Hi, thank you in advance for reading.
I currently own an investment rental property that will be paid off in 8 years. I am the board president and 9 years ago amended the bylaws to be owner occupied. I have an ex-wife of many years who is trying to use a large debt of medical expenses for my son and is about to force me to sell this rental. Is there a way I can protect my investment? I can't sell it to family due to owner occupied and if I keep it, she will force me to sell or pull a home equity loan put to pay bills.
Can I put it into an llc or add a 2nd person to title to help stop this?
Any help or advice would be a blessing.
Well, the only person who can FORCE you to sell it is a judge (or yourself). If she is already your ex-wife and you've already gone through the divorce proceedings where things have been divided up, then you're probably ok.
If you are responsible for part of those medical bills and the only way you can pay them is by selling the property, then eventually she could get a judge to step in who will help you figure out how to pay them.
I'll save the spill on how nothing is worth not taking care of your son and I'm just assuming here that your son's well being is not in question because of this (if it is, I have a whole different opinion on all this).
So, as long as you are able to meet your financial responsibilities, and you've already gone through your divorce, there is no one who can make you sell this property.
Thank you for the reply. My son bills are VERY substantial and might force a bankruptcy. This is a situation that a judge might decide that I need to sell it. It will be paid off in 7 years and will generate a nice income. I would only sell it to pay for my son's college. Can I put this property in an llc or put someone else on title to help stop a judge from making me sell it? If two people are on title, then there would have to be a "joint" decision to sell it?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing