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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: zaratekid86 on July 28, 2015, 06:13:44 PM

Title: HELP: Interesting opportunity
Post by: zaratekid86 on July 28, 2015, 06:13:44 PM

Hey guys,

heres a little bit about my situation I own a home, my remaining mortgage is about 105,000. house value is about 160,000. I bought the house about 2 years ago( sept. 13) I did an MCC which i paid $1000 upfront and will save 40% of my house taxes per year with this cert. the catch is I have to live in the same house for 9 years or I can be charged a recapture fee of 6.25% of my gain.  i love the house and dont want to seel it but i just became a teacher and I found an interesting opportunity for teachings.

heres the catch. I cant have a mortgage for atleast a year so my family(gf and 2 yo son) would have to live in an apartment for a year and hope there is a house available, The house has to be withing the school district I work at which is not very good, But i would get a DISCOUNT OF 50% OF THE HOUSE. the requirements are that I have to live in the house for 3 years then i can sell it and all the gains on the house i can keep. 

is the discount of that much worth the jumping around and headache ???????

Title: Re: HELP: Interesting opportunity
Post by: ShoulderThingThatGoesUp on July 28, 2015, 06:21:15 PM

Are there actually houses available right now under this program in that district?

Title: Re: HELP: Interesting opportunity
Post by: zaratekid86 on July 28, 2015, 09:05:56 PM

Thanks for the reply.. Yea there is a house available. The only problem is if
There will be a house after 1 yr of not owning a house.. There are only about 15 hous total invthe
Houston area so I think their kind of rare.