All Forum Posts by: Jordan Sinclair

I have changed my mind few times in regards to location and investment strategy until i finally set on something. Then, I’m now focusing exactly on what I think suitable for me.

Remember that in the US things are different from state to state etc .

for example, imagine if you buy turnkey home and the provider assists on LLC setup, et .

Just a thought because I was on the same boat as you and I was glad I didn’t spend the money setting up anything until I was sure on what I’m looking for 😃

One thing you can setup at any time is the bank account but needs to be on person (or power of attorney) and it doesn’t look like we will travel any time soon.

My suggestion:

Listen to podcasts - Biggerpockets is a great way to start and you can learn a lot of the terminology used in RE, read books on real estate investing from there you will start getting more and more curious.

Don’t jump on the same boat as others but act based on your knowledge and on what Is best for you.

People here are very willing to help, which is great .

Some great points there Iris.

A bank account option is the Transferwise borderless account which can be opened from Australia. It's a fully functional US account.

1 Vote

Originally posted by @Luchia Park:

I’m looking for an accountant to sep up LCC with reasonable price. Any recommendations ?

Do you know why you want to set up a LLC? Do you know the cost of the LLC maintenance and IRS 5472? With 5472, foreigners face a potential $25,000 annual penalty.

1 Vote

Try propertychat.com.au for the Aussie market.

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Originally posted by @Tae Kim:

Hello savvy investors :)

I'm from Sydney Australia,and planning to invest around the lake Erie starting from Detroit area.

Where would be the best state to set up LLC?

Is it Wyoming, solely based on the tax?

I need to set one up ASAP and this is my very first step in this journey to be full time BRRRR investor :)

Also what would be the cost to set up and annual running cost? Me and wifey will be the joint owner of the LLC.

Lastly, do you know anyone can good at this at good prices? Or would you say this is something I can do it myself(and no trouble later! :) )

Love to hear from you all please !

Hi Tae,

Some say it's best to decide if a LLC is needed. Depending on the strategy, the LLC could help or hinder. Generally speaking, the LLC is established in the same state as the property.

Cheers!

1 Vote

Originally posted by @Lewis New:

Hi,

I am looking to buy my first investment property. I live in Sydney and the prices are too high for me to afford to get into the market here so I want to look into other areas where I can get into the market.

my plan is to renovate the property myself (as I am a tradesman) then rent it out.

What are they key things that you look for when deciding on an area to look into?

is there any advice you would offer someone starting out?

would this plan generally work better for apartments or houses or is it more dependant on the area?

thank you for your help!

BP is focused on US investing. Try propertychat.com.au for Aussie deals

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Originally posted by @Jennifer D.:

Hello, Bigger Pockets. Is anyone else interested in teaming up to create an Australia-focused investing group?

I am an American living in Australia, with most of my investment portfolio in the United States. Being currently stuck in Australia, I have turned my attention to thinking about whether or not te-entering the property market here as an investor is a good idea.

I have found nothing like Bigger Pockets here in Australia. Basically, there are people trying to sell you comprehensive real estate packages, with very little transparency and almost no knowledge sharing until you fork over anywhere from $3000-$12,000 for a mentoring program.

I love both countries, but this distinction is very typical of Australia and one of the strengths of Americans. I think Bigger Pockets could have a strong presence in Australia.

Is anyone else interested in teaming up on a podcast or set of blogs about the Australian property market?

Hi Jennifer,

Propertychat.com.au is quite popular for Australian investing.

1 Vote

As others have said, some states such as Arkansas issue a DL to foreigners without a visa etc. This could be a starting point to registering the car.

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Originally posted by @Nahum Ella:

Thanks guys for the quick response

@Jordan Sinclair - did you try Transferwise? Can I hold funds there? or it is just for transferring money?

Yes I have and it is both. Fully functional US account plus send/receive funds. I have also invested in Ohio as well and Transferwise has worked well.

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Originally posted by @Jasraj Singh:

Originally posted by @Account Closed:

Originally posted by @Jasraj Singh:

Originally posted by @Account Closed:

Originally posted by @Jasraj Singh:

Originally posted by @David M.:

@Jasraj Singh

https://www.investopedia.com/articles/investing/091616/6-things-foreign-buyers-us-real-estate-need-know.asp
Try the above link for some basic info. In short, if you need financing, it will be tough unless you have an appropriate visa to be in the country. As cash being king, cash is fine. Either way, you'll have US taxes to deal with when you go to sell or are even renting.

As for staying in the property, certainly its your so you can do what you want. However, without the appropriate documentation you won't be let into the country to stay there...

Perhaps... if you partnered with somebody and created a legal entity like a LLC (I forget if they allow foreign owners) or C Corp, you could more easily invest. Obviously, that gets much more complicated. But, I am guessing thats a way to have a US based legal entity make the purchases while its shareholders are foreign nationals. Again, discuss with a professional or two about your options.

Thanks a lot for your advice! sure! I can defer taxes using 1031 but the main thing I want to figure out is about living there and you it may take 5-6 years for asians to get citizenship and after then he/she can start investing.

appreciate it!

Lots of Canadians who are not US Citizens buy properties in the U.S.A. Asians are welcome too. Lots of Chinese buy in Seattle, San Francisco, L.A. and New York. The rules are in flux at this moment because of Covid-19 but they will relax again soon enough. I highly recommend you visit the property of find someone you trust who can do that for you and send you a video walk through so you know what you are getting.

That's a great idea and I really appreciate it! but I think it's better to go there and check the property myself cause I don't know anyone who's living there and for that I think I really need citizenship.

You can visit the U.S.A. on a 6 month Visa without being a citizen.

https://www.path2usa.com/usa-v...

USA Visitor Visa is a
non-immigrant US visa issued to people entering America temporarily for
business (B-1), or for pleasure/medical treatment (B-2). These are
generally issued for a period of six months, but an additional maximum
extension of 6 months can be granted based on the USCIS approval.

That's great1 But how many times can someone do this? I mean is there any limit?

Depending on the visa, you may stay for up to 6 months each visit over a period of 5 years.

I have personally invested in the US without citizenship nor visa status. I am eligible for ESTA. With that said, it is also possible to invest without visiting the US in person.

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All Forum Posts by: Jordan Sinclair

Jordan Sinclair has started 1 posts and replied 134 times.

Post: Real Estate Investing during Coronavirus Pandemic

Post: Calling all Aussies!

Post: Any recommendation on accountant to set up LCC

Post: The Australian Market

Post: Investing from Australia, BRRRR!

Post: Find suburb to start investing in Australia

Post: Sub-Group of Investors in Australia

Post: Purchasing a vehicle as a foreigner

Post: Bank Account for Foreign Nationals

Post: Do you really need to be a citizen in U.S to start investing?