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 Quitting job and Rental income in USA and Nepal
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Posted on 06-09-24 10:43 PM     Reply [Subscribe]
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Hello My question is does anyone own rental property in both USA and Nepal? Is there a legal way to convert to USD and transfer some of the rental income from Nepal to the US?

We want to follow the laws and are willing to pay taxes, report all the income properly etc etc. Since we have both quit our jobs, the rental income from Nepal would help if we are able to legally transfer it.

I am a US citizen and my wife is a permanent resident. We have some rental property in Kathmandu and all the property in Nepal is transferred in my wife's name in order to follow the laws in Nepal. These are commercial properties so we have been lucky with that income as well. We set aside some of that income for donations, helping the needy in Nepal etc but we would like to transfer some of it to US)

After working a job in engineering in the US for over 15 years (both my wife and I are engineers), we finally got tired of the constant work related travel, meetings, reports, office politics etc so we both quit our jobs and are relying on passive rental income. We were lucky enough to get in the real state market around 2009 when home prices were really down, and over the past 15 years we managed to purchase 4 very nice condominiums in the US ( 3 of the units are rented out and we live in 1 ).

After quitting our engineering jobs, we do miss the nice employment income, but the rental income now more than pays the mortgage and also provides us with a good deal of passive income, and the housing prices have gone up so much in the past 15 years that we have excellent equity in the property as well (2 of the units will be paid off free-and-clear by February 2025 and the remaining 2 will be paid off by Dec 2027).

 We saved every penny the past 15 years, a huge proportion of our employment income went directly towards aggressively paying down the mortgages, we cooked simple meals at home, took public transportation and company provided transportation, brought many essential items from Nepal whenever we got the chance, etc etc).

The only thing we have not compromised on is our vacation time twice a year . We saved money everywhere else, but we have been enjoying vacation time in many different countries twice a year and I do not regret spending money on those experiences.
Last edited: 09-Jun-24 10:51 PM

 
Posted on 06-10-24 12:09 PM     [Snapshot: 215]     Reply [Subscribe]
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I rellay wish to have your kinda problem in my life!! i have nothing to add but congratulations for the success and early retirement. yes, those who bought property in 2009 10 are rally enjoying their wise decision in life . please wont worry and enjoy your early retirement to the fullest . to be happy dont look above whor r rich than you but look down . take myself as an example , almost 8 years in the US , about 5 years in full time job , still no green card , no house , no solid investment , no wife , no children no future plan , basically no major accomplishment that society deemed necessary . was able to save around 500K ( gross) within 5 years plus 2 years student life and around 85K send in nepal to reconstruct house . with my all savings of lifetime i am barely able to buy a liveable house in todays economy let alone retire in 15 years is a dream for me . when i see up people doing great in life and accomplishing the milestone and me not being to able to perform as society expected hurts me sometimes but most of time see below me like earning 20/hr or so makes me feel oh there are many people down me who dream to be where i am today . be happy where ever u r , have a vacation in nepal 6 months a year and rest 6 months travelling the world . as i asid i have no real answer to your problem but trust me I wish to have your kinda problem in life !
 
Posted on 06-10-24 10:04 PM     [Snapshot: 366]     Reply [Subscribe]
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pandit, you not only managed to save 500k in 5 years, you also contributed 85k to help your family renovate your home in Nepal. I feel this is quite an achievement. Don't sell yourself short because most likely there are so many out there who have not been able to save a dime or had the opportunity or the willingness to help the family back home.
 
Posted on 06-13-24 5:06 PM     [Snapshot: 807]     Reply [Subscribe]
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500k saving in 5 years ? Its only possible if you dont have family and dont pay rents . If you have family, you would probaby save half of it .
 
Posted on 06-13-24 5:21 PM     [Snapshot: 815]     Reply [Subscribe]
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I've been here for 25 years. Haven't sent a penny. We'll not really sent couple thousands to friends as gifts.doing well career and financial wise. You guys are doing 1000 times better than me so my respect to you all.
 
Posted on 06-13-24 5:40 PM     [Snapshot: 844]     Reply [Subscribe]
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$500K saved in 5 years? What else do you need ?
 
Posted on 06-13-24 5:53 PM     [Snapshot: 860]     Reply [Subscribe]
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Thats only achievable if he had worked 16 hours  in gas station daily , lived with 8  other people in 2 bed room apt where he pays 100 as monthly rent, moved on buses daily and have consumed jhol bhaat only.
Did you do that haal haal pandit?
Last edited: 13-Jun-24 05:53 PM

 
Posted on 06-13-24 7:34 PM     [Snapshot: 934]     Reply [Subscribe]
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its actually not 5 years 5ook , its probably 7 years n so . covid time 2020-2023 was golden time for any IT professional that you know . the saving was because living below means and not having family . my expenses are mostly below 1500/month and i remember i was able to save upto 12k/ month for certain years but now its not possible . its hard to handle multiple job at same time plus no much remote job . because i had some serious problem in green card application and have lived in tps i was always aware that any day could be my last day in the US and i have to save as much as i cud . Once i hit 300K in bank i put it in savings and let go loose myself a bit . you guys say i save money but im loosing money because , unlike u guys i dnont have multiple house infact i dont have a single house not not much in investment . 500K is only what i have i earned in my entire life . only thing positive about me is i am still young, under 30 and positive mindset but its always not so easy to keep positive mind set but i try
 


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