Bad Immigration and Business advice
Firstly the only person who should be assisting or advising on obtaining an immigration visa is an Immigration Attorney
With the appealing international currency exchange rates between the UK and USA, low mortgage rates, low house prices and good standard of living, Florida is still one of the top destinations especially for the British and Europeans to immigrate.
A major problem which is becoming more common is the scams provided by people and companies stating that they are immigration & business specialists and offering a “One Stop Service”. Potential clients are attracted to the fancy official web sites that offer them all the answers after paying a consultation fee.
Before contacting any of these companies you should carefully check their credentials against the appropriate regulating bodies to confirm they are licensed to provide the all services they offer in Florida. The Department of Business Professional Regulation (DBPR) and The Florida Bar are the first areas where they should be checked against. If they are not licensed to operate in Florida you are at risk of receiving bad immigration advice and business investments.
www.myflorida.com/dbpr
www.floridabar.org
One of the most common problems in recent years is the amount of people who have been wrongly advised to buy into a bad business and obtain an E2 immigration visa. Many of these businesses do not have correct certified accounts and the due diligence is not carried out correctly by the so called business broker acting for the client. Sadly every year these result in many people faced with immigration visa renewal applications denied and then given 90 days to close the business sell any property and get out of the country..
So how does it happen and how do they get away with it?
Generally these bad advisors / consultants are mainly operating outside of Florida where they are not required to have any form of licensure. Their highly optimized web sites come up high in the search engines and tend to give the impression that they are the specialist or acting as an official service.
The British and American Business community is coming together particularly in Orlando and has set up a group of licensed qualified professionals offering advice on starting up a business to relocation through immigration.
The group “British Connections” formed in Orlando currently has qualified licensed professionals who can offer anything from lawn maintenance to life insurance coverage. The intention of the group is to have sufficient members who can offer every service facility required for someone re locating to Central Orlando providing them with the correct professional expertise.
If you have been a victim of one of the many similar scams out there, we can provide the professionalism and legal assistance to help reduce the loss, correct the issue and help prosecute the culprits.
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IS IT A GOOD TIME TO BUY IN FLORIDA?
Many people contact me regarding the real estate industry and ask “when is it going to bottom out” or “is it a good time to buy?” Well if I had a crystal ball I would tell you but what I can tell you this. It has never been a better time for people to buy property in Florida and the time maybe running out some for some people.
The government tax credit offered for first time buyers is one of the big incentives but also the fact that property prices are now at 2005 levels together with mortgage rates at an all time low. If you are a foreign national another great consideration is the increasing strength of the UK pound against the dollar.
I am currently working with builders who are trying to keep afloat by selling existing inventory homes at cost and if you are watching the market you will see they are far below the resale values in the areas. We are negotiating some great deals at the moment which can also include furniture packages. The rental market is increasing in the central Orlando areas with the major employers such as Disney hiring out of state employees who don’t want to buy just yet and just rent long term.
So to answer the questions again “is it a good time to buy” just consider this
• First time buyers credit
• Property prices currently at 2005 levels
• Mortgage rates at all time low
• Growth in the Orlando rental market
• Increase in strength of foreign currency
• Builders selling inventory homes at cost
Now is not the time to sit on the fence, consider your long term investment plan and speak to a realtor and mortgage broker today and get more advice. Call me anytime for an update on the Florida market and details of where you can get some great deals.
John McLoughlin +1(407) 666 3279 www.britishamericanproperties.com
I also have some great connections with leading mortgage, business and insurance brokers to assist you.
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Florida Real Estate
The Florida real estate has been on a roller coaster for the last two years following the credit crisis and the dramatic fall in property prices. Certain relatively unknown terms became very popular like “Short Sale” Bank Owned and Foreclosure” Although it came as a shock to many who invested at the wrong time business analysts were predicting this from the early days of the inflated prices and easy credit.
The foreign investor also became the key player with flipping properties assisted by the favorable currency exchange rates offering at one stage two American dollars for every British pound. Builders could not build fast enough to keep up with the demand and realtors were faced with several contract offers over the asking prices and sometimes a bidding war. For a time it seemed every bank had money to give away and were asking for very little security.
We are now faced with a much needed major clear up in all the related industries associated to real estate. Realtors and mortgage brokers who were in the front lines for many the transactions have found their industry getting much stricter on the professional requirements and in fact many have simply walked away from the business.
Slowly the foreclosure market is opening the door again to investors who are picking up re sale properties at undreamed of prices. Many builders are selling their properties virtually at cost to remain in the market until the cycle turns again.
Smart investors are again looking at prime locations that were to expensive in years gone to invest in. Large tracts of land are becoming attractive for the commercial investor who is predicting the benefits of owning property outside the first choice area and waiting for expansion to increase its value. Many years ago this is exactly what Disney achieved in a down market by buying up many acres surrounding their propose developments.
As always in real estate the most important consideration is location, my advice to any investor sitting on the fence would be to now start working with a specialist realtor identifying key growth areas. Work on a five year plan purchase or buy options in areas where expansion is immanent. The amount of new construction properties sold at cost is increasing as the builders try and fight off bankruptcy; these properties are the ideal investment depending of course on location.
If you have the ability and funds to invest either small of large now is the time to get off the fence. I am currently working with foreign nationals from as far as China and UK who can see the predictions and potential again in Florida.
