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 Detroit and would be happy if you would recommend someone if you have gotten to that stage as yet.

Cheers
Judith

• This reply was modified 9 years, 9 months ago by  Judith Ottosen.

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 all in order. Add to this driving past a rental on a regular basis to make sure lawns are mowed and property is tidy, arranging and carrying out internal inspections, being available 24/7 for maintenance issues, delivery of late notices and follow up etc. If you need an eviction there can be hours of work involved. You also need to be properly licensed which is a 60 odd hour course and follow up compliance hours to keep your license, Association fees and dues and the list goes on. My clients have just had their fees increased to 10% and pay first month rent for a new tenancy and 50% of one month rent for a renewal of lease. I always thought property management fees were way too high until I found out just what it takes to do the job well. Admittedly, not all property managers do a good job but it is not an easy job either.

Cheers Judith
Florida

• This reply was modified 9 years, 9 months ago by  Judith Ottosen.

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 Australia. Super easy, reliable and much better rates than a bank. Let me know if you want more information.

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.

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 ways to make the whole thing work.

Thanks for posting HuMungus, food for thought!

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.

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.

• This reply was modified 10 years, 2 months ago by  Judith Ottosen.

The way of speaking in the USA is different but they also love Australians which helps a lot in business. Don’t be disallusioned as there are still heaps of bargains around but do ask for references and if they are 100% on the up and up they will provide them.