All Forum Posts by: Andrés Uribe

@Sean Morrison Thanks! I will start by buying 2-3 properties, with the goal of 5-7 this year. From what I have gathered so far I will have to do a C-Corporation. This is because I have to set up an LLC in Canada to get paid, here an LLC is considered a corporation, so my C-corp in the US would pay in dividends to my Canada LLC, and my Canada LLC would pay me as an employee.

Overly complicated as you say, but unless I receive other advise this might be a way to make it work as a beginner.

The attorney I consulted agrees on not adding too many layers of LLC's and opening one in the state I am in, but he does claim that opening different LP's helps protect my assets on other LP's, in case one of those LP's gets sued.

Hello BP Forums.

I am a new investor and WILL get started investing in US real estate from Canada in February. I have almost everything lined up, a couple agents, a property management company, lender (just one so far, hard money), have chatted with a few contractors, etc. But I am stuck in setting up an LLC and a good cross-border tax planner (I've spoken with a few, but I think I can find something better) I have some more consult calls lined up as I keen networking, and I'm itching to get started.

The main thing I need right now is a proper LLC structure. These are the options I've been advised:

- Form LLC, create LP's for small groups of properties (2-4). Have LLC be a 1% general partner of each LP.

- Form LP's with me owning 99% and a C-Corp owning .5%-1%.

- C-Corp with 1% ownership LLC's for each property.

Only guidance I've received on the Canadian side is to open an LLC here, which is considered a corporation. US C-Corp or LLC would be a pass through entity. Now, US C-Corp would pay dividend to Canadian corp, and Canadian corp pays me as employee. Not sure how it would work if I open a US LLC and not a US C corp... anyone know?

Last is, are any of these structures protect me enough? I've seen and read about the Delaware and Wyoming llc's but I think that is more beneficial later as my portfolio grows.

Any thoughts are greatly appreciated, and! as a thank you and if we meet a bag of nice Colombian coffee :) where I'm from, I do source the real stuff, I know people... lol

Thank you!

Andres

Hello BP Forums.

I am a new investor and WILL get started investing in US real estate from Canada in February. I have almost everything lined up, a couple agents, a property management company, lender (just one so far, hard money), have chatted with a few contractors, etc. But I am stuck in setting up an LLC and a good cross-border tax planner (I've spoken with a few, but I think I can find something better) I have some more consult calls lined up as I keen networking, and I'm itching to get started.

The main thing I need right now is a proper LLC structure. These are the options I've been advised:

- Form LLC, create LP's for small groups of properties (2-4). Have LLC be a 1% general partner of each LP.

- Form LP's with me owning 99% and a C-Corp owning .5%-1%.

- C-Corp with 1% ownership LLC's for each property.

Only guidance I've received on the Canadian side is to open an LLC here, which is considered a corporation. US C-Corp or LLC would be a pass through entity. Now, US C-Corp would pay dividend to Canadian corp, and Canadian corp pays me as employee. Not sure how it would work if I open a US LLC and not a US C corp... anyone know?

Last is, are any of these structures protect me enough? I've seen and read about the Delaware and Wyoming llc's but I think that is more beneficial later as my portfolio grows.

Any thoughts are greatly appreciated, and! as a thank you and if we meet a bag of nice Colombian coffee :) where I'm from, I do source the real stuff, I know people... lol

Thank you!

Andres

Hello BP Forums.

I am a new investor and WILL get started investing in US real estate from Canada in February. I have almost everything lined up, a couple agents, a property management company, lender (just one so far, hard money), have chatted with a few contractors, etc. But I am stuck in setting up an LLC and a good cross-border tax planner (I've spoken with a few, but I think I can find something better) I have some more consult calls lined up as I keen networking, and I'm itching to get started.

The main thing I need right now is a proper LLC structure. These are the options I've been advised:

- Form LLC, create LP's for small groups of properties (2-4). Have LLC be a 1% general partner of each LP.

- Form LP's with me owning 99% and a C-Corp owning .5%-1%.

- C-Corp with 1% ownership LLC's for each property.

Only guidance I've received on the Canadian side is to open an LLC here, which is considered a corporation. US C-Corp or LLC would be a pass through entity. Now, US C-Corp would pay dividend to Canadian corp, and Canadian corp pays me as employee. Not sure how it would work if I open a US LLC and not a US C corp... anyone know?

Last is, are any of these structures protect me enough? I've seen and read about the Delaware and Wyoming llc's but I think that is more beneficial later as my portfolio grows.

Any thoughts are greatly appreciated, and! as a thank you and if we meet a bag of nice Colombian coffee :) where I'm from, I do source the real stuff, I know people... lol

Thank you!

Andres

@Kevin Leonce

Kevin, I’d love to connect to pick your brain and learn from your experience. I’m in a similar situation to yours. I live in Canada and will get started investing in the US as soon as I find proper lending, which is the only thing I have left to do.

I’m a new investor and have everything lined up to get started in long distance investing except for lending.

Thanks!

Andres