A unique problem - Posted by Carol Schaeffer
Posted by Carol Schaeffer on June 17, 2001 at 19:08:50:
This seems like a supportive board and I was wondering if any of you could make some suggestions. Here is the situation. My ex-husband (we were married 7 years) and I want to invest in real estate but need to find the best way to structure it due to my situation.
My ex-husband has 700 level–perfect credit–and about $14,000 cash as well as equity in a small house that we lived in while we were married. Throughout our marriage, we kept our finances separate due to MY credit problems. I defaulted on a student loan and when they began taking my tax return, we hesitated beginning an investment program. Now I know the first step is to get my credit on track and I am currently working on this.
My question is…I would like to own the house we buy for investment purposes and NOT just keep it in his name. He is willing to help me, but we need to find out the best way to do this. Should we buy it in a land contract? Would this offer protection? Should HE buy it alone and then SELL it to me with Owner financing? Or should I just wait until I get my loans taken care of. I hate to wait because if I do, I may never get started. We have wanted to buy investment real estate for years, but this issue has always come up. Any suggestions would be greatly appreciated.
Best of success to all of you!