All Forum Posts by: Daniel Mills

Hi guys,

A few months ago I asked for some advice about how to buy property with a foreign partner, and I got some good advice, but I am still stuck on a few points. Here is the situation:

I am an American citizen living in Japan who owns 5 single family properties in the US. One of my friends, who is from New Zealand and experienced investing there, wants to partner up with me to buy property in the US.

I want to get conventional loans to purchase the properties, so I cannot buy them in an LLC, though I could probably transfer them to one later. Also, we want to split the down payment, he will pay closing costs also because I am getting the loan. I asked my mortgage broker about this and she said that he would need to give me his portion of the down payment and I would have to keep it in my bank account for 60 days before I could buy the property. But, can he just give me the money? He can't gift it to me because he has a financial interest in the property. How does he legally transfer it to me in this case? Any ideas?

Thanks

Hi David,

Thanks for your advice. I will check them out. What is the market like in Nashville? My impression is that house prices are a little high to find good buy and hold deals. Am I wrong?

BTW, I can not figure out how to tag someone on this site. Can you tell me how you did it?

Thanks,

Daniel

Hi Aaron,

Thanks. Yes, my properties are in the Treasure Valley too (Caldwell). 

So, what is my next step? Who do I talk to about doing the refinance or a line of credit? Should I contact local banks or go to my current mortgage company?

Thanks again,

Daniel

Hi all,

I currently own 5 SFH rental properties - 2 in Idaho and 3 in Tennessee. While I am confident in finding deals and managing my property manager, I am not sure where to go from here. The two properties I bought in Idaho have gone up in value a bit since I bought them. I purchased both for $120,000 but they appraised for $129,000 at the time. I have had them for about a year, and it seems they are now valued between $135K to $140K. I have a couple of questions:

1. Is it possible to tap any of that equity, and if so, how? 

2. Is it worth it, or should I wait until the value increases more?

3. What do I use? An equity line of credit, cash out refinance etc.?

4. Can you use money from tapping the equity as a down payment on another property or can you only use it for all cash buys? 

5. Any other advice or ideas?

Thanks,

Daniel

Hi Jean,

Thanks for the advice. That is a strategy I didn't know.

Regard,

Daniel

Hi Charlie,

Thanks for the response. We were considering the LLC route. Do you know what it would cost to set-up and maintain the LLC including accounting services associated with it?

As for funding, I currently have 4 FHA loans in my name so I can, in theory, get 6 more. I am planning to exhaust those sources first. But, thanks for the recommendation regarding private money lenders with a foreign national program.

Thanks,

Daniel

Hello,

I live in Japan but I own several US properties (I am a US citizen). A good friend and I are thinking to partner up to buy more properties in the US. He lives in Japan but owns several properties in New Zealand where he is from. 

Our plan is for me to get the loans and then split the costs (he will pay more because I am getting the loan). We are wondering what the best way to do this is and to set up the partnership. Any suggestions?

Hi,

I am interested in finding a CPA and attorney knowledgable about real estate investing in the Boise, ID area. Any recommendations? 

Hi,

I listened to this podcast as well and it seems really interesting. I was hoping to find people who do it here on BP rather than pay the high price for the course - it's hard to tell if they are ever worth it. I would love for BP to do their own podcast on the subject.

Daniel

Has anyone done a deal with a partner before? How do you usually structure them?