All Forum Posts by: Andrew Edwards

Hi @Malgorzata Sadowska, did you ever end up finding a good handyman in the Bradenton/ Sarasota area?  Thanks in advanced!

Andrew

Thank you @Jon Reed and @Steve Morris I really appreciate your time. An LLC is definitely something we will look into and although it might be too late to put it in our title before closing, we will look into transferring into an LLC ASAP.

Our marriage is pretty solid but we are both realistic and want to make sure our assets our covered in any event.  We will definitely look into a trust as well.  

Would it be worth opening an LLC even if we will (currently) only own one property?

Thanks again for the help, 

Andrew

@Steve Morris

Hello BiggerPockets community! 

I hope everyone is safe during these uncertain times. I am happy to say my wife and I are finally leaping out of analysis paralysis and purchasing our first buy and hold property.  We are both splitting (60-40) the down payment on a 2bd 2bth condo and were wondering what the best way to take the title would be.  These are the options the title company has given us:

1.) Husband and Wife - Creating a tenancy by entirety, which means upon the death of one party, the legal title automatically passes to the surviving spouse

2.) A married couple as tenants by entireties- Upon death of one party, the legal title automatically passes to the surviving spouse

3.) Joint tenants with full rights of survivorship- Upon death of a party, title passes to the surviving joint tenants

4.) Tenancy in Common- Each party owns an undivided interest and upon death of a party, their interest passes to their estate and not the surviving co-tenants 

Basically we are trying to decide whether we should do it as husband and wife or joint tenants with full rights of survivorship, what are the benefits of one over the other or if they may create issues down the line.  This may seem like a no-brainer to some of you but since we are fairly new to real estate its better to be safe than sorry.  

Please feel free to give your advice or share your experiences, anything helps at this point. 

Thanks again, stay safe!

Andrew