04:44
Robert Chadwick
Hi, everybody, this is Robert Chadwick with America Mortgages. Thank you for joining us for this latest webinar. This is a fascinating webinar and it’s often requested dealing with U.S. taxes. Thomas, if you could join us on camera, that would be fantastic. with us today, we have one of our preferred partners, which is Thomas Carden of American Tax Advisers. Thomas is not only a CPA but also a tax attorney. And much like us, where we only focus on providing U.S. mortgages to foreign nationals and expats, that is his job as well when it comes to our taxes.

05:33
Robert Chadwick
So Thomas, with that, if you could introduce yourself and your company and what we’ll do, or the process of the webinar you can go through your slides, explain the process I will go through after that, and we will talk about our mortgages and the process of getting U.S. mortgages a foreign national or an expat. And then for everybody listening and joining the webinar, we will have a question and answer. So as we go, if you have questions, you can drop them into the question and answer box. Also as a reminder, in the chat box, there is a link to set up an appointment or arrange an appointment with either a loan officer with America Mortgages, and this is a 24/7 schedule, or to be able to speak with Thomas or one of his team members. So, Thomas, thank you for joining.

06:27
Robert Chadwick
I really appreciate it, as always. Perhaps you can give us a brief about you and your company and then we can start the slides again.

06:36
Thomas Carden
My name is Thomas Carden. I’m the director of American National Tax Advisors. I think we’re one of Southeast Asia’s largest U.S. tax-specific firms. We work primarily with U.S. expats and foreign nationals who have investments back in the United States. So whether U.S. citizen who has rental properties in the United States or you’re a non-US citizen or resident alien, you can still buy property there. The laws are the exact same for you. There’s no discrimination. And we help handle the tax strategies all the way up to tax planning and the actual tax returns as well. So we’re a full-service shop dedicated to helping people deal with U.S. tax issues with it.

07:20
Robert Chadwick
Fantastic. So let me get your slides. Apologies.

07:24
Thomas Carden
While you’re doing that, Robert, I’ll give a little bit of an example of wealth that can be built up in real estate using the tax advantages.

07:31
Robert Chadwick
Absolutely.

07:32
Thomas Carden
Sam Zell passed away in the last couple of years. He became fabulously successful in buying rental real estate and started off many decades ago with one small apartment building that he converted into university dorm rooms. In 2007, he sold his corporate rental real estate, mostly office towers, for $39 billion. At that time, it was the largest leveraged buyout by the Blackstone group in history. Do this. And he started off by buying one property, using that to leverage to buy more properties. Continuing to grow, and continuing to grow. Continuing to go. One of the biggest, most successful track records of building wealth in history has been through U.S. rental real estate. A lot of people think that the tax advantages aren’t there, but the rental real estate is exactly the exact opposite. It’s meant to build housing.

08:27
Thomas Carden
So there are a lot of tax advantages and tax credits you get for doing this. And we’ll go through and discuss that in detail.

08:33
Robert Chadwick
Yeah.

08:35
Thomas Carden
Way to build wealth.

08:36
Robert Chadwick
I think you’re absolutely right. And I think the U.S. specifically has a very bad rep when it comes to taxes. But when it comes to this type of taxes, and working with experts like yourself, it is the exact opposite, especially if you look at global investment.

08:49
Thomas Carden
Yeah, yeah. And we’ll go through all the tips with that.

08:53
Robert Chadwick
Let me start the slides and we’ll go from there.

08:59
Thomas Carden
Okay. Sharing.

09:01
Robert Chadwick
Double-click to just tell me when you need me to go to the next slide, Thomas.

09:07
Thomas Carden
Actually, I’m not seeing the slides at this particular moment. I said Robert had started screen sharing. Double-click to enter full-screen mode.

09:17
Robert Chadwick
Can you not see the slides?

09:18
Thomas Carden
And then I’m in a black one. Is anybody else seeing slides or is it just me? Yeah, I’m not. I’m just getting a blank screen here of black, Robert. Again, it says that Robert has started screen sharing. Are you, are you looking at your screen now, Robert, on your screen?

09:43
Robert Chadwick
Try again here. 1 second.

09:45
Thomas Carden
No problem at all.

09:48
Robert Chadwick
Can you see that?

09:49
Thomas Carden
There we go. Perfect.

09:50
Robert Chadwick
Perfect.

09:50
Thomas Carden
Okay, so this is my title, my firm. Our website is aitaxadvisers.com. Let me go ahead and move to the next slide. Okay. Through this, we’re gonna go through several different parts of this. U.S. taxation and rental income, taking advantage of deductible expenses, and depreciation. In the end, we’ll give you a little more detail about who we are and how we can help you and give you a consultation if you need one. Nonresident aliens. Now, because this is an international presentation, I’m going to do a feature, a fair amount of information on nonresident aliens. To this. But there are a lot of these things that do pertain to U.S. citizens as well.

10:33
Thomas Carden
Okay, as a John, as a general rule, a non-U.S. person who rents out his or her home is subject to a 30% withholding tax imposed on the gross amount of each rental payment. But, and this is a large but the foreign owner earning rental income can easily have the 30% holding up withholding obligation removed. The foreign owner must only pay tax on net rental income on the U.S. tax return. And that’s a very important part because you’re gonna get a lot of credits and advantages that should very rarely actually show net positive tax on a U.S. tax return. Next slide. Now there are a myriad of different things you can take off as a deduction from that gross rental income. So that 30% tax is not based upon your gross rent, it’s based upon your net rent.

11:25
Thomas Carden
Property management fees are going to be the big one, especially if you’re owning. When you’re living overseas outside the United States, you’re going to have a property management company. Those fees are 100% deductible. Advertising and marketing. Should you choose to run ads in the local paper or Facebook that you’re paying for, advertising and marketing are absolutely free and that includes using a service that will do the advertising and marketing for you as well. Leasing commissions. Should you pay a real estate agent or anyone else for a commission to get a lease? Totally deductible. Repairs and maintenance. This is a big one. So anything you’re repairing so the doorknob breaks, that’s the thing. If a door needs cracks or something if a facade needs to be repainted because of a scratch or any type of thing like that. Totally percent covered.

12:16
Thomas Carden
The pipes break. You’ve got that as a deduction expense. Utilities. Now some people have, and some landlords pay the utilities. Some people have, some landlords have the tenant pay the utilities, but the landlord is paying the utilities. Again, it’s a deduction off of that gross rent, thus reducing that 30% down and down property taxes. So you’re going to pay, when any local jurisdiction in the United States, you’re going to pay some type of property tax. Those are deductible. And then insurance, obviously you’re going to have insurance on the property. Those fees each and every year are a nice deduction for you. Next slide. Mortgage interest, this is, this gets to be really important down the line on this. Your mortgage interest on a rental property is 100% deductible against the income on that rental property.

