Hi lawsjs, oh joy…..
Have you dealt with Bank of America??WI
See my post under Foreclosure… To add to a litany of US banking dramas, up to and including foreclosure (not BofA) through the banks error – proven and retracted after 12 months. Accept they are all totally incompetent, do not believe anything they say and get everything you can in writing. Check that the addresses you give them actually print out legibly from their computer system. Get a PERSONS card and make sure they understand you WILL call THEM when there is a problem. Make sure everyone has your email address. If you assume as a matter of course everything will go wrong (and believe me you cannot anticipate what will go wrong, they never cease to surprise me) you will minimise your annoyance when disasters happen.
I think US banking has a half life. You may get through a year without something going wrong, but another 6 months will exponentially increase the opportunity for bastardry in any number of forms to occur:)
I have an account with Chase, if you have a balance of over $1500 there are no fees, otherwise its $6 a month
You have to open in America at a branch
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Wells Fargo and Bank of America are the worst
lawsjs wrote:See my post under Foreclosure… To add to a litany of US banking dramas, up to and including foreclosure (not BofA) through the banks error – proven and retracted after 12 months. Accept they are all totally incompetent, do not believe anything they say and get everything you can in writing. Check that the addresses you give them actually print out legibly from their computer system. Get a PERSONS card and make sure they understand you WILL call THEM when there is a problem. Make sure everyone has your email address. If you assume as a matter of course everything will go wrong (and believe me you cannot anticipate what will go wrong, they never cease to surprise me) you will minimise your annoyance when disasters happen.I think US banking has a half life. You may get through a year without something going wrong, but another 6 months will exponentially increase the opportunity for bastardry in any number of forms to occur:)
Jeez!!!… and I thought Aussie banks were retarded when I moved over here. When I arrived here in 98 I thought I’d landed in some sort of time warp.
I go home (NZ) at least every 18 months to catch up with family and friends. It always amazes me how far behind Aussie still is in the retail and banking space. Crazy thing is it’s Aussie bank who own most of the NZ banks.
The Freckle
Kimberly wrote:I'm looking at going wit Citibank based on personal recommendation.However my question is whether or not anyone has been able to setup a bank account without physically being in USA?
Thanks, Kim
I have set up Bank Accounts from Australia, first time got my lawyer to do this, charged about $200, then set up all my other accounts as I had an email address for the bank manager and just emailed details and they were able to access further info from my lawyer.
BTW, all my bank accounts are in Atlanta.
Cheers
WI
http://www.wheredopuppiescomefrom.com.au/the-puppy-mill-a-new-australian-documentary/Hi there,
I am planning to go to Atlanta to buy a property later this year. I am planning to buy it with the help of Key property Realty. They charge a start up fee for Georgia LLCs of $650. This includes all the forms, filing fees, acquiring EIN #, and form sent to member to apply & acquire ITIN #. and 150 to Set up new Business Bank Account for LLC. Which I think I can easily do it my self.. is that right? do you think that I will need this help if I am there? They also suggest Wells Fargo as the bank to do business with.World Investor, I would also appreciate your contact for the bank in Atlanta. My email is [email protected]
Cheers,
Hi Cashunter
interesting, when I was in Atlanta 12 months ago I attended an Atlanta investor group meeting, it was a full house, these were the local investors, builders, realtors, flippers, contractors, – great insight on what the locals are doing and their experience in the Atlanta foreclosure market.
One of the reps from this group (Key property realty) was chairing that evening (Robbie) can not recall his surname.
Had an opportunity to view their properties etc. and discuss their services.My thoughts – At the time most of their properties did not fit my criteria, too old, too small, too expensive?
Do not waste your time and money on spin, check out what they have to offer and make sure you have details on properties so you can research the area, rental income, comparables, county fees etc. It would be great if someone could post an address of a potential proeprty…..which seems to be a huge issue…. don't know why????
I checked out their site, they have no listings to view??
Will email contact details for Wells Fargo.
Cheers
WI
WI
http://www.thepetitionsite.com/2/save-our-animals-ban-puppy-mills-in-aus/#13335909479711&action=udata&udata=falseHi WI,
Thanks for your comment.
Regarding the listing. They do give you a user name and password for they web when you contact them and they give you full addresses for properties. They work with this company http://www.americanrealestateinvestments.com/For instance they have the one in 3154 Chippewa Dr Rex, Georgia 30273 offered at 52000 whereas in this webpage of the Australian agent they offer it at a lot less before they charges http://www.888usaproperty.com.au/310729/
So not a good sign.
Who did you used to buy your property in Atlanta? who are you using for the property management?
Thanks!
Cheers,
CHhttp://www.zillow.com/homedetails/3154-Chippewa-Dr-Rex-GA-30273/35761249_zpid/
Looking at your example – 3154 Chippewa Dr Rex – last sale $28,000, refer to zillow above
Sale price of $52,000 that equates to approx $40 per sq ft.
