All Forum Posts by: Adam Craig

The girl I am marrying is terrific. I have known her for 15 years and we have been dating for almost 6 years - we are defiantly ready to get married. She is not greedy and I could never see her trying to turn hostile in the even things turned south.

With that said...

I grew up caddying at a prestigious country club for nearly 15 years and spoke with enough successful businessmen (and women) where prenuptial agreements are much more common and encouraged. I also grew up in a family where mom/dad, aunts/uncles, and grandparents are all divorced....not to mention her family is nearly the same. My accountant and attorney both wish they had drafted one for their first marriage. So it would be naive to say love trumps all and people don't change and feelings don't change. This is something like a life insurance policy - I don't plan on dieing tomorrow but if I do my family will be taken care of.

Call me greedy and think what you want. But she lived with me for 2 years rent/bill free. I pay for EVERYTHING including going out/groceries/and her living expenses and I enjoy doing so - she doesnt ask for it. I just dont think it would be right for all my business assets to be split in half when I work so hard and so far she has had no part in either of my businesses. If she starts to become a role in either business my feelings would obviously change.

Thanks for the tips everyone.

Thanks for the explanation Christopher - 

I am getting married next June to a girl I have been friends with since high school and dating for 4 years. She is the least selfish/greedy person I have been in a relationship. Even though I trust her and don't plan on divorcing, it never hurts to get some insurance (prenup).

BACKGROUND -

I have an internet business that has an agi of about 200K. I also have my own hoem and 6 rental properties all purchased in the last 2 years. If I were to sell everything my net worth is around 275K. She makes 40K as a dietician but will be quitting or switching to part time when we get married. 

I am going to find an attorney and talk about a prenup in the coming weeks. What are some common things I should know about what I can and cannot do. If the worst were to happen (divorce) - I defiantly want to make sure she is taken care of, I just dont want her to walk off with half of my real estate business.

I purchased all this real estate while single, but plan on purchasing more as a married man. Can I make sure to protect these assets and future real estate through a prenup? 

We are in our late 20's and plan on having kids within the next 3 years so I want this to be a nice place for kids down the road.

We are not into water sports - the only criteria is being close to a nice beach, good strip/restaurant area, fairly close to an airport, being in an area we could rent out if needed.

Many of those locations mentioned have come up multiple times in my search so I guess its just time to pick one and contact some agents. Any additional info is appreciated and thanks for your help!

Hi All -

I have been looking long and hard for where to buy a second home that we might spend about 2 months a year at on average when we escape the Cleveland winter - So many places my head starts to spin so hopefully you can help narrow down my list.

My budget is 200-275K - We want to be within a 10min drive to the beach (closer the better... a walk would be great!) - get a 3BR 1.5BA minimum - Pool if possible.

We are not picky at all but I am looking to get the best bang for my buck because I might plan on renting somewhere down the road.

What markets fit my criteria because we are going down in August to buy?

They are market prices-

10% gross rents. First months rent for new lease. $400 lease renewal fee.

I use the biggest property manager in the Cleveland area so I don't think my business or me leaving will affect them at all. They are doing a great job but I am always looking to find ways to save money. I think when you bring more volume to the table you should be rewarded. I give my volume customers good discounts in my business. I also get cheaper labor from my contractor/landscaper/gutter cleaner ect... because of my volume.

I defiantly wont threaten to leave them (shouldnt have used the work leverage) but I eventually want to have a conversation about dropping my 10% fee OR reducing the nickle and dime fees a little.

I have 4 single family homes and just closed on number 5 - I plan to keep going. When do you think I have enough to negotiate rate/fee reduction with my property manager?

Sort of new this LOC concept so thanks for your patience.

Who would I go to for this - a mortgage broker/big bank/small bank? Why didnt any of the bankers I called to ask if they do portfolio loans tell me about this option.

Thanks Anish -

So does this mean I refinance some of my current properties into a commercial line of credit OR does it mean I will need to be buying multiple properties at a time for it be worth a lenders time.

My income in strong and my credit is excellent - would the big banks be a good solution or would I want to stick with local banks as I did when I was looking for a portfolio lender.