| Author |  Topic  | |
packmanuk
 United Kingdom
51 Posts
Joined: 06 Aug 2002
Status: offline |  Posted - 06 Aug 2007 : 17:29:39  
| I'm not sure if anyone can help me on this but I have a couple of questions.
I was thinking of moving to Florida in a year or 2 to live and was wondering the following -
I would sell my UK house, pay off the mortage and buy a Florida home.
I would hopefully be left with about £400,000.
With this I intend to buy 2 more florida villas to rent out.
My wife and I would then manage the 2 rental properties and hopefully have enough money from rentals and interest on any money left in the bank to live on. With no mortgage payments i would think this would be ok.
My questions are -
Would it be possible to do this and get a visa to live in Florida using this as my business ?
Would my children 1 and 4 at the moment be able to go to school in Florida and if so would we need to pay for them ?
Has anyone else done this ?
Thanks in advance for any help on this topic.
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carolmc
 Ireland
987 Posts
Joined: 12 Apr 2003
Status: offline | |
blott
 United Kingdom
21424 Posts
Joined: 22 Feb 2002
Status: offline | Posted - 06 Aug 2007 : 18:09:44
| What I can tell you is that you won't get a visa with just two rental homes as a business model. What would happen to your income if you were unable to rent them out or your expenses came to more than the rentals you received?
You need a business that's going to give you a more substantial amount of money to live on in Florida, even just to pay for health and car insurance, before you've even started on the rest.
As Carol has said, have a look through this section and you may get some ideas.
Anyone who lives in Florida is entitled for their children to go to school. This is free but there are private schools (as in the UK) that you can choose to pay for if you wish. |
Blott
www.orlandovillas.com/villas/150.aspx
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Cruella DeVilla
 USA
10583 Posts
Joined: 18 May 2004
Status: offline | Posted - 06 Aug 2007 : 18:54:29
| My questions are -
Would it be possible to do this and get a visa to live in Florida using this as my business ?
Bottom line answer is no.
Would my children 1 and 4 at the moment be able to go to school in Florida and if so would we need to pay for them ?
Yes when you do make the move the kids will be able to be schooled in Fl although the State schools are not rated highly and a few folks put their kids into private education if they can afford it.
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CDV
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esprit
 USA
6886 Posts
Joined: 11 Feb 2002
Status: offline | Posted - 06 Aug 2007 : 18:58:47
| Renting properties is passive investment and doesnt qualify you to live in the US. Managing two properties isnt a business, it is managing two properties and doesnt qualify you for a visa. Managing thirty properties might but even then it is might not the way things are going!!
If you have £400,000, that is $800,000 at todays rates. With this you have some options..
Invest $500,000 in an investment scheme in a regional center and get a EB5 visa which turns into a conditional then unconditional green card, you can then do what you like.
Invest $500,000 in a proper business creating 10 jobs in an area of low employment and it will achieve the same thing. Not Florida straight off, look at Vermont, Alhabama, Iowa, South Dakota, loads of others. When you have got your unconditional green card, sell the business, move to Florida and do what you like.
Look for a job which will give you a HIb
Buy a proper business for $200,000 of the money and apply for E2 and hope that the new legislation to allow E2 to convert to green card after five years goes through.
Start a business in the UK and run it for a year then transfer yourself out on L1, though you would need to keep the UK end trading, or at least till you get a green card which could be 2-3 years.
The plan you have is a very simplistic one which used to be banded about six or seven years ago as a way of getting an E2 visa, though even then it was five villas not two that immigration attornies and dare I say realtors used to mention. If it worked then and I am not sure it ever did, it would not work now, they have tightened up considerably and a business now needs to significantly impact the US economy not just provide an income for the owner. Also though it is still possible to get visas to run larger management companies they are certainly not flavour of the month with the US embassy or the easiest businesses to get visas with.
Your kids can be educated on any visa. Schools actually are not allowed to enquire after your immigration status, many illegals attend school which is free until 18. |
Julie |
Edited by - esprit on 06 Aug 2007 19:13:24 | | Report this post to a moderator | goto top of page |
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Osceola
27 Posts
Joined: 23 Oct 2006
Status: offline | Posted - 07 Aug 2007 : 14:59:14
| This is not a realistic plan.
Keep in mind that without permanent residency status that you do not have homestead status and have no protection or limitations on increases in property taxes. You could end up paying very significant sums to the government in property taxes each year on these properties.
What do you plan to do if you become sick whilst in the US? Health insurance is horrendously expensive. Have you read the stories of people spending tens of thousands of dollars in hospital bills for something as simple as a broken limb?