13:07
Thomas Carden
Now, using that later on as a strategy becomes very important because by refinancing your mortgage at a later date, you can take out, cash out of your rental property and have no taxation on that adjusted loan for this. We’ll go back to that later on. Legal and professional fees, even your tax prep are devoted to that. That rental unit is deductible. License and permits. Should you choose to build a pool or put a fence up where you need a permit and a license, those are deductible homeowner association dues, deductible capital improvements, and depreciation. Now this is going to be really important here because depreciation varies heavily from a repair. Okay. Depreciation is any structure that has a lifespan, generally more than a year. And it would generally be an improvement.

14:05
Thomas Carden
So if you have a base piece of land, the first thing you would depreciate is if you put a house on it, you would depreciate the house over 30 years. And that means the 30th of that house gets used as a deduction each and every year off your tax return. So if you build a $300,000 house, you get a $10,000 expense each year against your rental income on that property that comes to it, now, should you go in at some point and buy an existing property and put a new roof on? A new roof will have an extended lifespan because it’s not a repair, this is a new roof on the property. You would be able to depreciate that roof over so many years.

14:45
Thomas Carden
Should you put in a new washer and dryer, you’re going to have about five years to expense that thing out. What this does is depreciation. And the mortgage interest allows you to be cash flow positive, but tax flow negative. And that’s a real key to this because of all these types of expenses. And a depreciation is kind of paid upfront money and expense. You get the expense over this, over the period of time. By using depreciation, you can be, again, cash flow positive, but tax flow negative. Now, here’s a big one for people owning property in the United States. Your travel to inspect the property is a deduction against that rental property.

15:29
Thomas Carden
So should you choose to go in and see that property once a year to inspect it is a deduction off of that gross income through this with us, there’s also some stuff called pass-through deductions where other types of expenses can be passed through as well to you. Next slide, please. We’re going to go through the depreciation here. Okay. In real estate terms, rental property depreciation is a basic accounting principle that effectively allows you to deduct the cost of a large asset with a useful life of one year or more or a longer period. In effect, rental depreciation, thanks to phantom expenses, can help product tax advantages by offering you means to move into a lower tax bracket to do away completely with any income tax bills you might face. Now remember that 30% tax you had on the end of it?

16:21
Thomas Carden
We’ve already taken all the other expenses away with this including the mortgage interest off this. But when you factor in that you have one 30th of the house being deducted each year, you’re probably going to break even from a tax standpoint to even potentially lose money. Now here’s the other thing. If you are a U.S. citizen, you’re able to take a loss on your rental income in excess of this a passive advantage. So you can take $25,000 a year against your regular income, and you’ll say your salary as long as you’re below certain minimums, it’s about $125,000 a year before that phase-out begins. But you can actually take your $125,000 income and move that down to $100,000. So not only do you save tax off the rental income when your cash flow is positive, guess what?

17:12
Thomas Carden
Your salary gets less taxed with this as well. So that’s one of the biggest advantages. And why lots and lots of Americans are middle-income earners on rental properties because they greatly reduce their tax on their salary as well. It’s one of the biggest reasons why to own one or two rental properties if you’re a U.S. citizen in the United States. Let’s go to the next slide. Okay. Oh, sorry, we’ve shortened this one a little bit. Okay. We’ll go through a couple more items on this stuff too. So rental property gives you so many different advantages on what you can do with this. It’s tremendous. And what Sam Zell was doing was, and this is the real strategy to this. Sam Zell bought one apartment building.

17:59
Thomas Carden
He was able to go in and he converted it to dorm rooms and he started renting it out. Oddly, he figured out the Schick ideal time for college students was very simple, almost like a loft style. So he put that into his first building, and he started becoming cash flow positive on this property. And guess what? After a few years, he builds equity in that property. Now, that equity is very important because you can do two things with that equity. You can choose to pull that equity out and take cash out to this. In fact, generally, after about five to seven years, you’ve got the property in a high enough increase because of a, generally an 8% to a 10% increase, you could pull all your original money out in the value of that you put in that property. But guess what?

18:47
Thomas Carden
You still own the investment. It allows you to do that. But if you don’t want or need that cash at that particular time, you’re able to use that equity as a down payment towards the next property by refinancing and using more leverage. Robert can probably explain that a little better to you later on by doing this, but it allows you to start building those properties one by one based on your initial investment. And here’s the wacky thing about rental real estate from a purpose of this. You really don’t want the rent to break more cash flow positive to you, especially in the first five to six years. And let me explain the math on this, okay?

19:30
Thomas Carden
If you buy one property for $250,000 you have no mortgage, and you’re making an 8% yield, it’s going to be less than $25,000 a year of income to you, okay? And that could potentially be cash flow positive or taxfill positive because you have no mortgage interest. However, let’s say you go and buy four rental properties for a million dollars with your $250,000. You now have a million dollars of property. So prior to that, the first property where you’ve only bought one, at $250,000, you might get an eight to 10% appreciation each year. But when you use leverage and you buy four properties, and you’re getting an eight to 10% increase each year in the value of the property, suddenly you’re making $100,000 a year instead of slightly less than $24,000 to $25,000.

20:21
Thomas Carden
So if you look at real estate as a long-term growth in this, and you let the debt be covered by the rental real estate, you are negative, cash flow positive. But you are building wealth at an incredible rate with this, where else you’re going to get an investment, you put in $250,000 and get $100,000 a year growth. It’s really rental real estate with it. There’s a whole lot of options on this. Now, one of the things we do each year for America Mortgages clients. If you contact us through email in the last slide, as our contact details on this, we’ll give you a free half-hour consultation. Talk about your specific tax issues. That’s about a $300 value for you.

21:05
Thomas Carden
And we can go through your specific tax issues that’ll help you cover this in a real way. And we can also go through, there’s already a great one on setting up an LLC. We can help you do estate planning on this. We can help you minimize those taxes depending on how you set up and where you’re from. You can also even look at tax treaties and get even more efficiency in your home country, depending upon the country you live in. There are a lot of tax advantages in these processes that will help you save some money and help you grow your wealth. And that’s the whole idea. Use this to grow your wealth.

