Home > > Home

ForumsHome

Up to All Forums

This Question is Possibly Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)
Post a new topic
9 Replies Last post: Apr 7, 2009 3:52 PM by phanio

partnering up with wife for LOC for real estate

Jan 31, 2009 8:03 PM

Click to view mfd1974's profile Professional mfd1974 3 posts since
Jan 31, 2009
my wife has a very high credit score, well over 720...mine is in the mid 600's mainly because of high amount of mortgage debt on my credit reports

im trying to be creative to obtain a LOC to put offers in on bank owned properties then rehab them rent out and refinance the property and then payoff LOC

my wife has little or no income, although she is on the tax returns for investment income...not sure where to go with all the questions we have...any advice is appreciated...thanks
Tags: Report as inappropriate
Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
1. Re: partnering up with wife for LOC for real estate Feb 1, 2009 3:20 PM
If she is willing, give it a try. Might want to put together a little written agreement about liability and revenue sharing just to protect both of you. But, if you can get it by a lender - worth a try. Also, consider that women owned businesses have more access to government resources and could help your local bank with some of its CRA obligations.

Just some thoughts.
Report as inappropriate
Click to view bmt2008's profile Mogul bmt2008 305 posts since
Jul 30, 2008
2. Re: partnering up with wife for LOC for real estate Feb 2, 2009 10:11 AM
I might know where you could get an unsecured loan or line of credit. Check my profile for contact information and website.
Report as inappropriate
Click to view moneyresource's profile Authority moneyresource 18 posts since
Jan 6, 2009
3. Re: partnering up with wife for LOC for real estate Feb 1, 2009 11:06 PM
I may be able to help. I have access to many different venues you may want to take a look at. For example, I do have access to a lender that will finance 65% of the future appraised value after the repairs/upgrades are done on the property. If a home will appraise for 100K and you can pick it up for 50K, they will put 15K in escrow to cover the repairs. Interesting payment options as well. There are other options as well. Please contact me at
moneyresources@hotmail.com
Report as inappropriate
Click to view DomainDiva's profile Mogul DomainDiva 1,732 posts since
Oct 10, 2007
4. Re: partnering up with wife for LOC for real estate Feb 2, 2009 7:42 AM
My husband and I have a Limited Partnership. I am the General Partner, we have a full LP agreement filed with the Sec'y of State and the LOC's are all in my name.
Report as inappropriate
Click to view LUCKIEST's profile SCORE LUCKIEST 7,942 posts since
Aug 6, 2007
5. Re: partnering up with wife for LOC for real estate Feb 2, 2009 7:49 AM
Partnering up with wife, Welcome

You need both an Accountant and a Lawyer.

Good luck, LUCKIEST
Report as inappropriate
Click to view Stpetehomes's profile Professional Stpetehomes 3 posts since
Feb 25, 2009
6. Re: partnering up with wife for LOC for real estate Apr 4, 2009 7:27 AM
MFD1974, any luck on obtaining a LOC? I am in a similar situation.
Report as inappropriate
Click to view LouieA22's profile Start-up LouieA22 2 posts since
Apr 5, 2009
7. Re: partnering up with wife for LOC for real estate Apr 5, 2009 6:03 PM
in response to: moneyresource
I'd be interested as well. I have a Real Estate Business, but haven't found funding to really get going. All my properties are held in my name, not the business name. I've been into BofA and tried conventional ways, but can't get financing on a business that doesn't "show" any income. It's all in my name, not the business name. Any help???
Report as inappropriate
Click to view wilfin's profile Mogul wilfin 106 posts since
Feb 22, 2009
8. Re: partnering up with wife for LOC for real estate Apr 7, 2009 2:51 PM
in response to: LouieA22
"Conventional ways" have changed. There are still many ways depending on your
situation. If you get a minute I can be reached at (910) 392-8740 or email me at
chris.harper@wfginc.net. Thanks

Vhris
www.wfginc.net
Report as inappropriate
Click to view phanio's profile Mogul phanio 487 posts since
Apr 7, 2009
9. Re: partnering up with wife for LOC for real estate Apr 7, 2009 3:52 PM
in response to: wilfin

I agree with wilfin - in times like these you have to get creative - there are always ways if you know where to look and have the information needed to make better choices.

I say if your wife is game - then go for it. But, do take a professional approach and get everything in writing - the good side and the bad.

Best of Luck

Business Money Today
Report as inappropriate

More Like This

Most Recent Forum Posts

Looking for a partner in Fashion Retail business
in the last minute

Image and Artwork Commercial Licenses Available
3 hours ago

eBay Marketing Traning
3 hours ago

Penny Auction Site Offering Designer Accessories
5 hours ago

Legend

  • Open Question
  • Answered Question
  • New content since your last visit
  • Updated content since your last visit
  • Content you have read