US foreclosures - Boholt Seminars - NO
- Thread starter lawsjs
- Start date
If you bring 500k to the US, bought Real Estate in your name and suddenly died, you have just given at least 120k to the US government. Not worth it.
read the thread Bernie.
Not that Ive found. I dont want this excellent post to get bogged down in US legalese but I think this may be a service Emma could help with. It does depend on actual titles office involved some I know are more stupid than others. It is another issue for title insurance companies to deal with and i have always found them exceedingly pedantic. I will post here with a solution if I find one - there has to be one as it is such a stupid problem!
This is just not worth stopping u buy a US property - just an inconvenience!!
This is just not worth stopping u buy a US property - just an inconvenience!!
See, if it was "vending machine" simple..........it would not be worthwhile.
As one of my biz mentors used to say,
Rolf, is it impossible or just a little hard, too hard for most but not those that REALLY want it ?
ta
rolf
To get the thread back on topic and away from discussing what a JP is, thought I'd mention I'd contacted every finance broker / bank / lender / private funder who's email I could find.
Vast majority said "LOL Australian; no way!"
A few said "sure at 50% lvr 10% interest rate"
A couple said "yeah but only in XYZ states"
And yesterday one finally said yes.
On pretty favorable terms too. Fixed for 30 years at 4.625% at 70% LVR. P&I 75k loan would be about $385/month. Most of the places I've been looking at rent for about $1100/month.
Here's the strange part though - they'll only lend on own name and only on SFR. Both of these conditions sound weird to me. LLC would be an american resident, therefore easier for them to lend too. And MFR would be paying for itself without relying on the aussie.
He did say property could be transferred to LLC on settlement day. As i mentioned a few posts up I've no idea on the cost/practicality/legality of this. It's not something I really want to do if it prevents refinancing, too.
A few posts up mentioned bank account / cheques being in the same name as title, what'd happen there if it changed on settlement day? Or closing if I want to keep with the lingo.
But Emma buys SFR in her own name, and doesn't seem to have done her any harm
Vast majority said "LOL Australian; no way!"
A few said "sure at 50% lvr 10% interest rate"
A couple said "yeah but only in XYZ states"
And yesterday one finally said yes.
On pretty favorable terms too. Fixed for 30 years at 4.625% at 70% LVR. P&I 75k loan would be about $385/month. Most of the places I've been looking at rent for about $1100/month.
Here's the strange part though - they'll only lend on own name and only on SFR. Both of these conditions sound weird to me. LLC would be an american resident, therefore easier for them to lend too. And MFR would be paying for itself without relying on the aussie.
He did say property could be transferred to LLC on settlement day. As i mentioned a few posts up I've no idea on the cost/practicality/legality of this. It's not something I really want to do if it prevents refinancing, too.
A few posts up mentioned bank account / cheques being in the same name as title, what'd happen there if it changed on settlement day? Or closing if I want to keep with the lingo.
But Emma buys SFR in her own name, and doesn't seem to have done her any harm
Dave - thanks for stopping ruination of a great thread.
That is a sensational find!!!! If that is genuine (as in they would close a deal to an alien) you my friend have answered the question of eternal life..
Buying in my own name is something I worried about early on - never been an issue for me yet
I couldnt believe you got 50% lv - let alone real (70%) finance....
I hope everyone realises what u just said
Thisvwritten twice: sfr i wld suspect from fed billions to get home owners borrowing again and buying new fridges etc. If true and doable then you have to think the great juju wrote this financial disaster for aussies to capitalise on...
That is a sensational find!!!! If that is genuine (as in they would close a deal to an alien) you my friend have answered the question of eternal life..
Buying in my own name is something I worried about early on - never been an issue for me yet
I couldnt believe you got 50% lv - let alone real (70%) finance....
I hope everyone realises what u just said
Thisvwritten twice: sfr i wld suspect from fed billions to get home owners borrowing again and buying new fridges etc. If true and doable then you have to think the great juju wrote this financial disaster for aussies to capitalise on...
That would probably constitute gifting. No go (because of gift tax).
Isn't a gift at all. The LLC purchases it from you, settles immediately and assumes the mortgage. Lender has a clause in the contract which allows this.
that's how i understand it as well - but the lender must have allowances for it or you will wind up NOT being able to do it at settlement and pay the gift tax after settlement.
Sold to the LLC for $1...is that possible. Reason I ask because in CA your property taxes are calculated on your last sale..but I'm sure it has to be an aggregated price(regional sales?) also to stop tax evaders
There are properties valued at multiple millions that pay a pittance in land/property tax in CA. Then you have the 400k homes that can pay more then the McMansions because some McMansions have never been sold and kept in the family etc etc. Even though there worth millions now, they can only be taxed in accordance to there last sale..Wierd system if you ask me...no wonder why California is broke. Having a sliding scale like that in an economy on the brink certainly doesn't help...then again I bet they knew that. Any sale that happens today in CA is an absolute tonne of missing income from there coffers.
There service departments will be a wreck for many moons because of this. Scary future for CA
There are properties valued at multiple millions that pay a pittance in land/property tax in CA. Then you have the 400k homes that can pay more then the McMansions because some McMansions have never been sold and kept in the family etc etc. Even though there worth millions now, they can only be taxed in accordance to there last sale..Wierd system if you ask me...no wonder why California is broke. Having a sliding scale like that in an economy on the brink certainly doesn't help...then again I bet they knew that. Any sale that happens today in CA is an absolute tonne of missing income from there coffers.
