Lender · NY/FL · Member since 2013 · 240 posts · 44 votes
Hey BP,
In the state of Florida, is it mandatory for your spouse to go on title for an investment property held in your personal name?
I know because of homestead this is mandatory on a primary residence, but I thought it is not required for an investment property since no one is claiming the homestead exemption.
If this is an investment property, you are doing this all wrong anyway. A sophisticated investor would NEVER buy an investment property in their personal name, they would purchase it in an LLC. You're playing with fire.
Form an LLC.... cheap, fast, and if done right provides some protection. Spouse doesn't have to be associated at all. Speak to an attorney to get your goals accomplished before you offer on the property.
Totally agree with approaching as a sophisticated investor, but my funds are coming from a 1031 and title has to be taken in my name at this time to match. I will then switch to an llc, but have to move forward this way due to time constraints. I do have my umbrella policy in place to mitigate any short term risk by temporarily holding the property like this.
@Nick G. You're just kicking the can down the road. You'll just 1031 this way forever. Since you did it wrong from the beginning, bite the bullet on the capital gains now, fix your mistake now, and invest in Florida with the LLC.
On a side note: I was married for 20+ years. I had a great marriage. I never thought I would I get divorced. You must still be delusional like I was to be investing as H&W.
@Steve Hall I am not a 1031 expert by any means, but from what I've found I will still be able to quit claim into a single member llc that is a disregarded tax entity, then any future sales will come from that.
Not delusional by any means here, some H&W make great teams, sorry about your divorce.