All Forum Posts by: J M.
J M. has started 6 posts and replied 34 times.
Post: is it better to have a Nevada or Delaware LLC for my real estate investing biz in NY??
- Nashville, TN
- Posts 34
- Votes 5
Originally posted by Vikram C.:
Elle, regarding a foreign investor, you can get a loan from a foreign investor who is unrelated to you. See a good corporate lawyer and tell him that you are interested in a "registered portfolio debt." This allows you to pay interest to the foreign investor and deduct the interest payment as a business expense while the foreign investor will not be subject to U.S. income taxes on the interest paid. (You can also have the foreign investor be an equity owner in the business but they will then be subject to withholding on their distributive share of the income.)
Hello Vikram,
I am having the same questions here but somewhat different.
My goal is to buy REO to flip. I am a RE agent, so I am still researching about the best way to buy my first flip. Should I do in my own name or an LLC, if the latter, then should I create one in DE vs where I live, say FL?
Also, the money will be coming from my father. He lives overseas but has opened a bank account in his name here in the US and has transferred money to it. I am supposed to use that money to purchase property and the flip it. I am not sure how to do this. He basically is giving me that money and does not need me to pay him back. But I have to decide how to conduct business using that money that is sitting in his bank account here in the us.
1) Should I just transfer the money to my personal account and buy the homes in my name or LLC?
2) Should I loan the money from him and create loan docs and pay him a rate and after every flip put the money back in his account and the profit in my account?
3) Since he is not a US citizen, what happens to the money if I pay him interest deposited to his account here in the US, is it taxed? What if I wanted to just transfer the money to my account, am I taxed on it ? I am just starting to research this arena and all help will be greatly appreciated.
Thanks
Originally posted by Mike Jakobczak:
Well you can register really in any state. I would recommend a LLC from either Delaware or Nevada. The reason is you can register in these states and you can have a virtual business and not have a store front.
Is there a reason why those states? Over in example FL or GA if you wanted to buy and flip homes there?
Originally posted by Brad Gertz:
If you want to make money in wholesaling you need to be putting offers in all day and marketing all night and before you make those offers you need to have your research done to a T.
I am curious if you don't mind. I am entertaining the idea of wholesaling while being able to also purchase a property that I make an offer on. So I am curious about:
How many offers do you submit per day and do you submit them to REO agents and have them represent you as the buyer or are you an agent representing yourself/wife?
Are you actually looking at these homes only online or you go for a walk through?
Do you submit your offers in your name or LLC?
thanks!
Hey Guys,
I am an agent who will attempt to buy REO for myself and flip them.
I was wondering this very same thing. I actually came across a listing agent that advised that if i put an offer for myself then I would not get paid the commission.
So, to clear this up. If I have a Realtor friend represent me, will the bank still pay the commission to the buyer's agent, even thought the principal is still an agent?
Also, when you send an offer for an REO are you buying as LLC or in your own name?
Is your LLC a person's name or a company name? In Example: Larry David LLC vs Starlight Group LLC