Investment during H-1/485 pending

K

kesab

Registered Users (C)
Hi Gurus,
It may be look like a silly question for you..but asking for your opinions. Myself and my friend are on H1 and I-485 pending. Can we buy house for investements purpose jointly? Will it be coisdered as Self employment, or is it going to affect on visa status?..thanks for your time...
 
Advice from UnitedNations NEEDED.

I bought the house when I had just H1b .. and had not applied for GC .. Now stuck in 485 for ever. I also invested in 401K and Roth IRA. Now I am greatly worried -- if GC does not happen what will happen to all this ??? Perhaps I need a sound advice from UnitedNations---

Now I have moved to different city -- housing market is down and so could not sell it ... currently renting.

Well everyone is saying that this is a good period to buy ..

My personal experience -- buy if you want to live in it --- else as an investment -- you will more likely to loose money, unless you live in that hot button market.
House need lot -- taxes, insurance, maintenance .. in some places they impose society money and if you rent it out -- pay taxes on rental income :) -- then U need equipments -- snow blower, lawn movers, sprinkers, fertilizers, plants etc
Nevertheless its fun to do stuff ..

Good luck
Nadi.
 
in my opinion buying house will not be counted as a visa dependent work...i think we are free to invest wherever we want.....

you cannot enter into employment or contract to devote your time for some work......i think this is the only binding thing...

you can buy and sell stuff as much as you want.......and keep paying the taxes....(capital gain)
 
You can buy investment property, no problem... your problems are more likely to come from owning it jointly, because you are not married to the joint owner.
 
Hi Jackolantern and UnitedNations and others...thanks

It seems that it is legal to joint own Real Estate while on H-1, isn't it? If there is any regulation about it, could you please let me know (the link)?

Hi Jackolantern, you are right..I am not married to him. But while joint owning I can probably make a signed agreement about the investement percentage with him; and then, in my tax return (I file jointly with my family) I can show how much monthly income it is coming (in terms of investment percentage) and how much interst/tax paid (in terms of investment percentage). I should be right? Please let me know your opinion.
 
kesab said:
Hi Jackolantern, you are right..I am not married to him. But while joint owning I can probably make a signed agreement about the investement percentage with him; and then, in my tax return (I file jointly with my family) I can show how much monthly income it is coming (in terms of investment percentage) and how much interst/tax paid (in terms of investment percentage). I should be right? Please let me know your opinion.
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Taxes are the least of your worries. Owning property jointly exposes you to other risks. What if the place is damaged by fire or tornado or earthquake? Will you be able to get him to pay his share of what insurance didn't cover? What if the property has net negative cash flow (your loan and property tax payments are more than the revenue)? Will you be able to make him pay his share of the load? What if you get sued for something related to the property, as a result of his actions or inactions?

Unless you're actually trying to start a business and need a partner to help with the extra work, I really don't know why you'd want to join with anybody (other than a spouse) to own property, rather than owning a smaller/cheaper property by yourself. A whole lot of risk for no reward.

But it seems your mind is made up to go ahead with it. You can at least do certain things to limit your exposure and formalize the dealings, like forming a corporation or limited liability partnership to own the property rather than owning it directly.
 
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Jackolantern..thanks for bringing up thes situations which may occur. My friends are also saying it is always better to own indivudially if I can afford it. I was in the impression that if the Property Title have both of our names, we will be equally liable. But it looks like that may not be the case.
 
Yes, it is always better to own it by yourself, unless it's a business and you need a partner to do the actual work (e.g. you are the technical person while the partner does the sales). Own it yourself and you'll have full control over the decisions ... who to rent to, when to sell, etc. Owning a $150K place by yourself gives you the same return as owning a $300K place jointly, but without the added risk and lack of control.
 
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