Looks like we may have a rental market in the US for a while yet! Note this is a very small survey sample of 1000 and they are people who were looking at Bank Rates so not very scientific…..but an interesting read (Great to live in Oz)
Some 63% of people can’t deal with a $500 emergency

Americans are starting 2016 with more job security, but m…[Read more]

Looks like we may have a rental market in the US for a while yet! Note this is a very small survay sample of 1000 and they are people who were looking at Bank Rates so not very scientific…..but an interesting read (Great to live in Oz)
Some 63% of people can’t deal with a $500 emergency

Americans are starting 2016 with more job security, but m…[Read more]

trinalewis wrote:
Hi,In response to the request re posting my property purchases – would you like the addresses? thanksTrina

Trina,I also own Atlanta properties so may be nice to catch up with a private message.  Are you happy to accept contact via the site as your profile is currently not accepting contact.TassieJH

outatrim wrote:
Long time stalker. Just posting to thank Property Scout for this information. We followed the steps, for the state of Utah but still much the same. – Registered the LLC, one little hiccup meant we paid $22 unnecessarily to reserve the name we wanted to register. Otherwise just the state fees. – Paid $125 for Registered Agent…[Read more]

TassieJH wrote:
I believe our ducks/ docs are now in a row to start the official W-7 ITIN process .We are sending over the following within Australia   Passports to be notorized by US Consulate in Melbourne at $50AUD ea   Copies of Bank forms with our LLC details and requesting our signatures supporting the EIN info   Exemption to request based…[Read more]

4Sighted wrote:
Hi guys,Hi Property Scout, Did you use your Melbourne address in the forms?? Or did you use a US address? I am trying to form an LLC in Florida (online), but the forms will not allow me to use my Sydney address, the fill-in boxes are pre selected with States of the USA. As such it keeps on rejecting my application until it is…[Read more]

biggaz13 wrote:
Hi TassieJHDid you end up getting an ITIN???Your USA tax return. Did you find an appropriate accountant to assist or did you use that Turbo Tax Software??Thanks in advanceGary

Biggaz13, Gary,We are on the ITIN journey from SA we sent our passports to the US Consulate General in Victoria for notarization by a US official – $…[Read more]

Great information Property Scout. Clear, concise and to the point.A little more of a challenge to come wiith a bank account …but that is another post

DetroitDan9 wrote:
Tassie, We just went through quite a hassle with an Australian friend of mine who came into Detroit to buy properties. It was like pulling teeth to get his corporate structure setup!

Detroit Dan…..you are not inspiring me I believe our ducks/ docs are now in a row to start the official W-7 ITIN process .We are sending over…[Read more]

petejac1 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 mi…[Read more]

Jaag Property wrote:
I'm trying to clear the tax issues up as well. The only shareholder in our US LLC is our SMSF. Anyone have any idea what the tax treaty situation is regarding this – I visited an accountant while there, and she said she would have to look into it, as she was unsure whether we would pay tax in the States at all, but she was…[Read more]

rlillycrop wrote:
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…[Read more]

guehling wrote:
There has been a bit of tax discussion with the LLCs so I thought I'd run one by anyone who may know the answer.  Here it goes…What I’m trying to ascertain is how the IRS in the US will tax a Delaware LLC which will be owned by a Self Managed Superannuation Fund in Australia?  ……. So now we get back to the question, if th…[Read more]

All this talk about the virtues of Miami and Florida perked my interest in the following LLC articles that may interest our MIAMI(ad)VICE colleagues. I came across some good posts from Biggerpockets.com that explain some of the finer details in some plain language.Can Nevada or Wyoming Protect Your Real Estate Investments in Another StateA more…[Read more]

In my quest for logic and sanity regarding the ownership Pros/Cons of LLCs I came across some good posts from Biggerpockets.com that explain some of the finer details in some plain language.Can Nevada or Wyoming Protect Your Real Estate Investments in Another StateA more in-depth article goes into detail regarding Florida specifics.Setting the…[Read more]

rlillycrop wrote:
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.

Hi RLillycrop,I looked into your suggestion of TurboTax Home and Business which does look appealing. As a "Non Resident Alien"  (catchy…[Read more]

white_goodman wrote:
well I assume their will be some sort of clause to stop a quit claim deed, I guess the question is at what number of properties is it smarter tax wise to place them all in an LLC, im guessing around 3 or 4

"Tax wise" the LLC is a "pass through" entity and handled by the US/Aus tax treaty.   The number of properties owned u…[Read more]

bowenvale wrote:
Assuming an LLC is the best structure to buy a property in the US, I have the following questions. a. Can the director of an LLC be an Australian Family Trust(with an Australian Pty ltd as trustee) b.If you set up an LLC can all correspondance be sent to an Australian address? If not how is this handled c.Can anyone recommend a…[Read more]

white_goodman wrote:
isnt there an issue where it has some clause in the loan whereby the sale or transfer of thte property requires the loan amount to be repaid?

The US loans are VERY different to the Australian Banks.  As far as I know, most US residential loans are NON-Recourse which is why they have so many properties in loan payment…[Read more]