I have a small conundrum. As some of you may know, I’m divorcing soon. (yeah, I know the spouse getting a cut is a potential hazard…any work arounds welcome)
I would like to start my REI biz, but I also need a place to live. That said, what I see as the catch is having a rental hurting my mortgage qual
vs. having a OO mortgage hurting my rental mortgage. Which to do 1st? Should I be considering these separately as one is within a business?
Get a place to live first. That is, unless you’d like to get properly acquainted with nature in the middle of Baltimore (You can borrow my poncho liner). Rental properties can wait. Additional income never hurt anyone getting a loan either. You can always kill two birds with 1 stone and try to go after a multi-unit property.
Work arounds for the divorce- Waterboarding, it’ll get anyone to do anything.
Danny, you’re hysterical. Ideally, I’d like a multi family. Has been a challenge to find in a good area, at a financially manageable rate.
The search continues.
In the interim, I’m finding great properties that I think would be great additions to a portfolio, but had been hesitant 1. because I hadn’t secured a residence. 2. – the law feeling that the spouse should have any portion of my hard work in the divorce
Our wonderful state requires a year apart before we can file, which means, another year delayed in REI. Ain’t lub grand?
There’s gotta be some fancy lawyer- CPA crap you can do to make any acquired properties untouchable when the gloves come off in court. I’ll keep my eyes open for any multi-fams in Baltimore to send your way.