21:39
Robert Chadwick
Thank you, Thomas. Super interesting as always. I know the slide was actually quite short, but I’m assuming, like we have with other webinars with you, we’ll have a lot of questions. I think the question’s already starting to build in the chat, but just to, I guess, discuss what you were just talking about, the depreciation that you can take to offset the income, whether you’re being, whether you’re a U.S. citizen or a foreign national, how does that work specifically?

22:17
Thomas Carden
Okay, well, one of the second rules of real estate is, well, the first rule of rental real estate is to buy rental real estate. The second rule is never to sell rental real estate. The United States has some interesting things about this because if effectively, the idea in the U.S. tax code is that the house, the building structure itself, will go to a zero value over, say, 30 years. Okay? So if you put a $300,000 house, the tax code effectively says that the value at the end of 30 years will be zero. So each and every year on that $300,000 house, you’ll get a $10,000 deductible expense against that house.

22:57
Thomas Carden
Now, we all know that a house 30 years from now is probably going to be worth more money because the replacement cost of labor and all those kinds of things and materials go up and up. But the tax code does not do that in any real way. So it gives you an expense off that property. Now, this is the reason why you never actually want to sell rental real estate, because when you do sell, you would have to recapture that depreciation off of the rental property. But what you don’t do is you never sell. What you do is you go back to America Mortgages, you’d get a new mortgage, pull your cash out, still own the rental property, and allow it to grow. Now for some reason, maybe the neighborhood is deteriorating, and the house is becoming too much maintenance.

23:41
Thomas Carden
You can do what’s called a like-kind exchange and move from one rental real estate property to another rental real estate property and have no tax consequences on moving from one to another. You can also buy a more expensive property with the new mortgage to this, and continue your mortgage that way with it. So as long as you never sell a rental real estate property or you just exchange from one to another, you get very large tax advantages. And like I said, you can buy more tax property, and more rental properties over a period of time. You can take your cash out should you choose. I’m over-leveraged now. I have too many rental real estate properties that don’t want to buy anymore.

24:21
Thomas Carden
You allow them to become cash flow positive and you can begin to pull your money out just by refinancing mortgages on a regular basis. This has been a strategy that has worked over the decades. Google Sam Zell’s story and you can really see how this works very well. It’s a way to build tremendous wealth.

24:41
Robert Chadwick
I also think that and correct me if I’m wrong, or anybody can correct me in the chat, but besides the fact the U.S. has no stamp duties, the ability to minimize or even, sometimes mitigate capital gains tax, which is certainly something that everybody has to deal with in the U.S., whether they’re foreign, national or expat, can be done with effective tax planning, either through a 1031 exchange like you just explained, or even carrying any tax loss forward and deducting.

25:15
Thomas Carden
The code is meant to be if used properly, is meant to be in a way that’s set up to beneficial to landlords and they’re very landlord friendly. Now, some states will vary depending on their individual policies of tenants and stuff, but from a federal government standpoint, it’s very friendly. They want landlords to be able to increase the supply of houses in the United States. There’s still a critical shortage, as both you and I know, Robert, housing in the United States. So the tax code has always been very friendly in providing more housing supply. And the way to do that is to make the tax code friendly. If you tax something less, you’re going to get more of it.

25:59
Thomas Carden
And that’s why these codes are set up and structured in such a way that you can pull money in, you can pull money out when you need to, you can put money in, you can buy more rental units, and you can begin to build your structure over this. I’m 54 now and I wish I’d bought three rental properties when I was about 24 because it would probably be 50 rental properties now by just constantly rolling these things over to this over and over again. And you know, the rental yields right now vary between your areas to this. But around 8% rental yields, you can cover your mortgage, you can cover all the expenses, you can cover the insurance, all those things with this, and then that property will grow at about 28% to 10% over a year.

26:44
Thomas Carden
Over years by historical track records. Now, again, you put $50,000 into a house and get a mortgage on that house. Your rental yield is not based, the yield on that increase in the property is not based on your $50,000. It’s based upon the $250,000 you put into it, a 10% yield. If you get a good yield going on that growth of that, the sale of the property, house value, you’re making $25,000 a year in net worth increase. You’re not going to find that anywhere else with it.

27:16
Robert Chadwick
Absolutely agree. I think. Sorry, go ahead.

27:19
Thomas Carden
The rent should cover the debt service and expenses. Let the value of the property work for you.

27:25
Robert Chadwick
Now, I think, especially as we talk to a lot of clients who may not be curious about buying a U.S. property and obtaining a mortgage, a lot of this has to do with educating them on the fact that taxes in the U.S. are actually very favorable when it comes to owning investment properties. So I’ll go through my slides now and then as we go forward, we can talk a little bit more about the taxes and questions and answers and so forth.

27:58
Thomas Carden
Sure.

28:00
Robert Chadwick
Hopefully, I can share my screen properly this time. Can you see the slides?

28:08
Thomas Carden
I’m still black here, unfortunately. I think you need to swap off to where you’re seeing your senior self.

28:22
Robert Chadwick
A little bit of technical issues. Apologies. So again, thank you everybody for joining. We will go over what we can do when it comes to U.S. mortgage-providing foreign nationals and expats. Again, 100% of our clients are living and working abroad, but obtaining a U.S. mortgage, whether it is for a purchase or for a refinance or cash out. So, in the general overview, no U.S. credit is required. We prefer if you have a credit report from your home country however, we do realize that there are some countries that do not have credit reporting agencies and we can actually work around this.

29:13
Robert Chadwick
But if you are, say, in Canada, for example, and you have a credit reporting agency, or even in Europe or wherever it may be, if you can provide your current credit report, then we will use that in lieu of U.S. credit. No AUM is required, as we do a lot of work with private banks. The issue with private banks is they obviously don’t want to lose AUM. So all of our loans are what’s considered dry funding, meaning that you do not need to open up a bank account with any type of bank that’s going to be providing the mortgage. We allow foreign-earned income. Doesn’t matter what currency. It’s accepted just as if you were earning your income in U.S. dollars. Loan programs in all 50 states, which is absolutely fantastic, really open your options.

30:12
Robert Chadwick
If you’re a foreign national, you can get up to 75% loan to value on a purchase, and 70% on a refi. And if you’re an U.S. expat, we try to make it exactly like you’re living and working in the U.S. and walking into a bank, and you can get 80% on this type of property. Normally, once you submit your paperwork, and we have a very slick platform that we just launched that allows you to take the application online and upload all the documents securely, once we have that, it takes us approximately, I would say 72 hours, often sooner, to be able to issue you a loan approval and a pre-approval letter. Once you have that pre-approval letter, then you can actually go shopping. If you do not have this letter, most realtors or sellers of the properties will not accept your offer.