There service departments will be a wreck for many moons because of this. Scary future for CA
QUIT CLAIM DEED,..... sorry I SHOULD have been here typing away. firstly the Quit Claim Deed is for $1.00 and I have a copy of the one I have used and can send it through.. You quit Claim Deed the property into the LLC....
BUT BUT BUT... I GOT CAUGHT OUT HERE........ CAUTION....... You can not do a title transfer in the states of Nevada for 90 Days.... This Includes A QUIT CLAIM DEED...so IF you are looking at dtraeger's route... PAY ATTENTION .... You can do it... Just not for 90 Days... Either in Nevada or Florida... But the law changes every day seemingly... They have just started to re allow cash flips for the record so be double careful if buying that you are getting a bank owned property and not a flip... Check title at accessclarkcounty.com and if it doesn't show a banks name, is being sold as a foreclosed property, think again your bidding strategy.
As for dying... I don't intend to in 5years but I have taken it into consideration on a longer term
notary... Yes the dude in Manly works because he IS a US Notary. Trust me, I have used him in the crunch times down to the minute in one situation. I looked into this. I can not sign for anyone that I am in a financial dealing with or related to..... Sorry, brother! I have wanted another US permanent resident or citizen to do it but am a little stuffed as they must live in the US or, for here, be a solicitor.
BUT BUT BUT... I GOT CAUGHT OUT HERE........ CAUTION....... You can not do a title transfer in the states of Nevada for 90 Days.... This Includes A QUIT CLAIM DEED...so IF you are looking at dtraeger's route... PAY ATTENTION .... You can do it... Just not for 90 Days... Either in Nevada or Florida... But the law changes every day seemingly... They have just started to re allow cash flips for the record so be double careful if buying that you are getting a bank owned property and not a flip... Check title at accessclarkcounty.com and if it doesn't show a banks name, is being sold as a foreclosed property, think again your bidding strategy.
As for dying... I don't intend to in 5years but I have taken it into consideration on a longer term
notary... Yes the dude in Manly works because he IS a US Notary. Trust me, I have used him in the crunch times down to the minute in one situation. I looked into this. I can not sign for anyone that I am in a financial dealing with or related to..... Sorry, brother! I have wanted another US permanent resident or citizen to do it but am a little stuffed as they must live in the US or, for here, be a solicitor.
You should be a member in the llc that you are quit claim deeding it to. Ha I love the bouncing around o topics. I have used quit claim deeds for 4 properties as the @LLC's hadn't been formed yet..... BUT I had to wait 90 days to do so....Sold to the LLC for $1...is that possible. Reason I ask because in CA your property taxes are calculated on your last sale..but I'm sure it has to be an aggregated price(regional sales?) also to stop tax evaders
There are properties valued at multiple millions that pay a pittance in land/property tax in CA. Then you have the 400k homes that can pay more then the McMansions because some McMansions have never been sold and kept in the family etc etc. Even though there worth millions now, they can only be taxed in accordance to there last sale..Wierd system if you ask me...no wonder why California is broke. Having a sliding scale like that in an economy on the brink certainly doesn't help...then again I bet they knew that. Any sale that happens today in CA is an absolute tonne of missing income from there coffers.
There service departments will be a wreck for many moons because of this. Scary future for CA
Woohoo, there are a couple in my town. No need to run a day trip to Sydney.
http://canberra.usembassy.gov/queensland_notaries.html
Lets rock and roll over there and have a looksie Reeco
LOL Emma, just took a look at one of your places
2009 Tax Assessment $44027
2010 Tax Assessment $16065
LOL Emma, just took a look at one of your places
2009 Tax Assessment $44027
2010 Tax Assessment $16065
Lets rock and roll over there and have a looksie Reeco
LOL Emma, just took a look at one of your places
2009 Tax Assessment $44027
2010 Tax Assessment $16065
They don't call it sin city for no reason I suppose...oh so tempting. I'm hearing the north part of vegas is crime heavy Emma. Is this the mount druitt part you speak of?
Im certainly goin to have a peak @ LV early next year...and yourself dtraeger2k ? Got the Elvis wig already packed? Cant go to Vegas and not wear an Elvis wig at least once
Chui,
Don't believe what they say. Yes they are Notaries, but whether they are accepted or not is up to the County Recorders office. I am waiting for Emma to get back to me, but after being promised (and having proved they are right) by so many people, I have very little faith. And I know the County Recorders Office is wrong - I still don't have this stupid doc notaried 'acceptably'.
As I said I have spent so far $1000 on various Notaries so far for this one deal, and have just made an appointment with one in Long Beach on Sunday. THAT one WILL work.
6,000 miles is a long commute just to have a signature witnessed..... Lucky I am not in Perth!
reeco & dave - you could get married and cement the relationship Be a first for Somersoft....??..
http://www.elvischapel.com/
Don't believe what they say. Yes they are Notaries, but whether they are accepted or not is up to the County Recorders office. I am waiting for Emma to get back to me, but after being promised (and having proved they are right) by so many people, I have very little faith. And I know the County Recorders Office is wrong - I still don't have this stupid doc notaried 'acceptably'.
As I said I have spent so far $1000 on various Notaries so far for this one deal, and have just made an appointment with one in Long Beach on Sunday. THAT one WILL work.
6,000 miles is a long commute just to have a signature witnessed..... Lucky I am not in Perth!
reeco & dave - you could get married and cement the relationship
Be a first for Somersoft....??..http://www.elvischapel.com/
