Living in Florida

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.

I don't think it is that easy- have a look here http://www.orlando-guide.info/forums/default_14.asp and you might find the answer to your questions.

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.

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.

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.

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.

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...

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...

It was suggested on A place in the sun also that you could have 3 villas and run it a business and get in that way.

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...