There is usually a few pieces of information that the lender will require to use overseas income. Here are some but not all of the most important information that you will need to verify.
Foreign income earned by US Citizens is permitted with the following documentation:
- Most recent 2 years personal income tax returns that include the foreign income.
- YTD paystub and 2 years W2 statements or that country’s equivalent year-end
- All income must be translated to US dollars.
If you have more direct questions you can call me Mikell Brown, I work for Christian Roberts Mortgage and my phone number is 801-716-5245.... more
Why pay high commissions to sell your home in todays market? As realtors in Salt Lake City we are all in a very competitive market, however I am in a unique situation to offer you a fantastic deal. Equity Real Estate allows me to sell homes with a fixed $499 transaction fee plus a standard $60 compliance fee. Together we can negotiate what you would like to pay me for my hard work and what you want to pay to the buyers agent.
It is an industry standard to pay 3% to the buyers agent and 3% to the listing agent, however if your home is marketed creatively it may be possible to save thousands of dollars. Many sellers chose to put their home on the market as a "For Sale By Owner". An attractive home priced competively may sell this way but there are risks. Using a licensed Real Estate Agent with a knowledgable broker is allways a good idea. Using one that will work with you on the commissions is a smart idea.
I would simply like to offer the best of both worlds by sitting down and discussing the options that are available, after all it is your home and your money.
The REPC or Real Estate Purchase Contract as it is called in Utah is your friend! Section 8.1-b and c spell it out clearly.
(b) Buyer's Right to Cancel or Resolve Objections. If Buyer determines, in Buyer's sole discretion, that the results of the Due Diligence are unacceptable, Buyer may either: (i) no later than the Due Diligence Deadline referenced in Section 24(b), cancel the REPC by providing written notice to Seller, whereupon the Earnest Money Deposit shall be released to Buyer without the requirement of further written authorization from Seller; or (ii) no later than the Due Diligence Deadline referenced in Section 24(b), resolve in writing with Seller any objections Buyer has arising from Buyer's Due Diligence.
(c) Failure to Cancel or Resolve Objections. If Buyer fails to cancel the REPC or fails to resolve in writing any objections Buyer has arising from Buyer's Due Diligence, as provided in Section 8.1(b), Buyer shall be deemed to have waived the Due Diligence Condition.... more
Justin is spot on. There are good deals in Nevada but I personally think if your going to invest out of state there are better places to invest. That being said there is no better place to invest than your back yard. I have heard of way to many people getting "raked over the coals" in states that they did not have a man on the ground in. As far as the LLC i think you should be fine buying houses in Nevada with a Utah LLC but you could also just create a Nevada LLC to buy properties in. The Nevada LLC has been know to have better protection anyways. Some benefits of a Nevada LLC are:
- Nevada is one of the most difficult states in which to â€œpierce the corporate veil.â€
- A Nevada LLC allows for â€œmulti-tieredâ€ ownership
- Nevada allows for â€œsingle memberâ€ LLCs.
There are a few other benefits but you should really consult with a CPA on this aspect of your investment strategy.... more
I work with lenders that do FHA 203k all the time. Just make sure that the lender you choose actually does 203k, and does them frequently. Not someone who has them available. I may even ask how many they have done in the last 6 to 12 months (don't expect a VERY high number, as they are not all THAT common, but make sure they have closed several recently). I do a lot of work in the Salt Lake and Utah Counties, and have heard of Justin Coleman. Everything I hear is great. Maybe give him a call and see what you think.
Also BEFORE you get out of your due diligence period in the purchase contract make sure you have the loan fully approved. FHA 203k have certain items they can cover, especially if you are doing a streamline. Just don't lock yourself into a purchase, and then figure out that the loan won't work...
Keller Williams South Valley