Home Buying in Las Vegas>Question Details

aruneshc, Home Buyer in Las Vegas, NV

can overseas people invest in les vagas?

Asked by aruneshc, Las Vegas, NV Tue Jul 10, 2012

I live in Australia sydney but would like to invest in Les Vagas. I would need to all the rules and regulations in purchasing the property. Also will need to rent out the property. How does this work out for international buyers

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16
Are you seeking financing or a cash sale. I am a Mortgage Manager and work with a local Buyers Agent that can help you as well. please email me at tacksweety@yahoo.com
1 vote Thank Flag Link Wed Jul 11, 2012
Hello, I would be happy to assist you with your investment in Las Vegas. Being international you may want to use a property manager to rent the properties and maintain them. I could provide you with a list of some property manager's if you need. Please feel free to contact me with any further questions.

Michael Stone, REALTOR
Keller Williams The Marketplace I
http://www.VegasHomesbyMikeStone.com
702-824-4011
0 votes Thank Flag Link Fri Aug 17, 2012
I am Canadian and have bought 4 homes in the last 8 months in Vegas. Sold one with a net $ 10.000 profit (yes you have to pay taxes), and have one for myself and 2 in as rentals, for which I use a property management company. Make sure to use an agent you like and see the home you want to buy. For a rental you want something decent , pretty much ready to go, unless you have time to fix up. I find the street appeal, quality of neighbourhood is key to buyin a rental, as I am also looking at the reale value down the line. Vegas is tight right now, almost a sellers market, but I expect it to change again by the fall or next spring, when I plan to buy another rental.
0 votes Thank Flag Link Sun Aug 12, 2012
Hi, my name is Tina. I'm an Canadian as well and looking into buying real estate in LV. I came across your post and wonder if you can recommend me a good realtor in LV. My email address is dquynhthanh@yahoo.com. Appreciate it.
Flag Sat Apr 6, 2013
Dear aruneshc, I am an Australian mortgage broker and have lived and worked in Las Vegas (2008 - 2011). Be happy to discuss your options if you would like to contact me 0402 024 270.
0 votes Thank Flag Link Wed Jul 18, 2012
THERE is a solution for overseas investors.
When Canadian Investor hires a property management company , you will be required to fill out a W-8ECI from the IRS, but you’ll need an Individual Tax Identification Number (ITIN), Social Security Number (SSN) or Employer Identification Number (EIN). To apply for a ITIN, you must file a W-7 along with your tax return.
Problem: You can’t file a tax return unless you’re paid income. Without a TIN, you can’t be paid income. If you’re not paid anything, you can’t be issued a 1099, which is what you need to file income taxes. That means you can’t get a TIN.
Canadian Investors establish an LLC (Limited Liability Corporation) which not only allows you to legally collect rent and declare it to the IRS but gives you greater tax savings, asset protection from tenant and personal lawsuits, a lower audit rate from the IRS and increased deductions. All for under $1,000.

David Cooper Investor and Licensed Buyers Agent 702-499-7037
0 votes Thank Flag Link Tue Jul 17, 2012
Hello, David: (2012-07-18)
I am a Canadian Investor and I checked with cross-border tax accountant.
He told me that if I were a US investor, LLC will be the best choice; but
if I were a Canadian Investor, never use LLC. Because Canada Revenue Agency(CRA) will double tax to LLC.
Now I wonder, if I claim my rental income to CRA, not IRS. is it correct?
if NO, I need to claim to both, WHY? THANKS from YING YU in Canada.
Flag Wed Jul 18, 2012
Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan. Unless you have obtained a loan in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you won’t be able to get a low interest loan unless you meet these specific conditions.http://lvpropertysearch.com/las-vegas-financing/las-vegas-fi…
0 votes Thank Flag Link Tue Jul 17, 2012
Absolutely. It is not that difficult. But as a foreigner, you will have to pay cash. What are you looking for? a condo or a home? In what price range? I can then send you pictures of properties write up your offers and can assist you through escrow. I would put you in contact with a property manager who would find you a renter and then collect rents.. We have done this for many times . Please contact me .with your criteria and e-mail address.
0 votes Thank Flag Link Wed Jul 11, 2012
There are various rules and regulations involved when purchasing a property in the US. Your best resources to begin would be the Internal Revenue Service, escrow company and an accountant. With the Foreign Investment Real Property Tax Act (FIRPTA), you will need either a social security number or ITIN to receive your rental income through a property management company.

I work with a lot of out-of-country buyers and would be happy to answer any questions you may have in regards to real estate or refer you to an escrow company.

