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Viewing 15 posts - 21 through 35 (of 35 total)
  • Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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 large number of Nevada LLC’s out there.

    Cheers
    Judith

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
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    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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 Usforex for sending money home. The home transfer is all done on line direct from my bank account so no need to complete the transfer myself.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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!

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
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    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
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    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
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    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    There was an article I read some months back on drug lords movements in and around Atlanta where they are now up both sides of the city and clashing so it is important to speak with the right Realtor. I will make some enquiries from my contacts here and post again.

    Judith Ottosen | Outback Realty LLC
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    Profile photo of Judith OttosenJudith Ottosen
    Participant
    @tallpoppy
    Join Date: 2014
    Post Count: 36

    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.

    Judith Ottosen | Outback Realty LLC
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Viewing 15 posts - 21 through 35 (of 35 total)