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Hi RebelYell,

I am interested in USA (Texas) leads on foreclosure and if you have any leads in Atlanta I would be interested as I have relations in the aforementioned places.

Hope to hear from you soon.

foley(07932450389)

Hi foley,

 I have PM'ed you with a recent Texas foreclosure deal that came my way. Let me know if you are interested in further.

rgds,

RebelYell

Hi all,

Sorry for not replying sooner, I have just got back from a break in Thailand and couldnt get on singing pig for some reason.

SunnyS- the latest from my contact is that the broker originally said 13% interest rate.....yeah right!!!!

He then found another broker who found a 9% mortgage, I have to add that my credit rating is not so good here in the UK due to a few mishaps with the banks, but I know that there are rates for people with good credit at around 6% - 7%. This week should be the week where things start moving along for me with that respect, so when I know more I can forward you onto him.

Also, I am getting an ITIN number too and the form I was told I needed to file to the IRS was the W-7, this just needs to be filled in and sent to them with a certified copy of your passport. One thing I need to ask when filling this form in though and maybe someone out there knows this as my contact isnt quite sure. The "treaty" country will be the U.K, but the "treaty article number"....I am not sure...

I need this ITIN number because I need to a) fill in taxes each year and b) which is most important to me...;-) I need my bank account opening to pay the rental cheque into. Any ideas anyone?


Ian- I am not sure what the implications are with taking money out of USA to use over here in U.K for refurb jobs, I can try and find that out though and let you know. The thing I have found is that there are so many BMV deals to be had in the USA I would rather my money be over there working for me than trying in the U.K, but obviously you have got BMV deals you wish to go for here,so thats up to you, but if you do wish to look at some options in the USA, just PM me and I will forward you onto my contact.

RebelYell - sorry, I did get your email, but I never got chance to reply because of my inability to login to "singing pig". I would be interested in sharing experiences and deals that may be on offer to us both definitely.


I can forward anyone to my contact in the U.S if anyone is interested in buying foreclosed properties at prices of the region $30k - $40k. Rehab work needed on properties I have had done are $15k - $24k, but a recent one was quoted as $7k, purchase price of $36k..these properties are then revaluing at $100k. Rental income for these single units is in the region of $850 - $900 per month. Multi units of 3 lets say, rent out at around $1500 - $1800 per month, price wise of around $60k - $65k...no brainer!!


He gets first dibs on any deals that come around, before they are advertised and put on the market...an example of which is, a property came available to him a day before 13 investors were told about it. He basically gets to choose which he wants for himself or for the clients he has who are in a position to buy...these investors were also willing to offer $10k more, but because of his buying power and reputation in the business he still gets the deals first.

 
Anyway, if anyone is interested PM me and I will contact you with info.

Cheers

Simes

Hi Simes,

The interest rates seem a little high! What LTV are you looking at? Still interested to know if it all goes through OK and if so, a recomendation to your broker.

The ITIN isnt needed for a bank account (may be needed for a mortgage?)- I opened a Citibank dollar current account. Its actually held in London, but you can pay dollars in etc, get a dollar chequebook, rent goes into it by bank transfer from US, you use US ATMs etc.. It has on-line access to. I kno w of someone else who opened an HSBC $ account, but I was told it would have to be classed as business and cost £30 a month. 

As for the ITIN, I contacted the IRS at the US Embassy in London and they have been great. They sent me the form to fill in : Yes, the W-7. BUT, you are supposed only to fill it in when you file your first tax return. But, my rental agent said I needed to get a number before then incase I have section 8 tenants (DSS type). So, the W-7 lists exceptions where you can get a number early - cant work out which exception I am!  

Anway if you need the forms and IRS advice PM me and I'll forward their emails to you. 

Keep us informed, All the best Sunny.. 

Also . .  . .

re certified passports, costs £30 for a solicitor or notary to do.

But, if you are in London you can go to the Embassy/IRS office and they will certify your passport and check your tax return or ITIN paperwork for free.  

Hi,

Yeah the interest rates are quite high, but as I say my credit rating isnt too grand at the moment so I have to go with a higher one first then after a few monthly payments and a bank account in the US, my US credit rating should increase, I should then be able to get better rates.

If you could PM me the details of the IRS at the embassy in London that would be great, I will give them a bell and find out what I need.

My brothers girlfriend is a solicitor, so she managed to get that certified copy done for me last month..on the cheap... a few beers I think my brother mentioned...ha ha!

Are you still buying in the US? How have you got on?

cheers

Simon
 

Sorry, forgot to mention this, the LTV is 75%...as I do not have a SSN.

cheers

Simon 

Hi Simes,

yes we have 2 properties in NYstate (Buffalo and Syracuse). Just 'trialling' them this year - getting repairs, rentals, doing tax return, mortgaging. Depends on how this goes we'll buy more early 2009.

Some useful sites for tax stuff: 

http://www.irs.gov/  IRS American site

suggest the following publications:

Pub. 519 US Tax Guide for Aliens

Pub. 515 Withholding of Tax on Nonresident Aliens

Pub. 527, Residential Rental Property.

P1915 Getting an ITIN 

http://www.usembassy.org.uk/  American Embassy in London

http://www.usembassy.org.uk/irs/index.htm   IRS helpdesk at London Embassy

http://www.usembassy.org.uk/irs/irsitin.htm ITIN forms and guidance

Also . . . I think the treaty is the UK USA Double Taxation convention and the applicable Article (ie the reason you are filing) is Article 6 "Income from real property". I can send you this delightful paper too!!