You can contact me directly at 702-415-3692 or through my website at http://www.MyLasVegasRealEstateAccess.com.
0 votes Thank Flag Link Wed Jul 11, 2012
Visas and Other Entry Requirements From afire.org website
The US immigration laws offer foreign investors in real estate several options for entering the United States, from short visits to permanent residence.

Temporary work visas allow stays in the United States of several years. The applicant must usually show active real estate operations, as opposed to passive holdings, in the United States in order to be eligible for a temporary work visa. The temporary visas most frequently used by foreign investors in active US real estate operations are the E-2 treaty investor visa and the L-1 intracompany transferee visa.

A treaty between an investor’s country of citizenship and the United States is required for E-2 visa eligibility. A citizen of a qualifying country may qualify for an E-2 visa by making a “substantial” investment in an active US enterprise that the investor will develop and direct. The law stipulates no minimum amount of capital necessary to qualify an investment as “substantial,” offering instead a “sliding scale” approach that compares an investment’s overall value and the amount of capital actually invested. Typically, at least $100,000 is required for E-2 visa eligibility.

David Cooper Investor, Licensed Buyers Agent http://www.lavegaswinner.org
0 votes Thank Flag Link Wed Jul 11, 2012
You can buy property out there, but the laws say that you must first have your own residential before you can purchase any such property. And it's not that easy because having a residential means you have to be a resident of Les Vegas.
Web Reference: http://www.gtoptions.com/
0 votes Thank Flag Link Wed Jul 11, 2012
Many restrictions and increased paperwork for non-Americans. This Legal Website is exhaustive in spelling out exactly what is required.


David Cooper - Investor and also Licensed Buyers Agent
http://www.lasvegaswinner.org
0 votes Thank Flag Link Wed Jul 11, 2012
We currently manage over 400 homes, condos and townhouses and about 30% of our investors are foreign nationals. We have a good number of people from Australia as well. We have lived in Vegas since 1976 and specialize working with only buyers/investors. We will take care of all matters of your purchase, home inprovement and getting rented to very qualified tenant. We screen for: Income, Job History, Credit Score, Criminal, and Rental History if any. Please call or write and we can share more specifics about how we get our clients the good deals, locations. Thanks, Matt and Kim. Please use our web site all you want to do searches for current homes for sale.
G'Day Mate...Matt

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
"A Nation of Sheep Breeds a Government of Wolves".
Know the Constitution & Bill of Rights.
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Tue Jul 10, 2012
Hello Arun,

Not only can you purchase from outside of the US , but it has become the norm. Many investors see the amazing values in the Las Vegas Real estate market. I specialize with International buyers here in Las Vegas. You absolutely can purcproperly there are many items that you need to understand prior to doing so. I have a full team of professionals that can assist you with everything you need to know.
1)Attorney
2)Accountant that specializes in Foreign National guidelines.
3)A company that will set up your US company in order to avoid Federal tax issues.
4)Property manager that has everything online to make it easy for people that can't be here.
5)Banker to set up US accounts in order to proceed with a smooth transaction.

If you would like to go over all of your options please contact me at your convenience.

Respectfully,

Billy Alt
Wynn Realty Group
702-250-1090
Billy@Altgrouplv.com
0 votes Thank Flag Link Tue Jul 10, 2012
Sure you can , however you have to consider US tax laws and take the ownership of the property recorded correctly especially if you are looking for an investment and will have rental income from it coming to you
Please feel free to contact me via email at helenvmichel@gmail.com for more details since I work with a lot of foreign investors and buyers
Good luck and Las Vegas real estate market is a great place to put your money in !!

Warm regards,
Helen Michel
(702) 884-6428
Synergy Sotheby's International Realty
0 votes Thank Flag Link Tue Jul 10, 2012
There are no restrictions either geographically or pollitically in Las Vegas,Nv. There may be restrictions in some communities that have a home owner's association that may limit investor (i.e. Rental) ownership. Neveda law requires that potential homeowner's be given any associated documents that would outline these restrictions. You may direct furthur questions to me at (702) 496-7877. Thank you, Russ Lorenzen; Re/Max
0 votes Thank Flag Link Tue Jul 10, 2012
I deal with investors from Australia, Canada, Asia and Europe regularly and have financing resources as well - see --> http://robflitton.com/for-buyers/foreign-investors/

In fact I currently have 3 other Sydney-based clients. I reckon it is no problem :o)
0 votes Thank Flag Link Tue Jul 10, 2012
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