All Forum Posts by: Chintan Ce

Hello BP members,

I am trying to buy a property from a seller who is not local and is based in China. They (through their agent) have sent me a "Sellers Affadavit of Non Foreign Status" form that says they are exempt from FIRPTA for federal reasons. The reason is that the checkbox checked says they are not a non resident alien for US tax purposes. However they also declare that they are not exempt from California taxes.

FIRPTA requires the buyer to withhold. Do I need to withhold? Is there any additional paperwork I need to close this?

Thanks

Chintan

Hello BP members,

I am trying to buy a property from a seller who is not local and is based in China. They have sent me a "Sellers Affadavit of Non Foreign Status" form that says they are exempt from FIRPTA for federal reasons. The reason is that the checkbox checked says they are not a non resident alien for US tax purposes. However they also declare that they are not exempt from California taxes.

FIRPTA requires the buyer to withhold. Do I need to withhold?

Thanks

Chintan

@Sean OToole The process to sign up on propertyradar seems incomplete. It asks me to login and update my subscription information. But it won't let me log in ! Now I am just waiting for support to contact me because there is no direct line that I can call? Kinda broken - isn't it? You may have great data and useful info in there, but the first experience is a little concerning. I just hope you don't respond to this post telling me something I didn't do :-) I just followed instructions.

@John Upperman Always great to hear a success story like this. Thank you for sharing and congratulations on a slam dunk. I think the first deal is the hardest. That is where I am stuck. I have a W2 job and put in atleast 2 hours every day to find a deal.  Go through all the popular websites but this task is daunting. Also I am more interested in a flip, but am not sure how to build a team for it. Generally when I hear a success story like this, I want to know and learn from it. I like this observation - "You can't do Class C finishes in a Class A neighborhood or visa versa." - well said !

@Scott Poole I am in tech too and got started fairly recently. I am also from the bay area. Planning to attend a meetup in Milpitas this evening and connect with like minded folks. You should come by if you can, here is the link to that meetup - http://www.meetup.com/SF-Bay-Area-Real-Estate-Investing-Club/events/230009252/

Hi fellow RE investors,

Thank you @Raluca Ciobanu for starting this thread. It is very timely in that it answers some of my questions. I second @Robert Musallam 's suggestion to go through the podcasts. I went through a couple of them and it is quiet an amazing resource. It is the community that makes this platform so rich. My next step was also to go lookup Meetup's in my area for this and  @Abi Wegman has already posted those. I went through the beginners guide and it is pretty good content. But the really good stuff is the podcasts. I heard the last two from kevin wood and cameron skinner and they were both very informative. There is a lot to learn and it takes a sincere effort and conviction to make your first deal. Want to send a shout out to all the community members who put in their personal time for this !