Hi all -
This is my first post, but probably my 31st visit here, and I'd like to say how much I have enjoyed reading and learning from this forum.
I'm a US citizen, but have been living in Oz for about 15 years now, and am employed by an Australian company.
There are a lot of cashflow positive properties available in the US, and I'm interested in taking advantage of the strong Aus$, as well as the bargain basement prices there at the moment. By the way, I'm 45, and am happy holding an IP for as long as it's CF+.
I have about $100K cash (Line of Credit equity available), but trying to find financing is proving to be quite challenging. I can acquire one house or two units for $100K cash (see zillow.com in Phoenix or Las Vegas), but would prefer to leverage if I could. Any ideas on overseas financing? Maybe I should post that question on another forum.
Anyway, in order to get as many of those properties as possible, I'm also considering converting my current super (a bit over$200K) into an SMSF, and purchasing one or two other IPs with the cash in them.
I believe I may have to pay the IRS something every year that any investment is CF+, despite the fact that I've used my SMSF to purchase them. If anyone can confirm that for me, I'd appreciate it.
I also have read snippets here and there that give me the indication that if I sell them (even after I retire), I am potentially liable for Capital Gains Tax (CGT) in the US. Does anyone have any experience with this, or know of a good accountant - preferably in Perth - who would be able to help me?
The one legal CGT loophole that the IRS does allow US citizens is that CGT disappears if you occupy the property for two years before you sell it. My wife and I would be prepared to do this for a couple of properties, but not 10 or 12.
Quite frankly, I'm just interested in maximising my retirement nest egg, so if anyone has any better ideas, I'm all ears.
Any replies would be most appreciated!
Thanks,
HH
This is my first post, but probably my 31st visit here, and I'd like to say how much I have enjoyed reading and learning from this forum.
I'm a US citizen, but have been living in Oz for about 15 years now, and am employed by an Australian company.
There are a lot of cashflow positive properties available in the US, and I'm interested in taking advantage of the strong Aus$, as well as the bargain basement prices there at the moment. By the way, I'm 45, and am happy holding an IP for as long as it's CF+.
I have about $100K cash (Line of Credit equity available), but trying to find financing is proving to be quite challenging. I can acquire one house or two units for $100K cash (see zillow.com in Phoenix or Las Vegas), but would prefer to leverage if I could. Any ideas on overseas financing? Maybe I should post that question on another forum.
Anyway, in order to get as many of those properties as possible, I'm also considering converting my current super (a bit over$200K) into an SMSF, and purchasing one or two other IPs with the cash in them.
I believe I may have to pay the IRS something every year that any investment is CF+, despite the fact that I've used my SMSF to purchase them. If anyone can confirm that for me, I'd appreciate it.
I also have read snippets here and there that give me the indication that if I sell them (even after I retire), I am potentially liable for Capital Gains Tax (CGT) in the US. Does anyone have any experience with this, or know of a good accountant - preferably in Perth - who would be able to help me?
The one legal CGT loophole that the IRS does allow US citizens is that CGT disappears if you occupy the property for two years before you sell it. My wife and I would be prepared to do this for a couple of properties, but not 10 or 12.
Quite frankly, I'm just interested in maximising my retirement nest egg, so if anyone has any better ideas, I'm all ears.
Any replies would be most appreciated!
Thanks,
HH