31:09
Robert Chadwick
So it’s very important before you do anything, that you actually get pre-approved for a loan. On average, closing times are 30 to 45 days, which is fairly quick. That is for a standard conventional mortgage. We do have loan programs. In the event that you need liquidity very quickly, that we can close in a week, you can sign your closing documents in most countries, so there is no need to travel to the U.S. And there’s a variety of ways to close your documents, from online signings to visiting the embassy, to even signing at a local notary. If the country that you’re in is part of the Hague Convention, they can just get an apostille stamp. We have 30-year mortgages, regardless of the borrower’s age.

32:04
Robert Chadwick
I know this is a very unique thing to the U.S., and it actually is another reason why U.S. real estate investing is by far the best market absolutely in the world. I don’t care if you’re 19 or 99. In the U.S., you cannot discriminate against anything, marriage, status, sex, whatever it may be. And age is one of them as well. So the U.S. allows that if you’re 19 or 99, you should still have the same mortgage options. So age restrictions do not matter. A 30-year amortization, and we even have 40-year amortizations, will allow you to be able to maximize your yield by stretching the loan out over the longest period of time. We even have a ten-year interest-only program.

32:56
Robert Chadwick
This is absolutely fantastic because what it does is it allows you to pay only the interest for a ten-year period but at a fixed rate. And after that ten-year period, you would expect that rate to readjust to whatever the prevailing rates are. However, it stays at the same rate that you fixed ten years ago, but now you’re just paying principal and interest, so you have a total of a 40-year tenure. If you’re looking to maximize yield, this is the loan I would suggest every single time we do common-sense underwriting. And what does that mean? Well, if you were going to buy an apartment building, you surely would not qualify on your personal income. And your personal income obviously has nothing to do with the rental income. And this is how we look at investment properties.

33:51
Robert Chadwick
So in most cases, you’re going to qualify on the cash flow of the property and not your personal income. If you’re self-employed and or maybe don’t show what your true income serviceability is of debt. This is a perfect loan because as long as the property cash flows, the loan qualifies. And I’ll go into that in a little bit more detail. We are super proud that 97% of our loan applications are approved. And this is because our loan officers and I truly believe this is the best. They are all over the world. They focus only on providing U.S. mortgages to foreign nationals and expats. This is all we do. There is literally nobody that does this any better. And not only are you not having to stay up, say, at 03:00 a.m.

34:46
Robert Chadwick
To talk to somebody in New York about your mortgage, you are working on your time, and the loan officer or whoever is dealing with you on our side will actually be the one staying up at 03:00 a.m. to deal with this. So it’s a really simple, easy way to do the process. So I’ll go through the loan programs really quick and then we’ll do our question and answer. So this is by far our most popular loan program. And this is what we discussed. This is called the AM rental coverage plan. What this means is you do not need to provide your personal income. You’re going to qualify on the subject’s property’s rental income. We have loan amounts on these loans as on these programs, as low as 100,000 U.S., and all the way up to 3 million.

35:40
Robert Chadwick
Again, 30-year fixed and interest only, regardless of age. And if you look at how you qualify for these loans below, it is an example. So when we get the appraisal or the valuation report, we will also request one for the rental, and that is the amount that you will use to qualify. So in this example, if the rent is $2,400 and the mortgage, which includes the principal, taxes, and interest, is $2,400, the loan qualifies. It’s a dollar for dollar in the event, say, the rent is coming. In short, it does not mean that the loan does not qualify. It just merely means that you may have to put a little bit more than 25% down.

36:35
Robert Chadwick
So either way, and this is sort of how we get this 97% approval rate, either way, we can normally get your loan over the line, and again, 30 to 45-day closings, no U.S. credit or residency required. So am Student Plus, if any of you have children who are attending university in the U.S., such as myself, you realize that normally the first year they have to live in the dorm. After that, of course, they can live outside of campus. As Thomas had explained, purchasing these properties around campus is absolutely a fantastic way to be able to not only have constant rent but to be able to even maximize what you would be able to get, maybe further away from campus. So in this particular case, the student is the tenant of the property, and that’s how we look at it.

37:37
Robert Chadwick
So again, this is another loan where that does not qualify on your personal income, but it qualifies off of the projected rental income of the property. And if your child is 18 and says they intend to stay in the U.S. and we can add them to the loan, it is absolutely a fantastic way for them to start to build their U.S. credit. And as you know, if you intend on living in the U.S. and doing anything, having credit is paramount. It’s absolutely important. And this is a good way to put your child straight in the right direction. On this loan program, there is a minimum loan of $150,000 and we can go up to 3 million. And again, it’s a very similar example to the rental coverage loan that we looked at earlier. The AM investor plus.

38:34
Robert Chadwick
Okay, this is actually a hybrid of a loan program. So as an example, perhaps you start out with doing the rental coverage loan, but on this particular loan, say you don’t qualify or the property doesn’t qualify on cash flow, you can actually qualify using your income. But because we’re doing loans for clients all over the world, certainly it would be very difficult to go through everybody’s tax returns. So what we do is we use an income letter. If you’re employed, we want a letter from your employer on the letterhead stating two years of income and the current year to date. If you’re self-employed, the same thing, but it’s from your accountant and we have a template for this which makes it very easy to follow. So you will qualify on that as the income rather than providing your tax returns.

40:10
Robert Chadwick
Again, loan amounts on this particular program are 150,000 and up, but we can still do up to 75% financing. If you look at the example below, it shows how you would have to qualify. We go off of your gross personal income, not after taxes, before taxes. And we need to get at least a 43% debt-to-income ratio, which I’m sure everybody, if they are real estate investors, do understand that in their home country, this is a very similar way to do this.

40:48
Robert Chadwick
if you are a U.S. expat. Again, as I said earlier, we try to make this loan program as if you were living and working in the U.S. and you just walked into your local bank. We have the exact same rates as you would be able to get. You need to provide two years of your U.S. tax returns. There is no requirement to have a W-2. So if you work for a foreign company that does not issue a W-2, that is no problem as long as you’re still filing taxes. We want you to have at least a 680 credit score in order to really get the best opportunities with these programs. And again, loan amounts as low as $150,000. This also qualifies on a 43% debt-to-income ratio. So again, we go off of your gross income on your tax returns.