Numerous "old hands" at the visa route all seem to suggest that it is wise to keep some property in the UK in case the rose coloured glasses get slapped off your face once in Florida.
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chrizzy100
 USA
7108 Posts
Joined: 26 May 2003
Status: offline | Posted - 07 Aug 2007 : 15:48:02
| I've not heard this idea for a year or so...I blame TV shows on moving to the sun myself....
I think a lot of the hard working villa owners here will tell you its hard enough running your villa on the money you get from rentals...let alone trying to live on it too...
You could do a lot more with $800k ....if I had that kind of money spare the last thing I would do is buy rental homes with it in FL anyway...you could buy a good business....and still have money in the bank...you really need to look into this a lot more...its not easy... | | Report this post to a moderator | goto top of page |
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esprit
USA
6886 Posts
Joined: 11 Feb 2002
Status: offline | Posted - 07 Aug 2007 : 19:06:43
| | There was someone bandying this as an idea about a while back as you say, Chrizzy, turned out to be a realtor hehind it, I wonder why? Oh I am an old cynic... |
Julie | | Report this post to a moderator | goto top of page |
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Cruella DeVilla
USA
10583 Posts
Joined: 18 May 2004
Status: offline | |
chrizzy100
USA
7108 Posts
Joined: 26 May 2003
Status: offline | Posted - 07 Aug 2007 : 19:37:06
| | I think people did get visa's that way...its also one of the reasons E2 people have had such a lot of trouble over the last year or so...because people should not of got a visa that way....its just unliveable...I know you can live on a lot less than a lot of people say you can...but on the income 2 homes will bring in...no way... | | Report this post to a moderator | goto top of page |
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Southsider
 United Kingdom
1204 Posts
Joined: 23 Nov 2003
Status: offline | Posted - 07 Aug 2007 : 20:10:07
| Packmanuk, you said that you will have £400,000 which will be circa $800,000, You would be best going for one of the Government Investment Schemes that would cost $500,000 this would give you your green card, so you could work at what you wanted and have $300,000 left to do what you want and with this scheme they pay you a % of your investment very month too.
DM me for more details.
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packmanuk
United Kingdom
51 Posts
Joined: 06 Aug 2002
Status: offline | |
esprit
USA
6886 Posts
Joined: 11 Feb 2002
Status: offline | Posted - 07 Aug 2007 : 22:48:21
| It is called EB5 and it is what I mentioned in an earlier reply. Google EB$ green card. Lots of investment schemes exist in what are called regional centres, doing up office buiildings in Seattle, building a condo hotel in a Vermont ski resort, regenerating the city of Philadelphia, setting up and running dairy farms in South Dakota, turning an old air force base in California into an airport, rebuilding New Orleans. What they all have in common is they are deprived areas which need investment and job creation.
If approved you get an EB5 visa which converts into a conditional green card from which you can get the conditions removed after two years provided you have kept the investment and the scheme you have invested in has created jobs in the deprived neighborhood. Income varied and depends on what the investment generates, for example if you are doing up buildings to rent out, you get a portion of the rent. The capital also needs to be at risk and there is hence no guarantee of income. The most popular one in Seattle seems to give around what you would get in an ordinary savings account in interest. The big problem is exit strategy after you have got your green card. As the investment cannot be used again for Eb5, you need to sell it on just as an investment, not so easy maybe. Some are easier than others, for example in the ski resort you get a condo you can sell. But it isnt a short term investment.
It would give a green card to you, spouse and all kids under 21. You could then get a job, start a business whatever. Having run a management company, I can honestly tell you that there is no living to be had in managing small amounts of houses yet it is just as tieing as managing large numbers. Even if it would get you a visa, dont go there. |
Julie | | Report this post to a moderator | goto top of page |
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anorak
 264 Posts
Joined: 03 Nov 2006
Status: offline | Posted - 08 Aug 2007 : 19:35:35
| Although the figure of $500,000 is quoted you can expect to spend another $50,000 or so in fees commissions and charges.
With a bit of luck you will get a taxable 5% return on your investment of the half million. You can kiss goodbye to the other $50,000 forever. Will you be able to get your half million back ? Maybe eventually, I have heard 7 years quoted as realistic, meanwhile the dollar may nosedive further, and you would get more just on deposit with the bank.
Its an expensive but reasonably sure way (if you pick the right scheme) to get a green card.
The worst thing that can happen is that you invest the money, pay the fees , never get the conditions removed green card and cannot get your invested money back- because it is not a guaranteed investment.
Actually that's pretty bad isn't it? | | Report this post to a moderator | goto top of page |
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