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Updated about 1 year ago on . Most recent reply

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6
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Megan Harmon
2
Votes |
6
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Best route for second property

Megan Harmon
Posted

Hi there! My boyfriend and I (not married) purchased our first home in Nov. 2022. It's a SFH and everything is under my name. We're trying to figure out the best route for our second property. We'll need to have everything be in my boyfriend's name since I won't really be doing any good being on the loan considering the debt from our first house. Given his income, he'd really only be able to have about $1,800 of debt against him with the new home. We're open to SFH and multifamily properties, but we're struggling to figure out creative ways to move forward. Any thoughts would be appreciated!

Most Popular Reply

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527
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329
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Carini Rochester
  • Investor
  • Rochester, NY
329
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527
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Carini Rochester
  • Investor
  • Rochester, NY
Replied

I think you two have to disregard that you're boyfriend and girlfriend. Disregard that you live together and sleep in the same bed. Disregard that you love each other. View the real estate transaction like business deals that may go bad. Imagine him trying to get his grubby hands on everything you own. Discuss your partnership with him and probably with an attorney. Draw up agreements about who owns what percentage of what and what responsibilities each of you has. You feel like you and he purchased a house together, but its in your name. What could go wrong? You feel like you and he will purchase an investment property together, but everything will be in his name. What could go wrong? Really, think about what could go wrong.

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