All Forum Posts by: Kate Jones

I thought a partnership was different than a joint venture. This is family the co-signer. 

If my fiancé and I bought our first property through a joint venture, could we also have a cosigner for this property?

I never said I think my marriage won’t last. I like to prepare for all case scenarios. Just because we are married doesn’t mean things can’t happen in the future. Marriage is more of a business from my perspective. It doesn’t mean you don’t love them if you get a divorce or if you never marry them. I would not marry him right now if we weren’t trying to start a business together simply because rings are expensive, signing papers is too, and ceremonies. Even the time to fill out all the paperwork would not make sense because time is money. However, I know he is the one and I don’t need to marry him for him to know that. Anyways, this is why my view on this is strictly based on legal issues. It doesn’t question anything else. With that being said, that is why I question this. Prenups are involved and the best marriage advise I heard so far was to create legal documents and systems before going into everything because you never know what happens. My mind is set straight right now and I know I want to protect myself in anyway possible even though I know he wouldn’t walk away with my money but things happen. 

If my spouse and I have properties under an LLC that we share and the properties are not in both of our names, would this still be considered a partnership? Would this avoid double taxation?

 Yes. I have read a decent amount of them but I did not want to buy any at the moment. I wanted ones that I can get at my local library! 

 Does your wife invest with you? Why do you believe we should get married before the first property? How do you think this would benefit me financially? Is it because it is easier and cheaper when it comes to tax time? Do you think we both should be on the title and he should be on the mortgage? Do you think I should try to get two properties but a property in each of our names rather than together? If we did that, do you think adding marriage to this was still a good idea?

 So you believe we should get married before we buy our first property? 

Hi everyone.

Can anyone suggest business related books and real estate related books? I try to read two books at the same time. I plan to read "the business playbook" and "real estate by the numbers". I don't want to spend the money on those books yet so maybe books that you could find at a public library. Any suggestions are welcome though!

Hi BP.

I am currently engaged. My fiancé and I are planning on getting a property in January or February of 2023. Before I ask some questions, I want to give you a little background information on us.

We both were in college this past spring. In the summer, he had a full time W2 job and I was a server. I worked less but made more money. He is still working that W2 to this day. I took off work for 2 months and now I am starting my 9-5 job this Monday. He is a bit older than me so he has about 15 points higher than me for a credit score. 

With that being said, I need some advise. We have a few months before we can start putting in offers. Do you believe we should rush to get married before we buy a property to make taxes and the legal stuff easier for the future?

Another thing I am considering is this... but hear me out.

What if we were not married by the time we buy our first property. He might qualify for a better loan so it might be more beneficial if we both weren't on the title or mortgage. He could have the title and mortgage under his name and we share the profits regardless. Or, if we were married, have it in his name completely, and have a bank account together strictly for that property. He is a first time home buyer so thats also some assistance for him. Then, a few months later when I am at my W2 job for at least 6 months, I can qualify for a home and put it completely under my name. We plan on getting an LLC when we have around 4 properties and then we would switch these properties into that. I understand it's risky but maybe marriage would help if we ended up putting the few properties in separate names then just transferred them into an LLC in a year or so.

Thoughts?

Hey there. I am form Suffolk County, NY. I am trying to find my first deal either on Long Island or the middle states. If anyone has experience or connections, send any information my way.