41:41
Robert Chadwick
And as long as we are looking at a debt the housing and whatever debt may be for credit cards or so forth, as long as that is below 43%, the loan should qualify if you are a high net worth individual. And when we started this company, our initial, I guess our initial business model was working with private banks. So these programs were super effective and actually quite easy for high net-worth individuals to qualify for. As you know, if you have a high net worth or you’re working with high net worth individuals, they could have very complex and very complicated tax returns, multiple jurisdictions, structures, etcetera. With this loan program, they can actually qualify on their liquid assets. And this would be tax, this would be cash in the bank, stocks, bonds, and even crypto.

42:45
Robert Chadwick
What we would do is we would take a two-month average of those accounts. We would divide it by the fixed period of the loan, and that would be the income to qualify. So if you look at the slide below, it gives you a very simple explanation of it. So, in this account, if somebody has a portfolio of, say, $5 million, we would divide it over a five-year period, and that would be the fixed portion of the loan, but the amortized portion would actually be 30 years, but the rate would be fixed for five years. But that would give us an average income of $83,000. And as long as that mortgage payment is below that $83,000, the loan would qualify. The best part about this loan program is there is no encumbrance on the portfolio that you use to qualify.

43:40
Robert Chadwick
So if you use, say, a stock portfolio or bonds, and you used it to qualify, the day after the loan closes, you can trade it, you can sell it, you can do whatever you want. Fantastic program for high net worth individuals. So we have offices basically around the world, but our main office, obviously, is in the U.S., and we’re in the Asia banking capital of the world, Singapore, which I think gives us a lot of advantages and opportunities. So with that, I will open this up to questions with Thomas and me. So, Thomas, what I will do is I will read the question, and then if it is based for you…

44:27
Thomas Carden
I have to give the legal clarification that I’m only talking to these in generalities. I’m not your tax advisor until you hire us. So I can answer general questions. But if you’ve got a very specific question about your tax situation you need to come hire us and discuss it. But we’ll discuss generalities now and give you guys as much help as we can, yeah, absolutely.

44:48
Robert Chadwick
I think most of the questions, as we seem to always have, are acceptable.

44:53
Thomas Carden
Oh, yeah. That’s why there’s a little bit of legal clarification because sometimes people will take something because I just don’t have enough information about your personal situation to give you full legal advice at this particular moment. If you do need that, give us a call and we’re glad to help you out.

45:08
Robert Chadwick
Sounds good. With that said in the chat, there is a link to set something up with either America Mortgages or with Thomas and his team at American tax advisors. American international tax advisors.

45:22
Thomas Carden
Yep.

45:23
Robert Chadwick
Okay, so first question. Will there be a recording? Absolutely. Just like all of our webinars, it probably takes a week to come out of post-production, but it will be emailed to everybody that has either signed up and attended or even if you have not attended, it will also be available. And we have a lot of webinars available on our YouTube. If you have any questions regarding almost anything U.S. real estate related, and even an old interview with Thomas, that’s all available on our YouTube. America mortgages. Next question. This would be for you, Thomas. Do you charge an hourly rate on tax consultations?

46:10
Thomas Carden
Yes, we can either do a half hour or a full hour. Generally, our rate is 450 for a full hour. However, if you email us, Chris taxadvisors.com, my practice manager, you get a free half-hour consultation just because of our relationship with America Mortgages. So that should give you all the incentive in the world to give us a call with it because it’s a $225 value that we give you because you’re coming in through America Mortgages as a referral.

46:38
Robert Chadwick
That’s fantastic. Thank you for that, Thomas. And so I think everybody, if they do, I highly recommend Thomas and his services. I think everybody that we have referred to you has been more than pleased. More than pleased. Next question. Is this assuming the property is owned by an individual as compared to an LLC? Very good question. So last week we actually had a webinar from a company that sets up LLCs, and you can actually even go to our website and you can set up an LLC through our website using this partner. But in general, you should be able to purchase a property in an LLC. And if people are not familiar with an LLC, and maybe, Thomas, you can cover a bit of this as well.

47:32
Robert Chadwick
But it’s just a fantastic way to not only maybe optimize some sort of tax advantages, but to be able to mitigate any liabilities that you may have within the property. For us, we are an actual mortgage bank, we require you to do the transaction with an LLC. But if you do not, there are options. And Thomas, I don’t know if you want to kind of just briefly talk about an LLC.

48:02
Thomas Carden
But yeah, I mean, LLC stands for limited liability company. Okay. And one of the biggest advantages of it is it is exactly that. It limits your liability. Now, people for various flavors, and depending upon your situation, some people will do this as a C corporation, some people will do this as an S corporation, a limited liability corporation. And there are a myriad of different flavors and tax strategies depending upon how you do this. If you just want to own one property, the cost may not be there. But if you’re planning on building an empire of this over a period of years, a company structure is generally better and more cost-efficient for you. And that’s really where in your specific situations, come talk to us.

48:46
Thomas Carden
We can give you the flavors that you want to go through and strategies for how you approach this. But generally, a limited liability company is generally the best for this. And that limited liability company doesn’t have to be U.S.-owned. It can be owned by another company overseas. In fact, here’s a little bit of a trick for you. If you’re living over, if you are not a U.S. citizen or tax resident, you set up a foreign company, say, in Singapore, that owns a U.S. company. Now, when you want to go sell your properties out, if you can find another investor who wants to buy the Singapore company, they’re buying that shares in that Singapore company. And guess what? You’ve never sold the property in the U.S. You don’t have any U.S. tax liability.

49:27
Thomas Carden
You’re selling it based on whatever tax rates are in Singapore. Because you’re selling a Singapore investment company with this globally. That’s a way to begin to minimize your tax globally and handle this. Also, when you’re coming into different company structures, you don’t have any estate tax issues because it’s not tied to an individual. It can be tied to a company with a limited lifespan. It’s a way to minimize the potential estate tax on these properties as well.

49:55
Robert Chadwick
Fantastic advice. Thanks, Thomas. Next question. Are there any specific states that offer more favorable tax conditions for non-U.S. citizen investors? Very good question.

50:08
Thomas Carden
Well, this is one of the great things about the U.S. Even at the state level, it’s non-discriminatory. Discriminatory. So you have, as a non-U.S. citizen going in and buying a rental property, you are treated the same as a guy who lives in California, Texas, or Nevada to this. There’s no difference on how you’re treated tax wise enough. Now, if you’re overseas, you may not be aware that the states have their own tax codes and there’s 50 of them. To this, you have two different layers of tax. You have federal tax and you have state tax. Now, several states like Washington state, Texas and Florida have no state tax whatsoever. Highly like buying rental property in Texas. Very landlord friendly as well. But you just don’t have any income tax that you have to deal with in Texas as well.

