All Forum Posts by: Neddie Smith

Thanks everyone who replyed to this post - mostly privately of course. I will contact all of you with my newbie questions.

@Tarik Turner I sent you a dm.

Sorry if this is an easy one. How are you finding a Hard Money Lender that fits your investment strategy? I can not seem to find one who is willing to talk to a beginner regarding the entire topic.

@Andy Mirza So if I understand correctly, according to our partnership split e.g. 50-50, the deduction allowance would also be 50-50 correct?

Thanks @Edward B. and @Andy Mirza. This helps alot.

Hi BP. I have a feeling this will be a stupid question but here it goes.

I have a partner who only wants the tax benefits of real estate and is not concerned about the property income. Is it possible to purchase real estate as a partnership LLC and have all the deductions be unevenly split between the partners?

For example: I would receive all income from the property (rent) and my partner would receive all of the deductions?

Thanks in advance

@Lior Reich thanks for the great offline talk the other day. You brought up lots of great points that I will need to consider and I really appreciate the fact that you took the time for me out of your busy day.

@Lior Reich I'll send you a connect and see if we can schedule a call. Thanks!

I live in Austria and after see my success with purchasing real estate in the U.S. (I'm a US citizen) my friends would like to do the same.

Can anyone point me to a resource for to get answers on the following topics?:

- purchase rules regarding foreigners purchasing U.S. turn-key rentals

- U.S. tax rules foreigners need to follow ( filling, tax withholding, double taxation, etc..)

Thanks in advance!

Thanks for all of the answers. I spoke to two banks and a credit union and they want to have 12 months of  "seasoning". Does anyone know of a bank in Ohio that will require less time?

My rehab should be complete by the end of September. Also I will put the loan in my own name.

I am an US expat living in Austria and currently I do not have a credit score (as of 2017).

Question 1

After talking to some banks regarding refinancing my rental, I was told I will need to build a credit score to apply for a mortgage. The suggestion was to open a credit card and spend to setup a credit history. 

Do you know of any alternative "interest free" alternatives to build my credit score?

Question 2

I was told my property (in Columbus Ohio) will need to "season" for 12 months before a loan can be granted based off of the appraised value instead of the purchase price.

Is this normal and does anyone know of financial institution that will provide shorter "seasoning" periods?

Thanks for all your help!