The age of the property 1986, small home at approx 1200 sq ft. Too old and paying too much, also Rex is not a great area.
If you can purchase newer construction in good subdivisions at around 20-30 ft per sq ft its a no brainer.Unfortunately these are typical properties that the average Oz investor is buying and these will be the properties that will be flipped down the track to another investor because they are lemons.
Do a search on Atlanta and also check out Somersoft forum topic on US there is plenty of information.
I will pm you some info.
Cheers WI
http://www.wheredopuppiescomefrom.com.au/the-puppy-mill-a-new-australian-documentary/Currently in Arizona. They won’t notorise a document here for an Australian in case I’m a Mexican! Not just the banks that are backward!
I set up a us bank account from Australia through HSBC, cost $200, but can be done. Never used it though as there was no branch in Vegas. Waste of 200 big ones.
Signed up with wells Fargo when in us for a fee free account that now costs $13/month.
Have an appointment on Monday with Charles schwab bank which reads ok. Will let you know how I get on.
“Welcome to (insert entity of frustration and incompetence here) How may I be of assistance?”
worldinvestor wrote:Hi lawsjs, oh joy…..
Have you dealt with Bank of America??WI
I am in the USA, my wife and I have accounts with Wells Fargo , Bank of America, and my company uses TD banks.For most of us in the USA the smaller credit unions work better not sure how and if they deal with foreign investors. The major banks are a headache even for some one living here. Best advice is to make friends with some one from the bank.
Every bank listed I have one person I go see .Usually helps speed up the process. When you are on first name relationship with your banker.
Ok, have met with Charles schwab bank.
They have a fee free “high yield” investor checking account.
You need to be a us resident to open.
Couldnt open account from Australia but the face to face meeting seems to have done the trick.
Hopefully this will be better than wells Fargo etc
One of my favourite US quotes comes from the only person in the entire world who seems to think exactly like me – Jeremy Clarkson.
'I am sure, if you live in the mid west and eat grits for breakfast, the USA would be tailor made for you and a truly wonderful place to live. Unfortunately, I do not!'
we don't eat grits in the mid west, that's the south, lol
Shows the great JC knows as much about the US as I do:) I suppose I could say I am in good company. Or I believe I am in good company – depending on your perspective:)
At least I think we could all agree that in both my and JC's opinion the finest piece of machinery ever constructed is the SR-71. Which has nothing whatsoever to do with real estate except it used lots of it to work….
Hi Sabrina and others,
I did have a bank of Washington Account who were great, no account keeping fees, only had to conduct 1 transaction per year however they amalgamated with (or were taken over by ) Chase who charged $15 per month account keeping fees, as I was not in the US (or actively spending in the US at the time, and my contact person was no longer there the account was closed
Citibank was mentioned by Tommy Senator at the last Mega Conference. I attended the Brisbane branch and they stated it could be done but I would have to do all the mediation with Citibank in the US and they would only act as the go between, ie sight id and fax necessary paperwork. Catch was the initial deposit had to be quiet substantial, at least $50K . I didn't follow through with this as I thought I would try alternatives – like go to the US.
Maybe Tommy might be able to explain a bit further on Citibank..
Cheers
DonnaI really have to ask – WHY do you want to open a US bank account? You don’t need it to buy property, you might want it to stash funds in after you have bought a property and want a tenant to pay rents into but ultimately your property manager would take the rents.. It SOUNDS great to open a bank account but unless you are sitting in front of the teller, you are highly unlikely to be able to withdraw more than 1k at a time….
So again, WHY OPEN one? Buy the property from Australia, keep the funds in Oz until you get your HUD (closing statement), wire the funds through to the closing attorney or title agency and own the property… your property manager will collect the funds and wire to you every quarter or whenever you want your funds…. simple. If you happen to be the type that is uber diligent and can remember to check rents are being received diligently by the 5th of each month (or have Section 8 paying 100% of the rents) then great – but realistically, your property manager should be doing that and you just getting a statement from them…. god knows I don’t chase my rents in Cairns which is about the equivalent….
If you HAPPEN to go to the States for your tax deductible trip to the US, yay you – open an account then – again, not sure why you need to but still.
Emma
Don’t try to open with BofA (bank of america) – but Wells Fargo will happily open one free of charge without too many issues beyond scanned passports etc HOWEVER BE VERY AWARE OF THEIR NEW EVIL CHARGES (no offense to WF) – but the big thing is again – WHY ARE YOU OPENING AN ACCOUNT – I have had to have power of attorney’s more times than I care to count to get peoples funds out of it – unless you are happy removing funds via a debit card in Oz. Seriously…….. you don’t need a bank account to buy a property so why on earth would you?
I just arrived in the States on a fact finding trip.
I walked into a Wells Fargo in Atlanta at opening time and within an hour had a savings and checking account, temporary debit card and a cheque book.
The documents/info I took with me: US mailing address, US cell phone number, passport and drivers licence.
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