All Forum Posts by: Chris Penny

Thanks. Honestly, I think so too, just looking for the best option if any. If I were her I would want my name to be totally removed. Why bother with any risk? 

Thanks for your answer @Andrew Postell . We agree on an uncontested divorce so mostly we just make an agreement stating which asset belongs to whom. The only condition is the above-mentioned one that my wife is cleared off the debt of the house and removed from the title. 

We are getting a divorce and I am keeping the house. My wife asks me to refinance asap to pull her name out of the house, mostly to make it easier for her to buy a house in the future because otherwise lender still counts the current house's mortgage as her debt.

However, I just talked to another friend of mine who is in a similar situation and she said that refinancing is not necessary. As long as my wife proves to a lender that: (1) we are divorced, (2) an agreement that she's not involved in the house anymore, (3) evidence that I have been paying the mortgage with my own account (for a few months), then the house's mortgage is not counted in her debt. The only risk to her is that if I miss a payment then her credit score will be affected. Is that true, can you guys please confirm this? 

Rate is high at the moment that's why I don't want to refinance. 

@Ellis San Jose, @Grant Rothenburger

Actually it's not that I don't have 30% down, it's just due to some family issues part of the money has been moving in and out (e.g., give it (cash) to my brother living abroad and now he's sending it back) and the lender makes it so difficult for me even when I am willing to write an explanation letter. The fund that doesn't require any explanation is only sufficient for like 20% down. That is why.

@Jason D. thanks, I have tried with 2 lenders and they both said the same thing.

Can I borrow hard money for down payment of an investment duplex? Due to my financial condition, I need to put 30% down for this duplex and I don't have enough. My friends (relatives) can lend me money (as "gift") but my lender says that gift doesn't work for investment property. Does hard money lending make any difference here? I don't mind the high rate because I should be able to pay back pretty soon. Any other options for my situation? Thanks

Thank you, I always thought that we would have to show every single account statement to lender. Didn't know that we can pick accounts to show to them.

I have a bank account, called Bank A, that, for a specific reason, needs to have multiple money pass through. By that I mean I constantly need to move money from another account to this Bank A, then immediately wire the same amount from this Bank A account to another trading account. 

Now if I refinance my home, or buy another one, I understand that the lender would check every bank account and ask for an explanation of any nonregular large deposit. Given that I would have multiple large deposits, but at the same time I wire the amount received immediately to another account, do I have to explain this to the lender?

Thank you @Greg Scott . My friend will be added to the LLC as well, just that he's a foreigner and the process takes time while we want to get the business running asap.

I have money (from myself and friends) overseas (my home country) which I want to transfer to fund my newly formed LLC here (me as single member). How do I do that legally and do I have to pay tax on that? Thanks

Thanks @Ashish Acharya , wish I can do multiple votes :)

Another question though: since the life of many items I bought (mattress, fridge, ...) should be greater than 1 year, do I treat them as CapEx?