Renting out newly bought townhome?

Hi everyone!

So I recently bought a townhome in August of 2021. It was my first property purchase and I utilized a first-time home buyer program that helped me out financially.

I am now considering renting it out. I don’t really enjoy living in a townhome, being so close to the neighbors. I would have a living situation lined up where I would not have to pay rent.

Hopefully without having a mortgage payment anymore I can instead use my income to save for a downpayment for a house.

I guess my question is if this is financially smart to do? Am I under any possible contracts with the lender or first-time home buyer program that wouldn’t allow me to do this until x number of years?

I would love to go through with this if I can make money.

Some more info: I love in Minnesota and my townhome value is estimated to have gone up almost $25,000 due to the market.

Thank you everyone!

submitted by /u/darksydenat
[link] [comments]

Hi everyone! So I recently bought a townhome in August of 2021. It was my first property purchase and I utilized a first-time home buyer program that helped me out financially. I am now considering renting it out. I don’t really enjoy living in a townhome, being so close to the neighbors. I would have a living situation lined up where I would not have to pay rent. Hopefully without having a mortgage payment anymore I can instead use my income to save for a downpayment for a house. I guess my question is if this is financially smart to do? Am I under any possible contracts with the lender or first-time home buyer program that wouldn’t allow me to do this until x number of years? I would love to go through with this if I can make money. Some more info: I love in Minnesota and my townhome value is estimated to have gone up almost $25,000 due to the market. Thank you everyone! submitted by /u/darksydenat [link] [comments]

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