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  • Hi FREEDOMN, that was an older post, as for quite a while now, I have helped to get bank accounts opened with not to much fuss.

    It used to be that some of the majors Banks used to be good for that, such as Wells Fargo / Wachovia, But Wells Fargo brought them out and then started closing accounts down, It has been a few years since then.

    Now it’s…[Read more]

  • I think where some people get a bit confused is the difference between paying personal tax and state tax, but in all cases, as the tax rule scan be very involved and complex, even sometimes the IRS can get it wrong, so yes, the best advice no matter where your buying, is to get a very good US CPA on side, and get things set up properly. Don’t mess…[Read more]

  • It Takes time to develop a top team on the ground over there, as trust and reliability are hard to come by when dealing from over here. And also not trying to take the shirt of your back.

    Having said that though, there are some really excellent people that will really go our of their way to help and do the right thing.

    Being a lawyer in the US…[Read more]

  • Hello to everyone in this US Property Focus Group.

    As being involved in helping buyers for the past 4 years, I hope to be able to offer my two cents worth if I can help out.

    One of the main issues I come across a lot ( and there are many ) is where and what to buy, how do I open a US Bank Account without having to go over there, and one of the…[Read more]

  • I was actually selling in Cleveland and other areas going back about 3 0r 4 years ago, so had some knowledge of the areas.

    I also know others that are actually from Cleveland, and get to know the different areas, and have just had a client visit to inspect some of the properties, meet the team and get to know their back-end setup, I have been in…[Read more]

  • It seems that almost everyone selling in the US is concentrating on Atlanta, and most seem to also be selling the same kind of properties in the same areas. Surely it’s overdone by now.

    And although I still am very strong in the Kansas City areas, I’ve also now started in Ohio, and have associated with one of the better and very established…[Read more]

  • To add my two cents worth to buying those cheaper places.

    Everything mentioned above is correct…It's knowing that the people on the ground are honest, professional, and not out to sell a dud property to make a quick dollar from unwary overseas investors, and believe me, there are plenty of them that would do that, and then just try and get…[Read more]

  • As Engelo, says, it would be with a personal account, I've tried a few times in the past with HSBC, and found a few issues i didn't like for opening bank accounts for clients, so never went any further with them.

    As buying an investment property and receiving rents is a business, then you would need a business account from the start, and have it…[Read more]

  • Wells Fargo at one stage was the pin up boy as far banks go for opening accounts for non present overseas buyers, and like I'm sure many others, I had some very good contacts at that bank who were opening accounts for clients without any hassles.  However, the problem always seems to be that you deal with an employee at a bank, the employee sooner…[Read more]

  • I've just posted a message regarding this topic on another thread, but briefly, like everywhere, there are good and bad through to just plain thieves where the management is concerned.

    And as has been mentioned, it depends on who you brought through, as anyone selling US Property, should be able to provide more than one management source, in case…[Read more]

  • Hi Rosa,

    I understand the problems your having, with so many overseas buyers trying to find good quality service providers in the US, and of course, they will all try and convince you that they are the best managers.

    I don't know who you brought through in KC, as i would imagine that they should be responsible for providing good management, and…[Read more]

  • Hi Engelo.

    That's great, and hopefully it stays that way with being able open accounts.

    One of the issues that can happen, and I've seen it happen to a number of people, is that some banks have over time, still gone through the accounts and still closed them down for a number of different reasons, I'm not saying it will happen with your…[Read more]

  • I've known people that have flown to the US, opened an account, came back to Australia, and still had problems with the bank, as the bank wanted to have someone on the ground that they knew and represented the customer, so it could still be a problem even after flying over, maybe not in all cases, but certainly the whole banking system seems to be…[Read more]

  • Hi Todd,

    With so many cities to choose from in the US, and many being far better that Detroit, why would anyone want to buy there? Most large cities, and even some of the smaller ones, just like cities here in Australia, you have good and bad areas, and being local, you would get to know the areas not to invest in for whatever reason.

    The same…[Read more]

  • Hi Todd,

    With so many cities to choose from in the US, and many being far better that Detroit, why would anyone want to buy there? Most large cities, and even some of the smaller ones, just like cities here in Australia, you have good and bad areas, and being local, you would get to know the areas not to invest in for whatever reason.

    The same…[Read more]

  • Lot's of  turmoil at Wells Fargo it seems, I had been working with a senior person at Wells Fargo in Kansas City for a long time, and never a problem. Now he has left, it reverts right back to how it has been for most others using WF, No one wants the responsibility or even willing to consider looking at opening accounts for overseas non present…[Read more]

  • I certainly hope it keeps on going forward, as being from Melbourne, I along with others have just opened an office in Manhattan, and taking on a lot of ground staff with the intention of increasing our presence in a number of locations in the good old US of A.

    I've also been mainly involved in selling in Kansas City for the past almost 3 years…[Read more]

  • I have been opening US Bank Accounts at Wells Fargo for clients without any problems.

    I did approach HSBC going back a while ago, they did say they could open accounts for Australians in the US, but when I told them i wanted it opened in days, I was told that it would take approx 3 months with all the red tape etc, so that was that.

    I hear about…[Read more]

  • While not being an expert or trying to give any advice on setting up an LLC or whatever entity your using, the tax is just one part of setting the right structure up

    And from the mouth of one of the U.S.A's top legal experts in this area, most people don't have a clue how their LLC is taxed and most LLC's are used badly.

    "Our current tax code is…[Read more]

  • Thanks for your post Ryan, and yes, there are a lot of grey areas as you know that can be a source of frustration when working with Bankers as well as other service providers in the US, and not second guessing as to how things do or should work.

    There is and i think always will be, many points of view in regards bank accounts being opened,…[Read more]

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