All Forum Posts by: Pablo P.

Hi everyone, I am trying to find a good title company that has experience working with foreign investors (non US residents) in Baltimore. Any recommendations or referrals? Thanks

Hi everyone, I am make plans for a small rehab in MD. I would like to know if I have to apply for a permit to remodel a complete bathroom, throw down a wall and paint the whole house. Thanks in advance for any information.

Hi Everyone, I got a couple of questions in order to do my first investment in USA as a foreigner. My plan is to buy a 150k property for long term rental in MD:

1- To buy through an LLC I need an EIN to open my the bank account. But, is it mandatory to also get the ITIN number in order to get my taxes payed? or I can pay just with the EIN number?

2- Which are the taxes that I will pay for owing a property in MD? I listed:

a- Property tax, 1.5% of the property value in MD. Once a year.

b- Income tax, 4,5% of income above $3000. Once a year.

c- Any other?

3- What is the best strategy to avoid the death tax when buying as a foreigner? I heard about getting an insurance or buying with a foreign company, any experience on this?

4- I got a lot that Baltimore -my chosen market- isn’t an easy place to start investing. What would be a good market for for long term rental property, with 150k budget?

5- According to my numbers, my net income for renting the property p/year would be 5.6%. Is this the average?

Thanks in advance.

@Tess L. Great. And having a registered agent wouldn´t fullfill the same function than having a P.O. Box? I mean, both are for receiving documents and mail, isn´t it? 

@Ashraf Martin Hi Ashraf, do you managed to contact a tax accountant? What has been your experience? I am about to start investing with my first property, but need to setup LLC and taxes, any contact on this will be really helpful. Thank you.

@Ozzy Sirimsi Do you have any contact from accountants that are familiar with Firpta laws? or any suggestion on where to look for one to ask for a quote?

@Bruce Lynn Hi bruce, thanks for your message. Let me ask you why Baltimore it is said to be a complicated market: you mean because there are particular property laws in MD? more regulations for rental properties? or what other reasons would make it such a tricky market?

Hi all, 

I have some basic questions with regard to start investing in US (MD) real estate as a non-US citizen from abroad. My budget is around 150k and I like to start in Baltimore buying a property for long term rental.I would be interested in hearing from those that have already had an experience using a CPA with experience creating tax structures for buying property as non resident in Maryland. 

1. In order to create an LLC, should I get an ITIN or EIN Number? how long it takes to get? If I plan to travel there to choose the property should I get all these and bank account opened in advance? can it be done online?

2. Any experience working with a CPA that build the tax structure for foreigners buying real estate in MD? What are the tax implications? Is there anything else apart from income tax, inheritance tax and 10% withholding tax?

Thanks in advance!

Hi @Tess L., The information you listed is very useful. I am justo wondering if when you say " company" you mean an LLC or you created other kind of company to start with your first property?

Hi everyone, I am planning to buy my first rental property as a foreigner (I am from italy), and I woud like to know what are the total expected expenses for a property of $200.000 in Baltimore,MD.
I made a short list, am I missing something?
- CPA accountant to build the tax strategy - $1000-$1500
- House inspection with an architect - $300
- Open LLC - $300
- Closing fee´s: $4000
- Rental housing registration: $48
- Rental housing inspection: $150
 
I would really appreciate any help here,
Thank you