- thetimoreseParticipant@thetimoreseJoin Date: 2011Post Count: 3
I have just reviewed Steve McKnights US property investor pack and would like to find out if anyone is also interested to do the necessary setups like LLC, Tax ID, US Bank a/c etc. Will these admin stuff need to get done first before heading over to attend US Mastermind Training?
I am heading over to do the mastermind training in Aug.
I plan on having all those setup and money transferred over so that I can hit the ground rolling over there on day 1.
You can do it while you are over there but will cut into the time you could be sourcing deals.
I leave in 2 days to attend the Mastermind in May. I would highly recommend having as much done way ahead of attending. The timetable looks very tight so you need all your spare time organising deals and researching rather then setting up details. The first part is getting your ITIN as it takes the longest. Unfortunately mine took 7 months to organise, the IRS can be very picky on details.TassieJHParticipant@tassiejhJoin Date: 2010Post Count: 41petejac1 wrote:I leave in 2 days to attend the Mastermind in May. I would highly recommend having as much done way ahead of attending. The timetable looks very tight so you need all your spare time organising deals and researching rather then setting up details. The first part is getting your ITIN as it takes the longest. Unfortunately mine took 7 months to organise, the IRS can be very picky on details.
My wife and I have an LLC that then owns 3 properties via LLCs. Attempting to get an ITIN from Australia is a challenge!!!
The LLCs all have the EIN but as individuals we cannot obtain a credit card or easily move funds out of the US banking system without the ITIN. We have Visa debit cards issued by Wells Fargo but these cannot be used for some services that we want to charge back to the LLC as operation costs.
Did you lodge with all documents certified in Australia?
Anyone with ideas as the Australian passports and other docs must be certified by Australian authorities BEFORE lodging via an accredited agent for IRS.
We are in South Australia and no joy yet with a local US/Aus tax service that can solve some of these setup issues at reasonble price/hardship…
I applied for the ITIN via Tommy Senatore's course in Mel last year. Tommy is going to be in Sydney for the Mega Conference so maybe contact TLD International in Fort Myers, +61 1 239 541 1517, they can send you a form to fill in so Tommy can notorise your documents. I think TLD are also notorising via Skype? just ask for Janel. TLD also has an accountant that you can use.
Worst case, when you put in your Tax return at the end of the year, there a section to tick saying you don't have an ITIN and they will send one back as part of the return. I am just not sure how the proof of ID work from that point but ask your US Tax Specialist.CurleyCatParticipant@curleycatJoin Date: 2010Post Count: 2petejac1 wrote:I leave in 2 days to attend the Mastermind in May. I would highly recommend having as much done way ahead of attending. The timetable looks very tight so you need all your spare time organising deals and researching rather then setting up details. The first part is getting your ITIN as it takes the longest. Unfortunately mine took 7 months to organise, the IRS can be very picky on details.
Hi Pete, I think we met in Fort Myers, I went with Cheryl to the see Frank the Realtor. Heard the Mastermind was full on, how did you go? What did you think of the 6 days? I want to do the next course in August and interested to get some feed back.
The six days were great, first thing I will say, I am not getting paid from Tommy Senatore for anything I say!
Mastermind was definitely worth every cent. The way I looked at it was that it has taken me 10 years in Australia to build a multi property portfolio, but I want to do the same in the US but within 6 months. It is the small details that you need to know about like before you a house can be insured it needs a 4 point inspection. Before the course I had no clue about this. Going around the city having a look at property in the eyes someone who has been purchasing in the area for years. Getting time with a Property Manager and Contractor looking at work needed in the houses. You would never get this doing it from your computer in Australia.
It was US Investing crammed into 6 days again well worth the money, I think you could easily lose that much on bad deals. How did you end up?CurleyCatParticipant@curleycatJoin Date: 2010Post Count: 2
great to hear from you with your thoughts on Mastermind. I have just signed up for the next one in August. My trip was well worth it both for making contacts and also networking with other like minded investors. Also seeing the houses both before and after rehab, we learnt a lot but I have the same view as you regarding learning on the ground. Takes a long time to apply what you learn from others on your own at home. I was glad to hear you thought it to be a much more efficient way to build a portfolio in the US, that was how I also thought about it. Hear that Cheryl has been having success also. Just setting up my LLC now and set up my bank when I was there. So the ball is rolling. Did you end up using Frank? Exciting.DwightParticipant@bigvmanJoin Date: 2002Post Count: 42
I'm current;y seriously contemplating attending the Mastermin training in either August or October. I too am interested in feedback from actual participants. Mainly, I'm interested to know how long did it take you to actually find and secure a real hands on property deal. Alsom what did yu actually Do for the 6 days you were iin training. I can gather from comments that you visit areas, see come real deals, meet a contact or two, but I'd love a bit more detail of how you spent your time.
