Updated almost 4 years ago on . Most recent reply
Creative Financing For Spouse
Good Morning BP,
I want to run a current idea by all of you.
I am wanting to find a way to provide my wife a "W2" style of income. The reason I am wanting this is because I want her to have the financial history behind her for a conventional loan when I hit my 10 properties. Currently she is a stay at home mother. My plan is to open a LLC in my name for a property management company. I will then hire my wife as a manager and pay her 10% of the gross rent of the properties in my portfolio.
Has anyone done this or even herd of this? Not sure how it will work out
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#2 All Forums Contributor
- Property Manager
- Royal Oak, MI
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#2 All Forums Contributor
- Property Manager
- Royal Oak, MI
Speak to a loan originator and work backwards from target purchase price, to loan amount, to monthly PITI payment, to what she'd need to show to qualify.
Doubt you'll be able to pay her enough for her to qualify for a decent loan size:(
You're also going to increase the amount of taxes you pay.
- Drew Sygit
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- 248-209-6824
