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 almost 6 years ago on . Most recent reply

User Stats

303
Posts
363
Votes
Steve Hall
  • Rental Property Investor
  • Texas
363
Votes |
303
Posts

Marrying a partner with lots of debt?

Steve Hall
  • Rental Property Investor
  • Texas
Posted

I just read "Walking the Tightrope between Debt and Leverage" by @Anthony Gayden where he talks about an impressive dig out from crushing debt. What I found interesting was that when he married his wife, she brought $30,000 in debt into their marriage.

@Matt Millard also posted where he married into $120k in student loan and credit card debt.

My own brother married into $50k in student loan and credit card debt.

I got divorced after 20+ years of marriage and gave up half of all my assets, and then married into debt! (My new wife has a 2 year old, and owes $150k in child support over the next 16 years)

So I'm curious about all of you other married investors (or soon to be investors)... Did you marry into debt? (obviously I mean "bad" debt here.)

I'd like to hear from the women too, because it seems (so far) that it's the men who are the stupid ones!

Yeah, "stupid" is a strong word, but consider this: would you buy a property for $180k with rehab costs of $20k and your ARV is 150k ( market rent: $600 / month)? If someone on BP posts that they just did that, wouldn't we call them stupid?

Most Popular Reply

User Stats

6,852
Posts
7,406
Votes
Matthew Paul#2 Contractors Contributor
  • Severna Park, MD
7,406
Votes |
6,852
Posts
Matthew Paul#2 Contractors Contributor
  • Severna Park, MD
Replied

I got engaged to my now wife , she had a good bit of debt . Told her we would get married when she was debt free . I took over her finances , gave her an allowance and 7 months later she was there .  The wedding was 4 months later .  Now I never told her she was out of debt , I invested her money and after 1 year she needed a car .  Her jaw dropped when she saw her balance . Over 15 K , which is a bundle since she had never had over 2 grand in the bank .  I taught her one thing they dont teach in school , basic fiscal management .

Loading replies...