I have an LLC set up for Liens at the moment but am looking to graduate into actual real estate ASAP. My goal would be to buy 1-2 properties whilst I'm in the cotuntry (allowing 4 weeks). The idea would be to add value and getout quickly taking any profit off the table.
Does anyone else have similar goals and were they realised from your time spent in FL with Tommy.
Sorry for the detailed questions but I'd really appreciate some feedback to know if I'm on track or way off course.
Cashflow Positive Investor
Sorry Dwight me again,
The 6 days are taken up by getting an understanding of the process because even though most things are the same, there are a lot of different requirements and cost, first 2 days are meeting contacts and understanding process of researching the areas, the next 2 days were out and about Fort Myers and Cape Coral plus looked at property in the up coming Deed sale, understanding the different building types in Fort Myers and areas like "the Hood". Understanding the different sale types, Short Sales, Foreclosures regular sales, Fannie Mae and Freddie Mac Sales, the final days more about finalizing the information through to settlement. Once you have completed the course you get access to Tommy's Team including his Property Manager. Yes I hear you all say what kick back is Tommy getting, well guess what it's Tommy's Property Manager of course he is but guess what you pay the same for Property Management everywhere, so the advantage is you get the opportunity of spending a few amount of time over 6 days with them.
Most of the guys on my Course were putting in offers during the six days. I only spent 5 days after the course and had 2 deals confirmed with the final one once home being confirmed. Some students have spent up to 8 weeks after the course there. If you think that you have any chance of doing this just from Oz, have got to be kidding themselves. Get over there, then you might have a chance if you do it yourself whilst there, but you would need a couple of months and make a few mistakes.
I actually put in an offer on a property because I was to eager at the start of the course, but learnt through the course of the disadvantages of timber framed houses in Cape Coral and was able to pull out. I would hate for anyone else to make the same mistake. So if you plan on getting over there, spend the money on the course because over time you will easily make more mistakes without this knowledge.
Again I am in no way getting paid from Tommy or TLD for saying this, but highly recommend the course because the knowledge I gained in a short time.DwightParticipant@bigvmanJoin Date: 2002Post Count: 42
Thanks for that quick feedback. I'm a big fan of Tommy having done 3 days of Tax Lien training and I appreciate just getting some input from another Aussie who's already doing what I plan to do.
Cashflow Positive Investor
Can you pm me the structure you setup to purchase property in. I have one setup but just want to make sure it is the right option by someone who is already doing it.
Cam, like a lot of people I know I have just set up a single member LLC. I have heard some talk about C Corps but have also heard that you will in the long run pay a lot more tax.
Is what I am currently setting up at the moment too, but did you use a discretionary trust here as the single member or just you personally?
Just me personally, in hindsight I should have set it up with the single member being my Discretionary trust here, but ultimately it is all coming back to me anyway. As it took nearly 8 months to get my ITIN I just wanted something set up over there to get started. You set an LLC in the States for the Protection so I felt I didn’t then need the extra protection back here as well. I am sure there will be replies saying this is the best but that is the way I did it.
Thanks for the reply.
I am setting mine up with the trust back here as the sole member after speaking with Tommy's lawyer and accountant over there.
is what i was planning on doing but good to get the reassurance off the professionals.
CamKimberlyMember@kimberlyJoin Date: 2010Post Count: 44petejac1 wrote:Just me personally, in hindsight I should have set it up with the single member being my Discretionary trust here, but ultimately it is all coming back to me anyway. As it took nearly 8 months to get my ITIN I just wanted something set up over there to get started. You set an LLC in the States for the Protection so I felt I didn't then need the extra protection back here as well. I am sure there will be replies saying this is the best but that is the way I did it.
Why did you say that in hindsight you should've set it up with the single member being your Australian discretionary trust?
I don't have any IP here in A'lia and to set up a Trust here costs $$$.
But would I in the long run be better off setting up a Trust here to be the member of the LLC over in the USA?
Hope this makes sense!
Just an extra step in the asset protection/tax minimisation and also to be able to distribute the income to a range of different beneficiaries.
As with a LLC with just you as the sole member it is is just a pass through entity so anything you earn will be taxed based on your income level.