just stick it out and use the 2 year timeframe to learn how to wholesale, maybe rehab, and just cultivate myself to become a “real estate hustler” as Brandon calls it, since the goal IS to leave the day job one day and become a full time investor!
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