Can you buy rental properties in your name only if married?

Question

This might be a strange question to ask, but as a married couple am I able to buy rental properties in my name only? I think there are many pros and cons to this option but wanted to get input from others if they have any experience in this area.

Thanks!

Levi T. · Answer

Yes you can buy/be the sole owner of a property if your married or not, no quick claim needed or anything. If you two split, she likely can still lay claim to some percentage of it.

Account Closed · Answer

That is a state specific question that has a lot of implications on taxes, ownership, inheritance, gifting, probate, financing and selling. In most states out west, for any married couple both have to sign to sell the house but either can purchase a house on their own without the knowledge of the other. (I don't advise this for a whole host of reasons.) If husband buys a house and doesn't tell his wife, wife still has to sign when selling. Either husband or wife can be deeded on or off. It's called a "Community Property" state.

In some places in the country each has to be deeded on and off or optionally, ownership can vest only in the party buying the property. Sometimes in financing when one person has great income and the other has bad credit, they will finance the house in the one's name with good credit using a Warranty Deed at escrow, and later add the one who had bad credit onto the Title using a Quit Claim deed. This doesn't change the position of the lender. However, the lender won't discuss the loan with the one who isn't on the loan without written permission of the one who is actually on the loan. This can create problems later if the borrower is in hospice care or otherwise unavailable.

Being on Title (deed) doesn't mean that you are on the loan and being on the loan doesn't mean you are on the Title(deed) (you can be Quit Claimed off.) Because of so many variations, talk to a Title Company in the state you want to purchase and tell them what you want to accomplish. They will sort it out. Keep in mind what you want to do regarding taxes, ownership, inheritance, gifting, probate, financing and selling. Mention those to the Title Company so they can give you the best advice.

That is answering more than you asked but it is a critical piece of investing that most people don't understand.

Steve Vaughan · Answer

We are in a community property state and buy separately every time a bank loan is involved.  Keeps both of our credit and loan limits from being burdened.

If buying with cash or seller financing, we buy together or in an LLC if commercial property.

If you aren't in a community property state,  I've seen community property agreements recorded with the county. Maybe look into those.

Kyle J. · Answer

As others have said, yes you can do it. I’ve done it multiple times because it was easier just to make offers and close in my name initially so my wife didn’t have to deal with signing all the offers/purchase paperwork. Then I just added her name on to title after closing, but you could skip that part if you wanted to leave the property in just your name for some reason.

Scott Schultz · Answer

@Prem Schoff you can buy property in any name you want, you can even buy property in my  name, I would actually prefer that if you did, i can pm you my address, where to have the deed sent.

Ham Merritt · Answer

@Prem Schoff It depends what state as well as the loan type. You can purchase without your spouse all day long through a conventional loan. Any government loan, it depends on whether or not the property is located in a community property state or not. There are very few community property states remaining, Wisconsin being one of them. However, if you avoid government loans-FHA, VA, USDA- Then you have nothing to worry about.

Anna Buffkin · Answer

My husband and I put both of us on title but just one of us on the lown.

Can you buy rental properties in your name only if married?

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