50:55
Thomas Carden
So when you’re looking at rental properties, you know this go state by state. I can tell you that one of the least landlord friendly states is California and also one of the highest tax states as well through this. But when you’re looking at that state by state, you should look at which is the most tax friendly for you through this. It’s a very big part of this because it can change your yield dramatically.

51:21
Robert Chadwick
Thank you. Next question. How do I manage taxes if I own multiple U.S. properties?

51:28
Thomas Carden
The biggest issue of this is you need to segregate the expenses in your accounting system by property. When you’re doing this books, if you’re hiring a plumber and you have, say, five houses, you would segregate that expense off to one particular rental property with us. That way, that schedule e, where all this gets reported on tracks to that particular house. So it’s literally each house sort of becomes its own little business entity from an accounting standpoint. And that’s reported through your tax structure with it. And you can sit there and generally when we do, because we do 1040 non resident returns with rental properties, we do a bunch of them. Okay. And one of the advantages of that is we’ll sit there and walk you through to this.

52:14
Thomas Carden
And when we’re preparing your tax return, generally we’re going to sit there and give you tax tips as well and say, hey, you want to do this, you want to refinance, you want to plan and strategize. And that process tends to happen about each year you’re doing a tax return with this. And so as you move forward each year, you get a little bit of tax tips when you’re preparing your tax returns. That’s one thing a high quality tax firm will do for you, is help you manage that on that yearly process as you’re doing your tax return.

52:41
Robert Chadwick
Thank you, Thomas. Next question. As a foreigner using an LLC, what we have to first do tax returns for the U.S. LLC and then pay U.S. taxes. If any taxes under a double taxation treaty deal with our native country tax system. In quotes “Australia”. Is this correct?

53:04
Thomas Carden
Okay. Yes. You have to do the U.S. tax return in the calendar year after the rent is received. Okay. That will be the exact same with it. Now, because we’ve got so many different nationalities here, there are different tax treaties that will give advantages on particular things. It may say that any rental income can only be taxed at 5% or 10% or 7% in the United States and then the remainder it is taxed in your home country. Each tax treaty is different than that. However, that’s generally on your net income you receive with this, you generally, in rental property, never want to receive net taxable income. With this. It always calculates out to a negative, should calculate it out to a negative number. By using depreciation and financing and leverage, you’re able to minimize that tax flow in the U.S. So with proper planning, you shouldn’t have any tax at all.

54:08
Robert Chadwick
Fantastic. Nobody likes to pay taxes.

54:11
Thomas Carden
Amen. Amen.

54:14
Robert Chadwick
Next question. You mentioned LLC. If it was a Wyoming LLC is set up to buy a property in a different state, say Texas. What are the tax implications in each state? Are there required filings in both states?

54:35
Thomas Carden
Yes. Although you’re in two states, that it’s fairly minimal with it, and that’s one of the advantages of picking tax advantage states with LLC situations. You’re going to be fairly minimal in each of those two states and that will vary wildly based upon all the states you’re in with it because again, personal income is not taxable in some states, and other states it is you’re going to have to go by a state by state basis on that. But with the two states you talked about, you’re about as minimal reporting as you’re going to get.

55:05
Robert Chadwick
And from my understanding, and again, correct me if I’m wrong, you’re only paying tax in the state where you’re earning the income, not where the LLC is registered.

55:14
Thomas Carden
Generally, yes. Again, that can vary by LLC, state by state, but you generally want to go Nevada, Wyoming or Delaware and minimize that reporting when you set up the LLCs.

55:27
Robert Chadwick
Perfect. Next question is New York City. Manhattan condos the worst kind of investment in terms of value and costs. Hence, looking elsewhere in the U.S., which U.S. bank should I open with? A B-1, B-2 Visa. Any suggestions? I plan to visit Arizona after New York in August. Let me touch on this a little bit, because it’s a little bit of a… New York is a pet peeve for me. But maybe you have some suggestions as well. I think unless you’re looking to buy a trophy asset, New York is not a good, well, Manhattan anyway, is not a good place because I just don’t see, you see a good rental yield. Taxes are very high.

56:14
Robert Chadwick
And even though we say the U.S. has no stamp duties in Manhattan, there’s a mortgage recording tax, which, if I’m not mistaken, is 1.5%. And then there’s a mansion tax, which also California has, which is 1%. So you’re basically paying a 2.5% stamp duty on a probably overpriced property that you’re not going to get much yield on. Maybe capital appreciation. I don’t know, Thomas, maybe you can kind of expand on this a bit.

56:43
Thomas Carden
I would add California into this mix as well. And both of these states are very heavily bureaucratic. They are very aggressive at going after any dollar they can get in potential tax revenue with it. And overly bureaucratic and not landlord friendly at all to this. You get a bad tenant in these states and you can just YouTube bad tenant stories and they’ll tend to be in California, New York, because their laws are very friendly towards tendency. We don’t have to pay anything with this and squatting laws and all sorts of issues with this. There are places in states that are growing traditionally in the south of the United States, and that includes places like Nevada, Las Vegas, Texas, again, is very friendly. Georgia, South Carolina. South Carolina right now is booming.

57:35
Thomas Carden
I’ve been truthfully been online looking at rental properties around York, South Carolina, because there’s a lot of manufacturing moving into that area. If you look at where the trends of where manufacturing and the people who will need these kinds of jobs are going, that’s into the south and into the southwest. Look at those trends, because New York, it’s got a long way to go before it clears up its landlord issues. And California is the same way.

58:02
Robert Chadwick
I absolutely agree, and I think that has a lot to do with the fact that people are moving out of these states, moving into more business friendly states. Next question. How many months of salary statements or pay slips do you need on average? Well, this actually works out quite well for you. If you’re a U.S. expat and you’re qualifying off your U.S. taxes, then we’ll need to see two months of your salary statements. But if you are a foreign national or, say, a U.S. citizen and you want to qualify only on the rental agency income of the property, that is not required at all. We’re not going to ask for any personal income. You’re just going to qualify on the rental income of the property. Next question.

58:47
Robert Chadwick
Should I preserve my Hong Kong based income, that is, salary, for example, not necessarily equities, assets or cash assets? I think the question is basically saying, should I buy equities or keep cash in maybe a high yield account, or should I buy real estate? And I think we both know the answer to this.

