All Forum Posts by: Anna Freitag

Thank you @Brandon Plombon and @Charles Carillo.  My partner is a US citizen, just the investment account is based in the UK.  He is speaking to a tax specialist.

Hi everyone!

I'm a newish investor who is also newish to Las Vegas.  Originally I'm from Minnesota, but I tend to gravitate to warmer climates.  As an investor I am in love with the fully furnished midterm rental strategy!  I'm currently working on a deal with a partner on a Vegas condo for this strategy and I can't wait to do more in the future, maybe even partnering with other BiggerPockets members :) I love listening to the podcast and learning from other members on there, I'm excited to see what I might learn here in the forums now too.

I also just posted what feels like a somewhat obscure question regarding using the money from a foreign investment account to purchase a property if anyone feels like checking that out.  Hope everyone has a wonderful day! Happy investing :)

Anna

I am working on a deal with a partner currently to purchase another property for a midterm rental. My partner has roughly 180K in a trading account based out of the UK that he has not been doing anything with for the last few years. He's not earning any interest as it's just an account for trading on the forex market so I want to help him by getting it into a cash flowing property asap so he can actually be earning a return on that money instead losing money to inflation as he is currently doing. Our plan is to pull that money out and buy a condo in cash for another midterm furnished rental that I will be managing. The reason he has not yet withdrawn any of that money in the last couple years is he was wanting to avoid being taxed heavily. We are wondering if he might be able to avoid that by putting it straight into another investment (this rental property). Does anyone have any knowledge about the logistics of doing this? Like what is the path for moving this money....sending to the bank account associated with the joint LLC for this partnership? Wire it straight to the seller's account during the purchase? Wire it to escrow? Anyone with advice and knowledge in this area, or knowledge on who I should talk to and where I should look for this info would be greatly appreciated.