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DarkSteven -> RE: She's Off To A Good Start! (3/18/2012 7:03:39 AM)
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quote:
ORIGINAL: midmichiganguy
Hmm, mortgage contract law in Florida states you have to be a minimum of 18 years old to legally sign any contracts with a financial institution. You can do this when your 16 but only if you have a secondary co-signer, I.e. a parent or gaurdian. So now I am curious as to how exactly under state law a 14 year old was able to buy a house, flip it, and make money on it? I am also curious as to why in the story the investor mentioned allowed this to happen. Legally she cannot buy the house and she cannot even have her mother as a co-signer for two more years. Unless state law has changed recently then I find it hard to believe the financial investor willingly broke the law like this and that a 14 year old somehow managed to buy a house.
I read the article from a couple of sources.
1. She technically doesn't own the house. She and her mother put down equal amounts. She intends to buy her mother out when she's 18.
2. She was not stated to have any desire to flip the house. She's got it rented out now ($700/month!) and, as I said above, she plans to hold it for at least four more years. Seeing as how she and her mother paid $12K and are getting $700/month from it, she is likely doing much better renting it out than selling it. (Although that leaves off the money it took to fix the house up.)
3. Based on what you said, I suspect that she and her mother are equal partners in a trust which owns the house.
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