All Forum Posts by: Han T.

Hmm...ic. Ok thanks @Andrew Kiel!

Dear @Terrence Evans and @Andrew Kiel, thank you for taking your valuable time off to reply. I appreciate it. I agree that it is better to look for an attorney to draft out the contract. 

However, i was initially thinking if I could use Fannie Mae templates such as those here...I thought it would be more cost effective for a starting RE Investor. Anyway, I have spent a couple of days thinking through what you guys have shared and I agree that doing it via attorney the first time is the best idea.

A side question, say after the attorney has drafted it, and got it filled up, how do i get the notes in force? Is it just me and the lender signing it? Or do I need say a third party to witness?

Dear Bigger Pocket Experts, friends and fellow Investors, I'm thinking of purchasing a property via lending from private lenders (more specifically, friends and close families). 

Can i just go online and find a promissory note and mortgage template, write it and get it signed with all my stakeholders (lenders), or do I have to find an expert (or is it an attorney) and get it signed/notarized via some state authority? 

Thanks in advance and happy investing! :) 

Yea ok! thanks! So does it mean that the LLC is not able to borrow from the foreign individual if he doesnt get an ITIN?

Dear @Tim Winter, Sir would you be able to share how one could work with a local resident? The concern is on how to structure the deal? Do you set up a LLC with "2" members, or that the property is on Joint-tenancy where each of you own the property?

Thanks in advance.

Dear @Chris Seveney, thanks for responding and apologies if my question was confusing. I meant can a LLC borrow money from individuals. But more specifically can the LLC borrow money from foreign individual with no SSN/EIN/ITIN and can the interest still considered a tax expense?

This is because I understand that when I file my tax expense , it "should" be balanced on the other side as another individual's interest income (1099-INT), however since that (foreign) individual is not traceable from IRS standpoint, will the tax-expense becomes nullified?

Thanks in advance for the sharing! Understand I may have to ask a CPA on this. 

Dear Darius, definitely arms length and not arms deal with Ayatollah. haha. Thanks for the reply! 

Hi BP community! Hope all is well. Here is my question.
I would like to check if it is possible for a LLC to issue (borrow) promissory note to an individual for the purpose of buying real estate.

If so, can it be done with just any of the corporate templates found online or does it have to be approved/submitted/issued by some licensed or government authorities?

Lastly, if the LLC would like to borrow from foreign individuals/companies (whom have no EIN/ITIN/SSN), is the interest paid to these foreign individuals/companies tax-deductible? If so, how can it be done?

Let me know or please redirect me to the correct sites for further readings.
Happy Investing!

Hi Biggerpockets Gurus and Credit Experts, need some kind advice. 

I was wondering how can a out-of-country Non-Resident Alien with no credit rating, work around to build a credit rating? Currently due to COVID, flight into the country is not possible, hence unable to even get a secured credit card. 

Thanks in advance.

@Duece Slade

PM-ed u Sir.