All Forum Posts by: Oscar Meneses

Hi @Tibor T. we are in the same boat! Fellow out of country investor here, from Guatemala City, Guatemala. I started researching and networking here in Bigger Pockets a little over 2 years ago. Consumed as much content as possible: forums, blogs, podcasts, YouTube, online courses, followed "gurus" on social media, etc. Then last year I decided to get on a plane to check out the markets I picked and shake hands with the people I intended to work with.

Fast forward and I have completed 2 fix and flips, one in Detroit and one in Cleveland (dangerous markets for many). Currently working on 2 more that are about to hit the market and just purchased my 5th deal a couple of weeks ago.

So, to answer your question: yes it can be done! Not easy, lots of risk, headaches, and maybe I am spending more than local investors are, but you can make it work! During this time I have learned of ways you can get started and get your feet wet while reducing some of the risks you encounter when diving in by your self. Send me a DM, happy to connect.

1 Vote

Memphis, Tennessee

I am an out of country investor. This year I started doing fix and flips in the Midwest (Ohio and Michigan). I plan to continue investing there, but now I am also interested in building a team in Texas (I lived there for 5 years while attending college). I would love to connect with agents and general contractors that have plenty of experience working with investors. I would like to focus on the Dallas and/or Houston suburbs initially. Any tips on how to get started in the state and what to look for would be greatly appreciated. Thank you!

5 Votes

Dallas, Texas

Quote from @Michael Plaks:

Quote from @Oscar Meneses:

Thanks for the info Michael. I am in a similar situation. I am an out of country investor

Thank you for asking. Unfortunately I cannot help because I do not practice in International taxation. It is a separate area of tax law, and it is also country-specific.

There are some of my colleagues on this forum who do work with International clients. The trick is that we are not allowed to offer our services to you, publicly or privately, so you have to find these people on your own and initiate the contact.

I understand. Thanks Michael

0 Votes

Chicago, Illinois

Quote from @Michael Plaks:

@Tyler Burlison

No such thing as "short-term real estate gains." You either have flips or rentals. Capital gains, both long-term or short-term, apply ONLY to rentals, not to flips. Same for any tax strategy that deals with capital gains, including installment sales and 1031 exchanges: they apply to rentals, not to flips.

Despite the fact that you cannot put the entire amount into a retirement account, what would be the point of it even if you could? You're doing flips to either generate spendable income or to generate capital for further investments. Locking up your profits in a retirement account would be the opposite of it. (Yes, there're self-directed retirement accounts, but it's a different conversation.)

Bottom line: flipping business is highly taxed, and there're limited ways to reduce these taxes, and practically no way to eliminate it completely.

Thanks for the info Michael. I am in a similar situation. I am an out of country investor and opened an LLC to purchase my first property (Cleveland OH area). It is currently in the rehab stage and I plan to list it for sale in about a month. I am hoping to generate about $40k in profit. Can you tell me the basics about the taxes I will be subject to or an aproximate % I will have to pay? I know I need to start looking into this and planning in more detail.

0 Votes

Chicago, Illinois

Quote from @Katie Miller:

How did you find your CPA or tax professional?

If you haven't yet found a CPA or tax professional to help you save on your tax bill each year, would you want BP to help recommend a tax professional for you? We're here to help!

Post your thoughts below 👇👇👇👇

@Katie Miller hello! I´m an out-of-country investor looking for help with my legal and tax structure.

Since I´m just starting out, I need help with the basics: setting up the LLCs that we will use (looking to invest in different states), getting an ITIN, opening bank accounts, and identifying the tax strategies that we will employ for the deals we want to make.

I appreciate your recommendations.

1 Vote

Quote from @Andrew Garcia:

Hi @Daniel Bataller, I can refer you to a lender that does foreign national loans.

Feel free to reach out to exchange information.

Hello Andrew. I am a new out-of-country investor. Would appreciate if you can share your contact as well.

0 Votes

Quote from @Charles Carillo:

@Krish Patel

We have partners who are foreign investors. DM me and I will send you contacts for; attorneys, lenders and accountants that they have previously used. It is important that you hire professionals that have experience working with foreign investors.

Hello Charles! I am a new out-of-country investor. I would appreciate if you can share your contacts with me.

Since I am just starting out, I need help with the basics: setting up the LLCs that we will use (looking to invest in different states), getting an ITIN, opening bank accounts, and identifying the tax strategies that we will employ for the deals we want to make. Thank you!

0 Votes

Hello!

I´m an out-of-country investor looking for help with my legal and tax structure.

I appreciate your recommendations.

0 Votes

Quote from @Joseph Crunkilton:

@Oscar Meneses

Great plan. I'd recommend connecting with @Zach Lemaster and seeing what his team has to offer. They've helped me with my first few rentals and I've been able to do it all remotely.

I worked the BRRRR strategy for over a year. I was able to get better returns with their turnkeys. It saved me time and earned me more money. It's good to fly out and everything, but they can also connect you with solid teams remotely. Feel free to shoot me any questions if I can help.

Thank you @Joseph Crunkilton. I am in touch with Zach and he is helping me out a lot with recommendations.

2 Votes

Quote from @Amy Glover Bryant:

I'd love to work with you if Little Rock, Arkansas is a possibility for you. I work with a lot of out-of-state and out-of-country investors and have experience helping them set up property management connections, vendors, financing, insurance, etc. Let me know if I can help.

Thank you for reaching out @Amy Glover Bryant. I will look into Arkasas and will contact you for future opportunities

1 Vote

All Forum Posts by: Oscar Meneses

Oscar Meneses has started 5 posts and replied 16 times.

Post: Can Fix & Flip Work Remotely From Abroad?

Post: Looking for investor friendly agents and contractors in Texas

Post: What to do with gains from rehab/flip

Post: What to do with gains from rehab/flip

Post: If you use a CPA or Tax Professional, how did you find him or her?

Post: Loans for out of country investors

Post: Investing from out of country

Post: Looking for CPA with experience working with out of country investors

Post: My plan to get started with investments

Post: My plan to get started with investments