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Florida Home Inspections
Many people are unaware that the Home Inspection industry in Florida is currently unlicensed and unregulated. There are government proposals to try to pass a bill and regulate the industry by 2010 but in the past this has been pushed out of favor. This unfortunately means that anyone can literally be working in the industry with little or no knowledge of construction or local building standards. Property in Florida is constructed differently as apposed to UK Building Standards and is not as stringent. It is imperative that before purchasing a property that a professional Home Inspection is carried out. Several professional organizations have been established to assist with setting up a common Standard of Practices. Membership to these organizations is Not mandatory therefore all current members are clearly demonstrating their ability & commitment to professionalism for consumers who recognize the importance of regulation.
The American Society of Home Inspectors (ASHI) www.ashi.org aims to assist with regulation of the industry by requiring all inspectors who wish to become members obtain a minimum inspection experience of 250 inspections. These inspections reports are examined and graded to ensure the Professional Practices and Code of Ethics are maintained. When ASHI is satisfied with the inspector’s competence, the inspector is then required to take and pass a state exam. The exam is designed to test the knowledge and experience of the construction industry together with construction fault diagnosis and remedies. Becoming a member demonstrates to the Real Estate Industry the inspector’s level of professionalism.
To find a qualified licensed home inspector in your area go to www.ashi.org and put in your zip code and all the local ASHI home inspectors will be listed.
POINTS TO REMEMBER
• Always ensure your Realtor has a local knowledge and experience of the area you are purchasing your property.
• Identify from your Realtor if your potential property has sustained damage from any recent hurricanes or tropical storms. This should be detailed in the seller’s disclosure.
• Always check with a Professional Organization for recommended inspectors.
• Never use an unqualified, unlicensed or uninsured inspector.
• Several properties are now subject to having an insurance inspection before renewal of policies because of the recent increase of hurricane damage. The most common insurance inspections are Roof Inspections and 4 Point Inspections.
• If a Home Inspection is not carried out the buyer generally assumes all risk.
UK Home Inspection
Traditionally a Home Inspection in the UK was generally known as the Building Survey. These Surveys were carried out by degree qualified surveyors with considerable experience and qualifications in the construction industry. As from 22 November 2007 the new Home Information Pack (HIP) now requires sellers to provide all the necessary property information to potential buyers. This includes a Home Condition Report. A new role of the Home Inspector evolved requiring all surveyors currently operating to obtain the new Home Inspection qualification. The role of the Home Inspector is to produce the Home Condition Report and the Energy Performance Certificates for inclusion in the Home Information Packs. Home Inspectors require in-depth knowledge and practical understanding of residential building construction and defects across the range of properties.
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PROPERTY MOVING IN THE RIGHT DIRECTION
With the British Pound gaining strength against the dollar (currently $1.69 as August 3rd 2009) together with the property prices in Orlando at record lows it is clearly a time for the overseas and European market to pick up with buying in Central Florida.
Recent news alerts from The Florida Association of Realtors indicate Single Family homes and Condo sales in Central Florida have increased with bulk buying from investors. The majority of these sales are coming from an increasing number of auction companies appearing in the areas working with developers and lenders. With any investment the most important consideration is location and before you consider snapping up that bargain it is important to do some research.
Many of the single family homes and condos that are being snapped up are in housing depressed areas which were at one time popular when the short term rental market was booming. Realistically the short term rental market will take a considerable time to recover because the inventory is so high and many developers have communities waiting to be built as soon there is a significant recovery recorded. The long term rental market is still gathering strength with many transitional workers in Central Florida. The inventories are still high so the rental returns are still low but with any investment a 5 year prediction should be considered for investment recovery.
So where does this leave someone who can’t afford to take the risk of bulk buying but doesn’t want to lose out on an investment. The most common saying is Location, Location, Location and is still the most important consideration. Now is the time to consider higher end properties in up market areas. The current crisis has brought prices down in these areas to a much more realistic value to invest for the long term. If I was a smart investor I would be looking to theses areas by moving to a better location that will obviously be unaffordable for many again when the market gains strength.
I have been contacted by several buyers asking for advice who have jumped on the investment band wagon without proper guidance and representation. Buying a property unseen or failure to review the HOA or Condo association documents can be a very costly mistake. Sometimes if it is selling for pennies on the dollar there could be very good reasons why you should be avoiding it. Carryout your Due Diligence before you sign or part with your money, buying a bargain can be tainted shortly afterwards when you are hit with a special assessment.
Everyone is chasing the Sort Sales, Bank Owned and Foreclosures but forgetting that there is a Hugh inventory out there of good value properties that have no complications and can be still further negotiated to bargain prices. To review that latest inventories click here Property Search
If you an overseas investor you need to be working with an international currency exchange provider to take advantage of the best conversion rates for your money. To review one of the leading companies in Central Florida and open a trading account click here Currency Exchange
If you would like to be further informed about property for sale in Florida and learn more about the amazing deals available click here Contact me
Foreign investors remember “Caveat Emptor” The Latin term meaning “Let the buyer beware” there are a lot of hungry sales associates with no integrity out there that will sell you anything at the moment to obtain high commissions.
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To find out more about John McLoughlin and the buying and selling process in Florida click on web pages www.britishamericanproperties.com & www.homeinspectionforyou.com
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