Buying property for a foreign individual - Posted by Lazaro - NC

import · March 28, 2006, 8:51am

Posted by Mary on March 28, 2006 at 15:59:24:

That happened to a good friend of my ex. He is a realtor and a guy in the UK pulled the scam on him for 10K, ouch. Be careful

import · March 28, 2006, 8:51am

Posted by Lazaro - NC on March 28, 2006 at 09:51:32:

OK, here is a good one?.

I have a wealthy man from Brazil that wants to buy a vacation home for his family (cash) in the foothills of the Smoke Mountains. How does he suppose to pay the taxes since he is not an American Citizen? When he sells the property, how is he going to be taxed if the property appreciates? He does not have a social security #, so what is it going to happened with the 1098.

Thanks,
Lazaro

import · April 13, 2006, 8:05pm

Re: Buying property for a foreign individual - Posted by Daniel

Posted by Daniel on April 13, 2006 at 20:05:27:

This is basically a BUMP for this thread. I have an individual in more or less the same position, wanting to invest in property in Arizona. Basically a HML for a rehabber he knows. This would be done on a continual basis. Should he form an LLC here? Whats the best way to proceed?

import · March 28, 2006, 10:59am

Re: Buying property for a foreign individual - Posted by River City

Posted by River City on March 28, 2006 at 11:59:25:

I don’t really know the answers to your questions, however, I would like to warn you about foreign scams. These people will give you a cashier check for an amount in excess of what is needed for the transaction and ask that you return to them the excess. Once the cashier check goes through the system it is found to be no good. So be careful of “cash” transactions. This is happening to a lot of good people in the U.S.