Seeking Immigration Lawyer and CPA for H1B Visa Holder

Seeking Immigration Lawyer and CPA for H1B Visa Holder

Investor · New York, NY · Member since 2017 · 40 posts · 5 votes

Hello,

I'm looking for an Immigration Lawer and a CPA to assist me in setting up myself on the legal/tax side of things. I've been calling around so far and I've found people that know about immigration law but not taxes and vice versa. 

Here's my situation,

I'm currently on an H1B Visa. I'm hoping to start investing in real-estate. From what I read, starting an LLC is the best way to protect my assets and well as give me tax advantages. I am thinking about forming one with my partner who is a US citizen.

However, my status as an H1B holder does complicate things. I’ve done a lot of reading and have found that I am only allowed to passively invest in an LLC (even if it's my own). However, the definition of "passive" escapes me and there seems to be no concrete definition.

I do not want to risk my status or possibility of delaying my green card application.

I was hoping that someone can help me shed some light on my situation and how I can proceed in the best possible manner. I've read that buying it under my own name is a viable option since having an LLC doesn't mean that I necessarily pay less in taxes, however, umbrella insurance is not necessarily bullet-proof (see podcast 197 w/ Brandon Hall) and an LLC seems to be best in this regard, especially with a partner.

Does anyone have any referrals on who I should contact about this?

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Irvine, CA · Member since 2017 · 1 post · 1 vote
8y

hi Brandon - 

I am in a similar boat. I am waiting for my green card. So on H1B one can buy a second property and if they decide to rent it out using a property management company that should be okay ? Appreciate your response regarding this,

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  • Rental Property Investor · Memphis, TN · Member since 2013 · 56 posts · 29 votes
    9y

    Brandon,

    My wife and I have used Bryon Large from the Joseph Law Firm in Colorado. Send me a PM and I will forward his contact info. He also helped a relative of my boss in an 'entertaining' situation - border and immigration lost documentation of one of the guy's H1B renewals, and accused him of having worked illegally in the US. The lawyer helped him track down proof of the renewal that immigration had 'lost' and worked it out quickly.

  • San Jose, CA · Member since 2017 · 9 posts · 2 votes
    9y

    @Tristan H. Have you unearthed any new information regarding this? I would also be interested in learning more.

  • Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
    9y

    @Jai Koolwal

    Hey! Not really, so it seems to me that not many lawyers want to talk to you if you don't want to pay an initial consultation fee (which can be up to $2,500, no thanks!).

    However, I have determined that it is safest to simply purchase under my own name, this saves me the headache of possibly breaking my H1B conditions as well as saves costs on the LLC setup, which will need a lawyer anyway. Our H1B status is also a little riskier because of Trump's policies regarding work VISAs.

    Ideally, when I do get my green card, I will set up my LLC. I hear that it's a little bit risky to transfer assets to your LLC because of some rule where the bank can call the loan due at that time, but that doesn't mean I can't have properties under my own name and my LLC.

    In the end, I probably spent too much time trying to figure out my H1B when eventually I'll get a green card.

    Hopefully this helps!

  • Investor · Seattle, WA · Member since 2017 · 8 posts · 1 vote
    9y

    @Brandon Leong Thanks for the explanation! I'm also on the same boat. Did you finally buy the property under your name? If so, are you managing it yourself or using a Property Management (Not sure about your investment strategy, thinking if it is buy and hold)?

    I have been doing some reading myself and seems like self-managing a rental property can bring some risk to H1B status. 

    Thanks for your help!

  • Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
    9y

    @Kevindra Singh

    Hey! Yeah, I finally bought under my name. Figured it was too much of a headache to set up an LLC and I wanted to start the process as fast as possible so I would not lose momentum.

    I do have a property manager for the house, my investment strategy is strictly buy and hold because I don't have the time to actively manage properties.

    I think the crux of the H1B is that you cannot "work" for anyone else, even yourself. Of course, there are some gray areas there but I'd rather stay clear of the IRS, if they want to mess with you, they can."

    Good luck!

  • Irvine, CA · Member since 2017 · 1 post · 1 vote
    8y

    hi Brandon - 

    I am in a similar boat. I am waiting for my green card. So on H1B one can buy a second property and if they decide to rent it out using a property management company that should be okay ? Appreciate your response regarding this,

  • Rental Property Investor · New Castle, DE · Member since 2019 · 8 posts · 3 votes
    7y

    I think there is no restrictions on if you can buy a second property and rent it out as passive income.. I just did one and rent it out. 

    The only tricky part is if I’m not using a property management, and not claiming any management or fix cost as deduction, will IRS or immigration bureau deem this as active management? My situation is that I rarely get any calls from renter and they just pay the check as is. Anyone knows about this defition about “active management”? Thanks!

  • New to Real Estate · Member since 2019 · 4 posts · 0 votes
    6y

    Hi guys, I am new to BP, I am on H1b visa and my wife is a citizen and I am planning to start investing in RE, and my plan is buy and hold.  With confusion about h1b and rental investment, in my situation my wife is a citizen, how can I go about in this situation, how can I start, can I partner with my wife or can i buy property under her name.   

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