59:21
Thomas Carden
Any type of portfolio should be varied across the board with it. You should have stuff, multiple nations, especially more and more of a global situation to this. If Hong Kong tanks for some reason, the U.S. may be strengthened to this, generally the U.S., especially for immigration issues. Should you have to go somewhere if you’re an investor in that country, and I’m not going to guarantee it’s not an immigration advisor, but having invested in that country helps your status if you want to try to get into the United States. That’s just a general concept. So if you do have several of these, you’ve lowered your risk for that. And again, one of the nice things about this is the way the yield works. Ideally, the rental payments cover the debt service, they cover the insurance.

01:00:10
Thomas Carden
And so this thing comes out slightly cash flow positive, but tax flow negative. But the valuation on that house increases on annual basis by about 8% to 10%. Historically, over a longer period of time with it, that’s just almost set in stone. And if you look at areas that are growing again, like Texas or South Carolina, you’re going to have a lot of jobs moving in and the property values and those states will generally increase at an even faster rate. So you’re putting $100,000 investment in and say you buy a $500,000 house with us. That capital appreciation of that value of the house is at eight to 10% isn’t based upon your hundred thousand dollar investment. It’s based upon the $500,000 value of the house.

01:00:56
Thomas Carden
Guess what, guys. That’s a 40 to a $50,000 net capital increase in your net worth each year based upon $100,000 investment. You’re not going to find that in a whole lot of other places. That’s the strength of rental real estate.

01:01:12
Robert Chadwick
I absolutely agree, and I think that’s something that a lot of people don’t think about because especially if you’re getting leverage in a mortgage, the yield you’re getting is the yield that you’ve borrowed the money on. Exactly so you certainly, if you’ve done this wisely and you have the proper tax advice and the proper mortgage, you’re certainly going to see a significantly higher yield. And I think in general, having U.S. dollar exposure in owning U.S. real estate for that reason is quite good. It’s still a fairly liquid asset, depending on what you want to sell it as. Next question. I’m a freelance entrepreneur without regular income. Can I qualify for a mortgage? This is super common with us. It doesn’t matter to us if you’re self employed or you’re employed.

01:02:06
Robert Chadwick
If you’re qualifying off of the rental income of the property, your personal cash flow is not a concern. It’s the cash flow of the property that we want to see. So absolutely, there are no issues if you are self employed and perhaps do not show what your true serviceability is. Next question. Are there any restrictions on the types of properties eligible for investment loans? No. In general, I mean, certainly some countries do have restrictions on certain types of assets that they can buy. I believe in Texas, farmland is not an option if you hold certain passports. But for us, when it comes to providing a mortgage, we can do everything from residential all the way to commercial, and size is not an issue. So certainly our own mortgage bank, we can only do up to one and a half million.

01:03:08
Robert Chadwick
But if you have a property that’s worth 100 million, we have done these transactions and we can facilitate. Next question. Can America mortgages help connect foreign investors with local real estate agents? This is an excellent question, much like partnering with Thomas’s group and other groups similar. We also partner with realtors that we have worked with in the past or realtors that we have vetted. So if you get pre approved for a loan and you’re unsure of where to buy a property, you can talk to Thomas and discuss what has maybe the best tax advantages. And then once you figure out which state that you want, we can put you in touch with a realtor that we have worked with in the past that also understands working with foreign investors.

01:04:02
Robert Chadwick
And you may think that this is not a big deal, but it absolutely is a big deal because just coordinating time differences, et cetera, it can be a little bit of a challenge. But if we’re working with the same partners all the time, it makes things just much easier. Next question.

01:04:21
Thomas Carden
Hold one moment. Robert, you need to add in property managers as well. I know you guys work with some very good property managers because at times you can have a realtor agency who is your property manager as well but you can also hire separate property managers. And I know America Mortgages works with some very good property managers, especially when you’re overseas. It’s a very important thing. And Robert has worked with and found very good quality property managers because that’s a very important skill. And it’s part of the services that they offer. They can refer you to those guys.

01:04:53
Robert Chadwick
Thank you, Thomas. And it’s actually a free service, too. We, we offer to anybody. We want to make sure that the entire process is as smooth as possible, not just from the mortgage prospect or perspective, but all the way through while you’re owning the property. Next question. In am investor plus, do you also consider rental income from the property as the am investor option? Wow, that’s a very good question. Yes, we can. So although you certainly should be able to carry the debt based on the income that you’re providing in the letter, if it is potentially short, we can possibly look at whatever the rental income is being generated from that property as well. Next question. In the U.S.A, do we pay you a fee? In our country, we don’t.

01:05:49
Robert Chadwick
In fact, we get paid by the bank or taking, by taking the business to them. So, yeah, in the U.S., a mortgage broker is compensated by points. And if you think about the process behind this, it absolutely makes sense. Points or a percentage of the loan, which is normally 2% of the loan amount, not the property value, because we work for you as the client and not work for the bank. We don’t take any money from the banks. We charge the client the 2% one time fee. But what that ensures is we’re going to make sure that you have the best loan programs available, regardless of what bank it is. You go to one bank, they’re going to only have that program. We have over 150 different lenders. Besides the fact we’re actually a direct mortgage bank ourselves. Next question. Can you take care both U.S. and Canada cross border taxation?

01:06:59
Thomas Carden
Yes, we actually, that’s really our specialty is cross border taxation. We work everywhere from canadian clients. We have european clients, some in South America, Australia, New Zealand, a fair amount of clients. Our primary headquarters is located out of Bangkok. We tend to specialize everywhere from Saudi Arabia all the way up through Japan. But yeah, we have clients and deal with issues, U.S. tax issues all over the world where actually there’s an online magazine about expatriates that rated us one of the top ten firms globally for doing this. And one of the things that we try to specialize in very specifically is mid market clients. We’re not well do high net worth clients, but we try to help the average person out there handle their U.S. tax issues, whether that be a U.S. citizen living overseas or somebody with U.S. investments to this.

01:07:50
Thomas Carden
So yeah, we’ve got a team of 29 right now and I have to add about twelve people to that in the next twelve months. That shows our kind of growth curve in this. We’re a full service firm. And like I said, one of the advantages of this, because we’ve got a great relationship with America Mortgages. Highly, highly recommended you guys choose Robert, every time. But you know, for, because of the referrals in this situation. And if you’ve got questions, just give us a call. Mention America Mortgages. You got a free half hour consultation, no charge whatsoever.

