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Updated over 2 years ago,
Divorce property investment plan. Looking for input.
I'm new to property investment. If there is a better forum discussion this should be please advise
Divorce property investment plan. Looking for input
I'm going through a divorce right now and conducting some plans for the future. I would appreciate any input or strategic investment plans with your thoughts. This plan hinges on the fact that I buy her out during the divorce process. I have not yet had any evaluations or comps done by an agent. These are numbers based on my research. Thank you.
Location: rural area east of Dallas:
We have 2 acres with a 1500 square ft house. 3 bed/2 bath.
Numbers based on house value at 250k
My idea is:
- Buy her out using Heloc. Borrow 150k. Giver her the 125k. Use 25k for renovations.
- divide property and sell 1 acre for 45k
- live in house while saving money, getting house ready for renters.
- if market drops, be patient and search for next rental property to purchase. Use 45k from selling property to invest in next property.
- rent out original property for market rent. About $1550/month.
The second half of this is after divorce should I do anything different to prevent her from collecting more money after I have hopefully produced more rent money coming in. For example. Putting new property in another family members name? Or another similar strategy.
Thank you.