Agree with Nigel on this one. Detroit is a lovely place to invest if you like throwing your cash away. A few of my clients babe property there and none have seen anything to bring home yet and are not likely to. There are issues with poverty, gangs, unemployment and a lack of care on the tenants part to take responsibility to ensure the…[Read more]

I was sent a BEA form, completed it the first year then let it go the next due to pressure of work. I’ve never been contacted again. I have clients who filled them out for a couple of years then ignored them and have heard no more. Once they have the general drift of what you are up to, they seem to leave you alone. I think it’s just a way of…[Read more]

I don’t know where EngeloRumora is but I tried to contact via phone and email and received no response. I had a referral for him!! If you see this please contact me.

You are 100% right Nigel on Florida being a great place to invest. There is development and new construction going on everywhere with employment numbers growing and demand for…[Read more]

John, I think you will struggle to find anyone. Let’s hope I’m wrong.

Everywhere you go in Florida there is both commercial and residential construction taking place. It’s very exciting times. The day before yesterday I had a rental property open and had 30 odd groups through. Can’t get enough properties in some areas. One couple told me they have been trying for 6 1/2 months to get something decent

Hi Aussie in Detroit,

I am also an Australian, living in Florida for close on six years now. Did you get a work visa or have you just come over to set up your business? You may find you have an issue with obtaining a Real Estate license without an SSN so will have to partner with someone. I have a client looking for a Property Manager in…[Read more]

Sorry I haven’t replied sooner, been a bit hectic here. The Nevada LLC was not registered as a foreign LLC in Florida.(foreign here means another State) The fees to be registered as foreign are the same as an annual renewal of LLC which is not cost effective long term. I thought it was something worth bringing up here as I know there are a…[Read more]

There is a great deal more to property management than just taking a commission. Like any business there are overheads for a start like computers, printer, telephone and internet, electricity, management software monthly fees and if you run an office, rent. Then there are accounts, bank reconciliations and the hours spend monthly keeping this…[Read more]

EIN’s have been crazy. Anything from two days to two months in some cases. Fortunately once that hurdle is past, the bank bit is easy. There is more than one bank in Florida that will open accounts too but I choose to stick with Capital for my clients as I have a great relationship with my banker who makes transactions a breeze.

Cheers Judith

It’s possible to open a bank account with Capital Bank in Florida from Australia. A couple of small procedures needed but on the whole very easy to do. I am living and working in Cape Coral Florida and did the rounds of the banks to find one that would help. I too used OzForex for transferring funds and use UsForex for transferred back to…[Read more]

Spot on Jay. You need to decide if you want cash flow or growth as growth in the lower end has slowed after a little boost over the past couple of years. Many of my clients are now selling off their cheapies for something a little better so they can achieve more growth.

It’s interesting reading through these older posts then looking at the current situation. I have heard through some that invested in Steve’s fund that all is going very well indeed. Here in SW Florida, not only housing but commercial too is booming. Everywhere you look there is growth and new buildings going up.

Some of the smaller banks are being very helpful in opening accounts. The bank I use does not need passport and drivers license notarized but a form stating that these ID documents have been sighted needs to be completed. This needs to be witnessed by a Notary Public which is fairly easy to find. I also use Ozforex for transfers to USA and…[Read more]

I spoke with my Accountant today and he advises:

A single member LLC disregarded for Florida and federal income tax purposes is not required to file a separate Florida corporate income tax return.

For any complicated set up in any State I am sure it would be prudent to discuss your personal needs with a US Accountant first but there are lots of…[Read more]

I’m going to check this with my Accountant and will post his comments. I know I don’t pay State tax for any of my businesses. Might be something to do with having a Corporation as owner or one of the members of the LLC. My lLCs have a family trust as managing member.

It is easy in Florida now to set up an LLC, obtain EIN and bank account with Capital Bank. It is also possible to obtain finance. Florida also has no State taxes.

I’ve had two try but both times as soon as I have written to the lawyer advising that the Managing Member of the LLC is out of the country, I’ve not to heard another word.

There are a number of people in the USA who can and will help without taking your shirt too. The economy is improving but many are not yet ready to buy or have been burnt and no longer wish to own so tenants are everywhere. Florida and in particular SW have great opportunities.