You are right, I think any landlord that has closed already and is looking at several weeks rehab, should get a builders risk policy. I just had a look a Zurich’s site and a rough quote came out at $375 with a $1000 deductible on a $60k property. Here’s the link:
Then once the…[Read more]
I agree, US landlords insurance does suck! I have policies with AllState and State Farm and both of them won’t cover vacant properties after 30-60 days. I have found a company called American Modern which offers vacant property insurance, but I haven’t used them.
With regards to the cover, make sure you get a minimum DP-3 cover, as you…[Read more]
rlillycrop replied to the topic Newbie question – which US bank to open an account with? in the forum Overseas Deals 10 years, 7 months ago
I guess I was lucky then with Capital One! There is a big difference between getting an unsecured card and getting a mortgage though. I agree it is almost impossible to get an investor mortgage. When I spoke with Chase in April they said the mortgage market had improved a little but it’s still a long way off giving a mortgage to anyone…[Read more]
rlillycrop replied to the topic Newbie question – which US bank to open an account with? in the forum Hi quickchick
After using 10 years, 7 months ago
After using the BoA secured card for 6 months I got offered an unsecured Capital One Platinum card in the mail. You need to make sure your secured card is reporting to your ITIN credit file.
rlillycrop replied to the topic Newbie question – which US bank to open an account with? in the forum I have banked with Chase for 10 years, 7 months ago
I have banked with Chase for several years now they are great. Yes their fees are a bit on the high side but that’s an expense of doing business in the US. Their on-line banking system is very easy to use and will let you send out checks on-line. Great when paying bills that don’t accept credit card payment. You can also mail US dollar checks to…[Read more]
I’ve just logged on to my Wells Fargo Online. Try going to Transfers and then adding a non-Wells Fargo account. You should then be able to enter the routing and account numbers and then transfer money to and from the account.
My main bank is Chase and I’ve found them great. Far better than the UK banks.
Hi TassieJHI think you will need to check with your Australian tax office what needs to be reported to the IRS because of the tax treaty situation. Generally with LLC income it is passed through to the individual(s). So with single member LLC's you are taxed like an individual and with multi-member LLC's the members are taxed like a partnership.
Hi MorganTurboTax produces all the paperwork directly. The only form it doesn't produce is the 1040-NR, however it does produce a 1040. So you can easily put the figures onto the 1040-NR yourself. You can then just mail the paperwork to the IRS. It will also produce State returns for you which again will print out all the relevant forms so you can…[Read more]
Hi MorganI use TurboTax Home and Business. The software is really easy to use and produces all the relevant paperwork for your return. Also at about $100 it is a lot cheaper than using a CPA.
I personally and through my LLC's use Chase in the US. Their on-line banking is excellent and allows you to send checks on-line to pay bills as well as offering the usual services like debit/credit cards, wire transfers etc. The downside is that you can't open an account with Chase from outside the USA. Other investors on this forum seem to have…[Read more]
The LLC doesn't have to be based in the state your properties are in. If there is a group of you buying properties together then having an LLC will make life easier. Each of you will be a member with assigned managing members. Members don't have to own an equal share and members can change their share in the LLC without changing the actual…[Read more]
Hi PQYou can setup an LLC without an ITIN. I use InCorp (http://www.incorp.com). You can form an LLC via their website using your credit card. You will need their registered agent service as you are overseas. Once your company is formed call the IRS at the number above and get your EIN. Then sign up for a mailbox with UPS Store and get an account with…[Read more]
Hi PQI apologise if my information is a little out of date, I'll up date it. With regards to opening a bank account, you should be able to walk into any branch of Chase or BoA, tell them you're a real estate investor and open an account with a passport and proof of address (non-US), without needing an ITIN. If you go the LLC route then you'll need…[Read more]
If you find the accountant/CPA route a little expensive (like I did) you can always get TurboTax. I use TurboTax Home and Business and the question and answer format is really easy to use. It completes all the relevant forms for you along with any state returns. The only manual process is that it doesn't automatically produce a 1040NR form, but it…[Read more]
CNN are doing a special on Detroit at the moment, with some interesting videos:http://money.cnn.com/news/specials/assignment_detroit
Hi RosemaryI agree with the advice above. The best way is to fly over to the US and get a feel for the market yourself. The foreclosure market can be a risky one and sometimes the foreclosure price can be higher than somewhere that just needs a lick of paint and some flooring. Do as much research as you can here, on this website and others and…[Read more]
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