How I increased my income

To get a standard loan, even a credit card, your first need a social security number (SSN), and then credit. If you are on a work visa you will get to apply for a SSN which is the core to everything you do in US but really takes 6-12 months minimum to even begin to build credit for smaller amounts.
(Ways to speed up by putting up massive guarantees and tangible and accessible collateral but keynote d of defeats the purpose of a loan)

If you have an AMEX card in AU and good history they have a system to issue a US version if going there and you have your SSN to help speed up your US credit history.

Credit history is your ticket to everything in US from renting a place to live, to a phone provider, let alone everything banking.

Good luck!

 

Has anyone tried to open a USA bank account recently? Here in Australia or actually being in the States using your LLC or personally. I did try with no luck. Recently I mean in the last 6 months.

 

Were you in the US?
You can not open one without presenting yourself.
Same rules as in AU.
KYC norms - Know you Customer.

 

I sure was. I went to Chase, Wells Fargo, HSBC, BOA, they all wanted proof I lived in the US by the way of a utility bill, visa (not credit card), etc

 

I opened an account for my LLC last week, in BoA
You have to give 2 forms of id, Passport (any country), Driver's License, Utility Bill, SSN or your Debit card with the same banking institution.

I gave my AU passport and 1 Utility Bill (I keep one of my rental's Electricity in my personal name)

 

I recall the time when I started investing in US 2011 and you could open a bank account from Australia....or your lawyer could do it on your behalf.... how times have changed.... not a chance today

 

Do you have a SSN ? If not, how did you get the power bill in your personal name?

 

You don't need a SSN for a power bill.
PM me and I can explain in detail.

 

I am new to this platform, can you PM me so I know how to find it? I really want to chat, thanks.

 

I personally found the process much the same as Australia. You just have to visit the bank for the opening.

 

The only thing is wells Fargo would not give me a credit card only a debit card otherwise it is pretty easy to open an account

 

Exactly our result with a personal visit which saved our accounts. It was due to us having personally opened a number of accounts in both our name and our LLC's names that saved us from loosing these accounts when the bank went through a cycle of closing account that didn't meet up with their supposed new standards.

We were adviced that our LLC accounts would be closed some time later. We appealed and luckily all our accounts were left in place. One of the LLC accounts did get opened over the phone having all our personal details on file.

We have personal ITIN numbers ( Individual Taxpayer Identification Number) which is like a SSN but for foreigners and also all our LLC's have EIN's which stands for Employer Identification Number

Just like in Australia when opening a corporate bank account they still want a person involved.

 

Yes if you show up they'll do it.

 

A plain debit card from wells fargo can be issued instantly.
A custom one with your name takes a day or two more.
It will be delivered to that branch

 

Loving zelle, can pay my contractors immediately.

You need US phone number for this or a bank dongle. Wells Fargo mailed this out

Changed my world for the better

 

Yes that is true.
And now of late, they have introduced a few branches, that issue full feature debit cards in Chase instantly (with name etc). Just the high traffic ones though. Call the call center to find the ones that do issue the across the counter. An extra 10-15 minute drive may well be worth it. No waiting for the postman!

 

I would prefer a normal credit card (mainly for hotel and rental car deposits) but they would only give me a debit card. (Which I am pretty relaxed with)

 

Yes, would be nice to get a US credit card (not just a Debit card) - but that would require a SSN.

 

I am not sure I would want to get an SSN (social security number) , certainly would not want to become a US resident. They have unfavourable tax laws for their own citizens where they are taxed on worldwide income even if they no longer reside in the US.

 

Hi all, first time poster but loooong time lurker. I've read this entire thread a couple of times with great interest. I think what MTR, Karina and co have done with investing for cash flow in the US is incredibly interesting and sounds like it has been transformative in allowing them to exit the rat race.

I was just wondering what the current views are for some of you seasoned US investors, not just in relation to COVID, but also all the political unrest, rioting etc. taking place over there. Do you think this will affect the markets in which you have invested such as Atlanta, Alabama etc. or not so much?

I ask because the rental yields you guys are achieving seem very impressive and I am considering whether I should get involved myself. I have a few Australian investment properties, and while I think they will be good for long term growth, I think I'll be waiting forever if I'm going to rely on them to provide the cashflow I need to exit the rat race.