Foreign investor getting money in the country

[Evelyn Tilman]

Hey everyone! First time posting... I'm looking to buy a duplex as my first deal. I'm lucky to have my dad as a partner but he does not live in America. The deal is a seller finance duplex, already has tenants and cashflows beautifully. Seller wants 20% down. Purchase price at 136k . Anyways.. my dad is putting most of the money. Has anyone had experience getting large sums of money in across the border? I'm wondering what the best way to do it is and what the risks are. For what I've read you just have to declare any amount over 10k and that's it.. has anyone done this? He'd bring in about 23k and we'd put the rest.

[Account Closed]

@Evelyn Tilman

In my opinion you should avoid if you can bringing your "foreign" dad in the deal. 

I've myself gone through this and i wouldn't do it again.

The US tax system is generally defavorable to foreign investors, notably in the fact that unless a special agreement has been drafted between your father's country and the US, his estate could be taxed at a confiscatory rate of 40% above $60,000 if he passes away.

I'm not going to go over all the problems you and your dad may encounter, but maybe you should work out something and avoid having him on the title

The investment is small and will have IMHO too many complications to make any sense.

If you decide to go ahead regardless, draft a power of attorney with your dad allowing you to carry banking and legal operations in his name. 

If not, he will have to go schedule appointments with the US embassy notary and $50 each time a legal document needs to be recorded