Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

152
Posts
112
Votes
Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
112
Votes |
152
Posts

Buying a house with my kids?

Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
Posted

Okay, so this is a rabbit trail post but... 

I'm going through a divorce & looking for options to pay my soon-to-be ex out.  I may be forced to sell my primary home as I can't get a line of credit large enough to pay her out.  If I sell, I likely won't have enough money for a down payment on the next house. 

But... My 3 kids (15, 17 & 19) each have a large enough chunk of money that if we put it all together, we could make it happen.  I just don't know how it would work to structure the ownership & finances.  

Hypothetically, they would have the money to put down, but I would be paying the mortgage & doing all improvements.  So how would I account for their share of appreciation in the future? Ownership structure etc.? 
Rabbit trail, for sure.  Feel free to tell me all the ways why this is a stupid idea.  

Most Popular Reply

User Stats

6,603
Posts
6,948
Votes
Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
6,948
Votes |
6,603
Posts
Bjorn Ahlblad
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
Replied

You could form an LLC and y'all could be members regardless of age. That would structure the ownership and maybe the finances. Make sure your divorce decree has no clawbacks! Don't buy anything until your divorce is finalized. All the best. And I never said this is a good idea. I just noticed you are a "Financial Advisor" so scratch what I wrote!!

Loading replies...