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Best option for cash to pay for wedding

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Srdavis123
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Best option for cash to pay for wedding  Reply with quote  

Hello! Looking for advice on best option to pay for wedding. Here's the situation followed by the question. My fiancée and I are getting married in October, we had a short engagement (6 months). We are paying for our own wedding. In order to pay for the wedding we are looking at ways to access cash as most vendors require cash or check payment. My fiancée has great credit, owns his home plus has two rental properties. I own a home with equity. I cannot get a home equity loan because my credit is less than good. We were thinking of the following two options for y fiancée to access cash.

Option 1: he takes out a home equity line of credit on one of his rental properties.

Option 2: I sell him my house for $10,000 over what I owe and we use the profit of sale to pay for wedding. My house is valued at approx $90,000 and I owe $56,000. I would sell it to home for $67,000. We'd use the profit for wedding. The home currently has renters.

Which option is the best?

Thank you!
Post Thu Jun 11, 2015 9:46 pm
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oldguy
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Congratulations on your upcoming wedding!

Neither of your options actually works -
1. You can't have a home equity loan on a business property, it has to be your home.
2. When you "sell" a $90,000 house for $67,000, that constitutes a $23,000 gift. (Taxable).

I would ask him the refi the first mortgage (or get a first mortgage if it's free & clear) and remove 80% of the value. That should be done anyway - I continually remove equity form my rentals via refi's and invest that money elsewhere. Mortgages are a great source of capital - borrow capital at 4% for 30 years and invest it at 11%/yr, a powerful money maker.

I assume that you plan to keep your house for rental? (Otherwise you would sell it for $90,000 and have $34,000 cash)
Post Thu Jun 11, 2015 10:57 pm
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littleroc02us
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Call me a debbie downer, but I don't think it's wise to start a marriage by mortgaging against your property to fund a wedding. My wife was an amazing woman who managed to put together along with my help a wedding for around $4,000. Her dress was amazing and it only costs $400, the cake was under $200, the food was our biggest expense at $2800, the mansion rental was $150, the reception rental was $250, the sports car was my buddies, the booze was $500, the photographer was a friend of mine who used students and did it for the price of a meal, the DJ was my friend who worked for $400. The point is you can do an awesome wedding for under 5k if you try.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Jun 15, 2015 9:07 pm
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Excentris
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Congratulations on your wedding!

Let me give you some epic advice..
find someone with the power to get you two married and tell the priest of captain or military Officer what you are going to do.. and add sentimental value to your wedding by having your friends and families and you two to throw together a wedding.. you can do this with house hold items laying around all of your houses to throw this together,,,

Honestly what are you paying for when you put a wedding together.. any church Priest will git the two of you married before god.. that's all you need.. what are you paying 40k for? a bunch of uncomfortable chairs an arch you, your family and your friends can make yourself

Instead of paying some company for all of this you can make all of this yourself and throw yourself a 200k wedding with only work and resourcefulness and if you want to you can spend some money on it to grease the wheels..

You will be legally married to each other after living with each other after a time frame so throwing together your own wedding with all of your friends and family is the smart way (why) you can make it perfect and perfectly customized make it exactly the way you want it without messing around with big spender options and all it takes is some work and effort.. it also brings your friends and family together to see how they work together and make special bonds that are valuable through a lifetime and you also did something together as one big family.. that adds sentimentality as well.. You and Your family will have Memory's

Just my Advice.. Take it or leave it ^.^ Be Resourceful.. Especially if the two of you are meant for each other.. Doing things like this together could even be a part of your marriage to see how well the two of you work together to see into each others eyes and know what the two of you like.. Personality and Communication ^.^

The only thing that costs the two of you money now is the rings...

what is the difference between me and you to Albert Enestine! nothing.. only yourself! look at you! rise above yourself!
(energy equals everything squared!
sovereign light! fallow the path of light or descend!
Post Sat Jun 27, 2015 1:06 am
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