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All Forum Posts by: Tess L.

Tess L. has started 8 posts and replied 45 times.

Post: Financing for International Investor

Tess L.Posted
  • Investor
  • Dubai, United Arab Emirates
  • Posts 45
  • Votes 72

Hi all. Does anyone know if it's any easier for foreign nationals to refinance a property once it has been rehabbed and tenananted, than to get funding in advance? I'm thinking maybe this is a little less risky for lenders.

Post: Hello, Upstate New York!

Tess L.Posted
  • Investor
  • Dubai, United Arab Emirates
  • Posts 45
  • Votes 72

Hello all! I've just bought a SFH in Norwich, NY which I plan to lightly rehab and rent. I'm investing remotely, so if anyone can recommend good property managers and rehab contractors, I'd be eternally grateful.

@Stephanie Jacobson, do you cover Norwich also? 

Cheers!

Post: Looking for a Chicago Team!

Tess L.Posted
  • Investor
  • Dubai, United Arab Emirates
  • Posts 45
  • Votes 72

Hi All! I'm also new, but jumping in at the deep end in West Pullman district with a SFH on a large block. Hoping to do a light rehab, and rent out in a more traditional manner.

Post: Bank Account for Foreign Nationals

Tess L.Posted
  • Investor
  • Dubai, United Arab Emirates
  • Posts 45
  • Votes 72

@Courtney Duong, @Chris Seveney  You're welcome!

Yes, it was all completely online in Dec 2019 - Feb 2020, from here in Dubai. I don't know if it's possible for individuals, but this was for my single-member LLC.

I registered the LLC first, then applied for the EIN. This took ages because they would only accept by fax the application. The IRS could tell me the EIN number a week later by telephone, but I needed the official letter for the bank account application (which was waiting for it). They will only send the letter by post or by fax (that you must be standing next to), but I called them from 6 different fax machines around the city and it never worked, so I don't think that option really works. Post takes a long time here but it eventually arrived.

My registered agent doesn't offer bank accounts, mail or phone services but it only costs $49 per year so I'm happy with them. While waiting for the EIN, I had plenty of time to set up a mailing address with a service that will scan it to me and then send me hard copy if I choose for a base of $10/m (Anytime Mailbox). Also a landline phone number that I can direct to my own mobile overseas for $10/m (OpenPhone). 

(I'm not trying to promote any of these companies, but it took a long time to find affordable options that would really work for an overseas investor so I thought it might be helpful for others trying to do the same.)

So after a lot of preliminary admin work and transferring my LLC's initial capital contribution, I'm finally ready to go! But then... global pandemic... Ah, well. There may be some interesting investment opportunities in due course.

Post: Bank Account for Foreign Nationals

Tess L.Posted
  • Investor
  • Dubai, United Arab Emirates
  • Posts 45
  • Votes 72

I incorporated an LLC in Arkansas, and just finished opening an account remotely with Mercury Bank.

I'm been really happy with them so far, and have a checking account, e-credit card + hard copy credit card and online banking. 

They do a lot of AML checks, and there was delay at my end because it took ages for the EIN from the IRS to arrive and that was required for account opening.

I used Transferwise to send money from Dubai, but I wanted a solid USA account, so Mercury Bank has been a good option.