All Forum Posts by: Matt Small

Thank you for the replies. Thank you Dorianne

Does a quitclaim supercede CA law that married couples own property 50/50?

Thanks for the replies so far. 

What exactly happens when you divorce in terms of the mortgages? Are you obligated to tell the companies and then they require a refinance if the ownership changes?

We are a couple with three rentals and our primary home. We have agreed to share the properties with her keeping the primary and one rental, me the other two. She is refinancing her two properties to take me off the mortgages and wants me to sign quitclaim deeds as well. I'm not refinancing my two so she remains on the mortgage and jointly owns the properties.

Currently our plan is to remain married for tax benefits and to allow for a better CGT allowance if she sells one of her properties in the next two years. We are very amicable and keen to work with each other to get the best outcome. However I'm a bit concerned about signing quitclaims on two properties. She thinks that this has to happen as when we do eventually divorce, if I'm still on the mortgages then she would be forced to refinance to remove me....is this true? 

When you divorce do the mortgage holders automatically demand that the person who keeps the property has to refinance? I thought we could just do quitclaim deeds and keep paying the mortgages ourselves without notifying the mortgage co that we have divorced. Don't they only care about getting paid each month?

This is all taking place in California where I believe that the law says we own 50/50 until a divorce actually occurs.

Hi Gordon,

I've just spent all weekend showing prospective tenants around a rental that I've just remodeled. I can't believe how much rent I can charge for the area! I'd certainly like to meet with you and the group and Roseville isn't far from me at all.

Thanks Derek for your note too. 

@Gordon Cuffeundefined

@Derek Jonesundefined

Hi Wes,

Thanks for replying. What I'm mostly looking at is leveraging what I already hold to buy more long-term hold rentals for steady income. I am interested in other opportunities such as out of state purchases and working with other investors. 

I'm in a fairly healthy financial position currently so have money to invest but tend to be cautious in what I want to buy. I currently look for sub $250,000 properties that need some work as I am able to do a lot of renovations myself. 

Regarding becoming more professional, I need advice and tips on accounting and how best to own and purchase. Currently we just buy traditionally with down-payments and standard mortgages using joint ownership rather than an LLC or S-Corp method.

I think my best option is to meet like-minded experienced folk and make some friends and see how others are operating. It'd be nice just to meet some folks and have a beer and hear their stories.

Hello all, I'm Matt and my wife and I have been renting out investment properties for a couple of years now but need to get more professional about it. We have three in the area, a SFH and two halfplexes that give great returns and thus far our tenants have all been excellent.

I'm looking to make the step up to being a serious investor and have been furiously reading this site to educate myself. I'm thinking the best way is to meet like-minded folk from the area and try to absorb the collective knowledge and experience and apply it to our situation. I'm sure we've made mistakes up to now so it's time to make some changes to how we run things.

I'll save my myriad questions for now and see who pops in to say hi!