Trouble or not by selling first time buyer house

Rental Property Investor · Port Saint Lucie, FL · Member since 2019 · 17 posts · 0 votes

Flipping first time home buyers 3 years into it. Have been looking into how to build wealth and have suffered a lot with living with some people so now looking into getting in real estate to build wealth ( flipping, rental, brrrr, etc). Willing to start with my own house but got it as a first home buyer and got the money for the closing with the condition to stay in the house for the next 5 years so how can I do it or Is it possible to be done in such case? The amount of money received is 15k got the house for 190k got it for 175 which is now down to 168k. Help help help!!! Want to start in real estate so bad !

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JD MartinBusiness Member

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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes

If you signed an agreement to stay in a house in exchange for money to help buy that house, or buy it at a reduced price, I'd say there's some kind of clawback feature. You give back the money and maybe some penalty, or the price changes, etc. Since it sounds like you weren't able to get a house otherwise, my recommendation would be to enjoy the free money and start saving to do your own house outside of these parameters.

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Aaron K.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
7y
@Une vrai Liberte where did the 15k come from a lender? Family?
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Une vrai Liberte
OP
Rental Property Investor · Port Saint Lucie, FL · Member since 2019 · 17 posts · 0 votes
7y
From the first time home buyer program
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Une vrai Liberte
OP
Rental Property Investor · Port Saint Lucie, FL · Member since 2019 · 17 posts · 0 votes
7y
@Aaron K. It is as well in a gated community and very secure with cameras at the main entrance...
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Aaron K.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
7y
Sounds like you may need to sit tight for a couple years, even so your house isn't necessarily going to be the best investment. Have you done the math to determine that?
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
7y
If you signed an agreement to stay in a house in exchange for money to help buy that house, or buy it at a reduced price, I'd say there's some kind of clawback feature. You give back the money and maybe some penalty, or the price changes, etc. Since it sounds like you weren't able to get a house otherwise, my recommendation would be to enjoy the free money and start saving to do your own house outside of these parameters.
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Skyline Properties
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