Nutmegger

Try this forum -- lots of E-2s on there:

http://www.the-usa-forum.com/forum/index.php

ian-mstm

Unless I've missed something in what you've said, nowhere do you mention that you're looking to create new properties. It seems that you want to buy into an existing business. Even if that business takes over management of other properties, it doesn't create new properties... it just moves the money from someone else's pockets to your pockets.

You can't really talk about the shortage of properties as a viable reason to buy into a property management business... because, quite simply, you're not actually increasing the number of properties available - so their shortage (or not) is nothing more than an excuse to help justify your interest in the business.


True - which is why many people opt to stay at the parks themselves rather than the surrounding area. It is far more convenient... and in the US, convenience will almost always trump cost!

Ian

Tirytory

Well as a consumer, I was looking for a holiday home for March break 2016 and there were plenty of private homes to choose from- too many in fact to sort through- and in the end I decided to take the advice of people on another thread and splashed out on a Disney hotel despite it being more expensive. I would assume you have actually googled the myriad of well established rental websites etc?

Edited... I just saw Ian's post and yes convenience trumped. I honestly couldn't be hassled with the drive and we paid extra on top for a room close to restaurants and bus stop on the Disney site. I know despite the cost I'll be glad!

celticgrid

That single word makes me worried that you do not have a fully accurate comprehension of the situation you are planning to drop yourself into. Please investigate further.

Pulaski

OK, another angle. What is the business seller doing next, after he sells the business to you? Is there a no-compete clause in the purchase contract? In other words, what is to stop him selling the business to you, then soliciting the clients away to his new business, or even selling his buddy a mailing list of clients for his buddy to try to entice your clients away? That sort of thing absolutely does happen.

And the flip side to the question, do you have a strategy to market your services and attract new clients? Do you have relevant experience in marketing property management services?

47candysprinklepants

We will be looking to grow the business and attract new clients in the first 12-24 months and beyond. We have management experience in similar fields. We have a definite strategy to attract new clients and customers in an untapped market of which will remain under wraps

47candysprinklepants

The company have in excess of 150 properties, they but and cell properties and offer other functions.

ian-mstm

In your first post, you said you were after some advice. However, since none of the advice given has made the slightest bit of difference to your plan, there's nothing left but to wish you good luck for the future.

Ian

scrubbedexpat099

I have some knowledge in this area, but not specific to Florida.

Well I have a friend with a condo who rents it out when he is not there and I know a lot of people who come here in summer to escape the Florida summer.

I remember when on hols in Mexico there were people staying from Florida, the place we were at did not have aircon, it was high and not that hot, cooled down at night but they could not take it, they lived in aircon, work, home, car, never seemed to go out.

Well not in summer.

The friend with the condo did say the market was saturated and did not do that well from renting but knew that going in and did not need it to do so, mainly friends and family from the UK.

I am on AirBnB and had a Realtor stay with me from Florida, you realise you need to be licensed etc to buy and sell?

She has a second career which she s currently focussing on as the Realtor market is deadish, very cyclical so she switches depending on the cycle.

I have no issues with the E2, does what it says on the can, the problems seem to arise when it is the only visa available and not the one of choice.

My business has its up and downs, I can downsize, lay off staff etc, on an E2 you can not, you need to meet the next renewal.

You did not mention your backgrounds, things are very different here. What is your past experience?

dj6372

Really? But and cell and other functions

Would any of these functions be the use of a dictionary?

Pollyana

Read the replies carefully You've got replies from people on the same visa, from people who live in Florida and from people who have family there, and from people talking in detail about property management!

maemaesmummy

Me! We move to Clermont 2 years ago....work life balance lol....as a PM you won't have any...unless you can afford to employ someone to manage hands on the business for you...3 am phone calls as the fridge light ain't on isn't fun. We work longer and harder for less than we did in the Uk.

MY kids are 9 and 11 and trust me after school activities can bankrupt you...especially if they play competitive sports.

We visited a lot before we move here..staying up to 15 weeks a year and we have lots of family and friends here....trust me you will need them.

There are a lot of unscrupulous business sellers esp in Florida....trust no-one and ensure you pay for a financial accountant to do due diligence.

Think of the money you think you will need to live for around a year..treble it and add $30K and you might be close!

It's NOTHING like being here on a Disney holiday that's for sure.

JPROPS72

I live in central Florida, so let me give you my two cents...

Property Management, Pool Businesses, & Lawn Businesses are 10 a penny here. Anyone who tells you that rentals are occupied 75% of the time is misguiding you. I have 3 vacation rentals in our section of our sub-division, which has about 10 houses. They are empty more than half the time.

If you think living in Florida is ANYTHING like vacationing here, you are very wrong. I say this not to be negative, but to give you the reality. Without knowing what your work life balance is like in the UK, I can't say for sure if it will be better or worse here, but if I had a gun to my head and had to take a guess, I'd say it will be MUCH worse here.

You will need a significant amount of money. As others have said, things work around your credit history here. No history and your options are limited. Expect to put 3 months rent up at least plus deposit. Expect to put 6 months deposit down on all of your utilities. Expect to pay cash for your car[s] and if you want cars that are less than 8 years old, expect to pay $10k each at the very least. Expect your car insurance to be in the region of $1500 for 6 months. Expect to pay $1500 - 2000 a month in rent. Expect your utilities bills to make your eyes water especially in the summer. $300-350 a month electric in the summer, $150 - 200 water a month. If one of you will be working outside of the business, expect $8 - 10 an hour unless you are in a professional field.

Florida is not a walk in the park by any stretch of the imagination. Now on to the Visa itself. Your risk tolerance is an important factor here. There is no route to a green card and given the current feeling in the US generally about immigration, I expect things to get tougher not easier. Your attorney is probably correct, if you buy the right business, you'll probably get your E2 visa, but that is the easy part.

Just to give you a brief look into health insurance and more than that, the cost of health care. Expect to pay about $1200 a month for cover. You will have co-pays and a deductible. Our friend recently got appendicitis, the bill for her surgery was $79,000. She has good insurance, among the best you can get and her portion of the bill was still over $5000.

You have to be real about the situation. You can view these things as people being "negative" or you can view them as people who live it giving you the reality of life in Florida. I love living here, I love my life here, but we are in a different situation. I have a green card and we have professional level income. The very idea of being on an E2 scares the life out of me, not only because of the pressures it brings but also the uncertainty of renewal and your kids future.

Look deep before you leap is my advice and be ready to have a significant amount of money behind you.

gwensvilla

I live in clermont (south)...love it. I have no school age children but friends are happy with some of the local schools. Only one goes private to monte verde. I am a landscaper and have friends with property man cos...long term and str. They work pretty hard..not too many call outs. Being handyman probably a necessity.. Some do bookings which is a whole new dimension. Rental on long term (6mths) runs $1300 to $1500ish methyl on a house..less on condo (which I wouldn't even contemplate. ). Beware landlords demanding 6mths rent upfront..but getting a rental can be hard with no credit history....I ended up renting one of my properties I was flipping to an e2er till they cud get credit rated to avoid them paying mega bucks upfront..
It's much harder working in usa/Florida....summers are brutal...but I still prefer being here... Utilities are expensive...gas/vehicles cheap..insurance expensive..just do your homework..best of luck gwen

Noorah101

47,

You said the E-2 is a temporary solution. What's the long term plan?

Rene