01:08:23
Robert Chadwick
And again the link is in the chat so you can click on it and make an appointment while we’re online. Next question. I meant today’s tax talk is about LLCs or individuals. Sorry about the confusion on that. Thomas. I think you expand on that. Can this is both applying to individuals and to LLCs?

01:08:45
Thomas Carden
Yeah, both of these things work. I mean the tax code in general in the United States is friendly towards both businesses owning rental properties in the U.S. I mean, I think Blackstone and you’re hearing more and more about these different private equity groups going in and commercially buying rental real estate in the United States houses. And they’re buying these things in mass at one point, although I think that’s calmed down just a little bit recently. The reason they’re doing that is because the same type of tax benefits work towards businesses and large companies, investment companies, as well as towards individuals. I mean, when Sam Zell sold the company for $37 billion, he was using the same basic tax strategies that are available to individuals. It doesn’t discriminate. Now, there are flavors of how this works in that you’re in your tax planning.

01:09:36
Thomas Carden
Depending upon where you are in the world, you may want to own this in a company overseas. You may want to own this in a U.S. LLC. You may want to own this as an individual in times with us. And that’s where part of that half hour consultation and even potentially more when we can help you build a tax strategy that can help you with 400 rental units if you want to, or we can help you with one that if you want to buy one rental property in the United States, there’s varieties and structures on how you deal with all of that. And that’s really where we get into the specifics of your particular tax situation and more importantly, what your goals are with the rental property.

01:10:15
Robert Chadwick
Thank you, Thomas. Alastair, I see your question. Thank you very much. I look forward to your email and it’s great to see you again. Next question. No, I think it was a misunderstanding. Australia will just treat this as an investment in a foreign company, then either keep the money in the U.S. LLC or bring back the income as a dividend. So the question is U.S. LLC tax return first and then native tax return.

01:10:45
Thomas Carden
That’s, that’s exactly how it will flow every time with it. The U.S. tax return will be done first and it’s possible. And again, I have to look at the tax treaty on the Australia that sometimes rental real estate will have very specific tax rates that are available to it. But yes, the U.S. tax return would be done first and then it would flow to Australia. And that’s the basis of any type of bilateral tax surety with it. We actually do have on our specialist. One of our specialists is a former PwC expat tax specialist who worked for several years in Sydney. So I have an Australian U.S. tax expert on hand, although he has left for the day because we’re just about 06:00 p.m. Here in Bangkok. But we can help you, actually help you that. Give us a call and we can go through that specifically if you want to with it. No problem.

01:11:33
Robert Chadwick
Fantastic, Gaz, thank you for the compliment and we’re glad that you were able to join and see some value in the webinar. Next question. What do you make of Miami as a place for investment? Well, I mean, I’ll sort of touch on that. And then, Thomas, you can and expand, but I think we’re both Florida fans.

01:11:53
Thomas Carden
I’m a Florida native.

01:11:54
Robert Chadwick
Oh, there you go. But I think anything in Florida is a great investment. I think Miami is a fantastic city, a very vibrant. I think as long as you can get a good value in what you’re buying, I think it’s fantastic.

01:12:12
Thomas Carden
And I’m from Florida. Love Florida. There’s a lot of flooding at this particular moment. God bless those people in Florida right now or back there. One of the big issues right now in Florida is having a little bit of an insurance crisis just due to storms. And the way the insurance system works in the U.S., being state based. So it’s actually from a rental yields, it’s fabulous from a landlord standpoint. They’re very pro landlord in this, but the insurance cost is a little bit high. What you’re going to find anywhere you get closer to the water in the United States, that can be possible hurricane, you’re going to have some issues. Beachfront property, the prop, the prices are going up just because of base of insurance, of cost and ownership to it. Now generally, the rents will cover that.

01:12:57
Thomas Carden
But that’s one of the more complex things about Florida right now, specifically property insurance on that’s going to be a little stiffer. The more you go inland say northern South Carolina, which sounds strange, north south, but. Or Texas, Houston, there’s a little bit there. But San Antonio, Austin is booming. You’re going to have really great and your insurance rates in Texas are going to be a fraction of what they are in Florida. Not that I bad mouth my home state. I love it. I go back in a few months to visit my family there.

01:13:29
Robert Chadwick
I tend to agree. I think you should always, especially when you’re doing investments, look at the entire investment and so forth. Next question appears to be our last question, thanks everybody. It says, what do you mean you are a mortgage bank yourself? Are you a lender or a mortgage broker yourself? So we are both, we are a direct lender in the U.S. So we have our own loan programs and we are underwriting and funding the transactions. However, we also do realize that we are dealing with sometimes very complex transactions or transactions that are beyond our ability to fund. And for that case, we are also a broker. So that allows us to do everything from residential to commercial transactions. So I think that’s it. Thomas, again, thank you very much.

01:14:23
Thomas Carden
Thank you very much.

01:14:25
Robert Chadwick
I don’t know if you have any final. .

01:14:28
Thomas Carden
I just actually want to say one thing and give you guys a compliment. American mortgages, I’ve been doing the expat tax business for a lot of years and prior to you guys coming on stream and really focusing on this area, getting a mortgage when you are overseas on anything as an American citizen was just a minefield of paperwork. I would have to go to the embassy, get things certified that I signed on for the clients, provide millions of documents that seemingly made no sense whatsoever and half the time they were being turned down. With American mortgages, if you’re overseas, has done a great service to people who want to invest in the U.S. and rental property. Do not underestimate how valuable the services that these guys are doing to this.

01:15:12
Thomas Carden
And I when they called and started talking to me a couple years ago now it was immediately how valuable that they were going to be for my clients. So you know, while they help refer a lot of your clients to us, we also send a lot of clients to America Mortgages too. And truthfully, as I said, I’ve been looking at property in the rental property in the United States and I’m obviously not going to go to anybody else in America Mortgages. It’s a great service and it will really help you build your wealth over time.

01:15:41
Robert Chadwick
Thomas, thank you very much. That’s very kind of you to say. And again, it’s the same as we feel dealing with American International Tax Advisers as well. So with that, thank you everybody for joining. I really appreciate your time and Thomas’s time as well. As always, we try to do these webinars at least twice a month and if you have questions, you can go on to the chat and you can make an appointment with both Thomas or one of our loan officers. So again, thank you very much. We appreciate everybody. Appreciate your time. Thank you.

01:16:18
Thomas Carden
Thank you.

01:16:19
Robert Chadwick
Thanks, Thomas.

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Disclaimer: This transcript is AI-generated, so kindly pardon any transcription or grammatical errors that may be present.