Want to get started, but not living in the US & not a US passport holder

Hi There,

I’m interested in entering the land business, I am however based outside the US and I’m not a US passport holder.

From my research, I understand that it’s beneficial to open an LLC, and to open a US bank account to buy & sell.

Are any of you remote sellers? Can you please share your experience, mainly around:

  • Did you open an LLC? If so, how? If not, why not?

  • Which bank did you go with? Was it a digital bank and are you able to easily transact?

  • Are you able to properly run your land business being a remote investor? As in, do you find the time difference to be an obstacle? Not having a US phone number? Filing taxes and getting paid

Apologies for the long post, really excited to get started, but obviously need to get the basics sorted first!

Thanks!

@omar-sallman there are a couple of podcast episodes you’ll want to check out that will answer (or at least offer some insight on) most of these questions:

  • https://retipster.com/92 (this is probably the best one for your situation, because both AJ and Matt are non-US citizens and they explain how they overcame these obstacles)
  • https://retipster.com/96 (more good insights here from @rockwood - a US citizen living overseas and how he deals with some of the logistical challenges)

@retipsterseth Thanks a mil! I’ll make sure to check them out.

Hi @Omar-Sallman!

I run everything from here in Seoul, South Korea. I’m a US citizen which makes things like opening a bank account and registering an LLC a lot easier. However, there are many non-US citizens in the land space and they were able to work through all the obstacles - it just takes a little more effort.

Did you open an LLC? If so, how? If not, why not?

I created an LLC after my second deal. Having one is definitely not required, especially if you’re starting with less expensive properties.

Which bank did you go with? Was it a digital bank and are you able to easily transact?

I’m currently using Novo Bank. They do everything online - even opening a new account.

Are you able to properly run your land business being a remote investor? As in, do you find the time difference to be an obstacle? Not having a US phone number? Filing taxes and getting paid

Absolutely yes. Everything can be done remotely, it just requires a bit of extra thought. I would actually say it’s best to build an investing business as if you’re international so that you’re forced to setup the systems to run it remotely. The time difference can be challenging, but it’s something you can get around by using VAs or a calling service. I list out some of the services I use on the podcast page: https://retipster.com/96

@rockwood Extremely helpful, thank you!

@omar-sallman Hi, i’m Italian and currently running my business from Turkey. I estabilished my LLC in Charleston SC in Aug 2020 and opened my Business Bank account with Bank of America at the same time. Since Apr 2021 i am operating in the Land business.

I used a Service Company (based in Italy but providing the service also to non italians) for my LLC and Bank account. I just had to provide:
• 3 names for my business
• the members names
• a copy of the Id’s.
The process was relatively fast (3-4 weeks, in covid times…) and smooth. The cost was around 1600$ (included 100$ on the account) but the plus is that, for that price, you will have a physical mailing address in SC and a Team there composed by a Manager, a CPA and a Notary working for you, so that all the admin side of your business and bureaucracy will be taken care of (included the possibility to send documents, checks etc).
If interested i can put you in contact with Emanuel (founder, very nice and helpful guy) who will be happy to answer to all your questions.
Arturo

Grazie @arturo That sounds extremely interesting. Yes, can you please connect me with Emanuel, I’ll DM you.

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