How do we buy real estate together? US + UK citizen.

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How do we buy real estate together? US + UK citizen.

Cari Childers
Member since 2019 · 14 posts · 12 votes

My partner and I have been together for 6 years. I am an American citizen living in Florida and he’s a UK citizen. He has a B1B2 visa and comes to the US for business sometimes but still wants to maintain his residency/pay taxes in England.

I have two rental properties in Orlando, and can almost afford a 3rd. He'd love to buy with me, or help me buy another, but we wonder if we should set up a corporation, LLC or best strategy for us to partner together that's mutually beneficial for us both without doubling up on paying taxes, etc? Would love any advice if anyone has been in our shoes.

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Tyler GibsonBusiness Member
Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
5y

@Cari Childers It makes it more complicated to borrow from banks with an LLC. It may be a better route to have him give you gift funds assuming your lender allows it and then after purchase transfer the property to an LLC that you both hold a common interest in. That being said you could always go the route of non-traditional lending like lima one capital that lends to LLC's. Regardless you would want to make sure you create an operating agreement for the LLC so that you both have your roles, responsibilities, and ownership interest written down. This helps to protect both of you in the event that there is ever a question about who does what or is entitled to what.

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  • Valentina Naumenko
    Property Manager · Orlando Kissimmee, Daytona Beach & Cocoa Beach · Member since 2016 · 331 posts · 166 votes
    5y

    Great question. We have similar situation: LLC where members are US citizen and citizen of Russia

    0Reply
  • Cari Childers
    OP
    Member since 2019 · 14 posts · 12 votes
    5y

    @Valentina Naumenko so you've set up an LLC? Thanks for the reply!

    2Reply
  • Cari Childers
    OP
    Member since 2019 · 14 posts · 12 votes
    5y

    Other info - we are unmarried.

    Also, very interested in talking to real estate lawyers/lenders that need some new clients :) ...

    1Reply
  • Valentina Naumenko
    Property Manager · Orlando Kissimmee, Daytona Beach & Cocoa Beach · Member since 2016 · 331 posts · 166 votes
    5y
    Yes. And we are married but not with one another. We are just business partners in our LLC. Originally posted by @Cari Childers:

    @Valentina Naumenko so you've set up an LLC? Thanks for the reply!

    0Reply
  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    5y

    @Cari Childers It makes it more complicated to borrow from banks with an LLC. It may be a better route to have him give you gift funds assuming your lender allows it and then after purchase transfer the property to an LLC that you both hold a common interest in. That being said you could always go the route of non-traditional lending like lima one capital that lends to LLC's. Regardless you would want to make sure you create an operating agreement for the LLC so that you both have your roles, responsibilities, and ownership interest written down. This helps to protect both of you in the event that there is ever a question about who does what or is entitled to what.

    [email protected]407-590-9858
    GPG Team 598 Reviews
    WebsiteView Page
    1Reply
  • Alberto Nikodimov
    Property Manager · Orlando, FL · Member since 2020 · 201 posts · 195 votes
    5y

    I agree with all of the above. Here are few things I would like to add:

    1) Speak to a CPA who specializes in working with foreigners to determine if LLC or INC works better for you. I have someone to recommend. Most of my investors from abroad are holding under INC.

    2) Financing will be a challenge but my friends who have a similar situation to your did something creative. They borrowed under his name since he was the American but then added her to the title. They had an agreement which allowed her to contribute to the down payment and monthly payments. I will be happy to talk to you about how everything worked and maybe get you in touch with them.

    Good Luck!

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