All Forum Posts by: Brandon Leong

They are saying that there are some additional fees such as:

1. Market Rent Analysis
2. Operating Statement (not too sure what this one is)

Apparently they are required by Fannie Mae and each cost about $100.

Do these charges seem correct?

Hello everyone!

My partner and I have recently just put down an offer for a SFH in Kansas City! We signed the PA and we are currently getting all the mortgage details down. This will be our first time and we are excited.

The lender asked for an authorization for $600 for the appraisal. This seems high to us, what is the typical cost of an appraisal in KC?

Thanks!

I am also looking for good property management companies.
@Daniel Hanson -- any luck with your search?

@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!

I'm looking for one too!
So far I've been recommended:

1. Grayson Properties - http://www.graysonprop.com/
2. Greg Simo - http://columbusrentals.biz/
   

Can't find any of the bigger properties, but I'm calling around.

If you guys deal with any of these guys, let me know your experience!

Thank you everyone (@George Despotopoulos & @Krystof Pilisiewicz ) It's great that this introduction is still getting hits. Super impressed with the community!

Additionally, if anyone here is investing out of state and is not a US citizen (I'm Canadian), I would gladly take you out for a good lunch to pick your brain!

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?

So I seem to have stumbled upon a decent deal on Craigslist, which is great! But I am unsure about the next steps that I need to take. Since this property is out of state, I do want to eventually visit the property and make sure it all checks out. However, since it's on Craigslist, I've only had contact with the seller up to this point (just a few emails about the property). Some question I have are:

• If I want to move on the property, do I need to find a local broker to help me write up the offer and also tell me about the neighborhood? My initial research indicates that it's a decent area but I don't know for sure, it's a small town
• If I do find a local broker, does that broker also act as the sellers broker as well? Or do they usually have their own?
• Since it's out of state, should I go to a local bank there to inquire about mortgages? Or should I just go to a big bank here in New York, Chase or Bank of America?
• I've been listening to the podcast and they say that you should have a team in place. If this property is out of state, should I meet with attorneys and CPAs here in New York and then vet out local brokers, contractors and property managers

Thanks for any information you guys provide! It's been a fun journey so far... 2 weeks in!

@William Murrell - Thanks, I don't mean completely, but it does put me (if I do form one) into a different tax situation

@Russ Draper - Thanks for the links, will look into them!