Houston, TX · Member since 2012 · 2 posts · 0 votes
Dear all,
Sorry for a long question but I'm new here with only one single family home rental under my belt. Here is the situation. I'm living outside the US at the moment for an expatriate assignment. My friends (a couple) living in Houston where I used to live are interested in buying an investment property. I'm thinking about partner with them to invest more of my money in to the real estate. Now, with limited experiences, I'm reaching out for ones who can share with me.
1) How is the loan structure should be set up? I heard that tenant in common is the best way to go but is there any other options.
2) My mother-in-law, who lived in Asia, is also interested in putting in some of her money in to the deal. Right now, I'm thinking about putting her money in my name but afraid tax implication will be a nightmare. Does anyone have similar experience to set up such arrangement? Would i need a lawyer for this or an experience Realtor would be enough?
Since you and your friends are inexperienced and your plan is pretty complex, you would be well-served to consult with an experienced attorney. After you get this deal done and it goes well, you will have the experience to proceed to the next with just the advice of a good Realtor. Good luck!
I am a wholesaler in Houston. I can refer a couple of good real estate attorneys that your friends that are living here can speak to. Once you guys are ready to invest I can certainly find SFH investment properties for you. Good Luck and inbox me if you want contact info for the attorney.
Seek the advice from financial planners as well as attorneys. They will review everyone's present situation and goals to develop the best over all plan. Be sure to consider family, spouses, death, estates, delusion, and what to do where there are disagreements.
From our previous experience with International loans, I would always suggest you speak with an attorney as Brenda recommended!
Our firms have suggested outside investors to create a US company (LLC, etc...) so that you have a base structure. This will also serve as a solid commitment from all parties moving into this venture.
Obviously, this is what my particular experience has been - PLEASE consult with an attorney.
Come back to the post and let everyone know what you find out - You may be able to help others int he same situation!
Thank you very much everyone for your input. I will involve the real estate attorney that I know and will come back to let everyone know how it goes. @Linda King, I'm also looking into creating LLC as well. Obviously, being outside of the states makes things complicated. Let me do more home work on that topic. Thanks again. Luke
Good suggestions on getting advice on deal structuring, etc. But you, your friends and your mother-in-law will have to do the spadework to find and compare deals yourselves. Here's a source you can use to get to the broadest range of options to choose from: http://herethedeals.com/.