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Updated over 2 years ago on . Most recent reply
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.
Most Popular Reply
@June Crile
I'm realizing that I did not communicate my thoughts clearly. Lol
The idea is to buy her out in the divorce settlement legally. Then her name will be removed from the deed. I will be the only name on the deed. Then turn that property that I now own into a rental.
As far as advice.. I've realized ever situation is different and unique. I'm finding it best, no matter what, keep your cool and don't react to anything. Even if you have something to say. Take the high road and remain calm. Your future self will thank you.