Author Topic: Moving to USA  (Read 597 times)

The Boost Lord

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Moving to USA
« on: July 04, 2019, 12:20:42 AM »
Hello all, first post here after viewing for a long time:

My wife and I are both 31 and we just had a baby boy (almost 5 months old) and have decided to move to the US. I will be sponsoring them, so they have a bit over a year before they will arrive. Heading to Florida. Here's how things look:

I have maintained a bank account for about 10 years but there really isnt anything in it, also last us credit card was closed about 8 years ago so no credit history.
We dont have much to start with, probably about $30k cash.
Ive been managing my dad's business for about 10 years(label printing company), but apart from that no real certificates or anything. I did drop out of a few colleges: i just couldn't stick with it. I do have extensive knowledge in the electrical, mechanical and auto fields among other things.
Wife is in the legal profession but her uk degree wont mean much in the usa, but light research shows she might be able to get a job as a paralegal.
My dad said he would contribute about $40k-$80k on downpayment of a house, but id rather not rely on that until it actually happens.
My plan is to buy a used truck about $8k, half downpayment the rest to build credit and also get a basic credit card.
Reason for the truck is i have identified some real possible import/export possibilities with shipping things back 'home' for resale. Also i tend to scope out sales and randomly get good deals on items for resale.
I would like to get certified in one of those trades (thinking electrician since it would come naturally to me, and could justify the truck). This might be about a year or so of school. I may have to rent or i might be able to stay by some family for a bit.
I should be able to get a PT job to cover living expenses for myself. Im hoping that by the time immigration is processed that id be out of school and at least making some better $$ and id have a decent credit rating to get a mortgage on house (around $100k).

My dad is an entrepreneur, apart from the main business he has 4 rental properties and 2 side businesses running. Having grown used to that lifestyle i cant see myself working for someone long term. I'd love to invest immediately and start making money but i'm in a totally new place, with zero contacts, experience, or any kind of local information in a market MUCH bigger than back home. It's a bit intimidating, i dont know what my first steps should be or what i should be focusing on.

I'd be VERY appreciative of any kind of advice at this point.

reeshau

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Re: Moving to USA
« Reply #1 on: July 04, 2019, 02:58:00 AM »
I'd love to invest immediately and start making money but i'm in a totally new place, with zero contacts, experience, or any kind of local information in a market MUCH bigger than back home. It's a bit intimidating, i dont know what my first steps should be or what i should be focusing on.

So, why Florida?  Do you have somewhere else in the US that you do have a network?  I'd think it's more important to get your family over and set about your new career over getting to your final destination immediately.  And a career choice in the trades will be very portable.  Take two steps.

I would also be careful about using a car loan to build credit.  It's a good idea to do so, assuming you are leading up to a house purchase.  But car loans are actually rather expensive, at the moment.  And they never were cheap for used cars.  (i.e. not the gimmick that new car rates are)  Get your basic CC, pay it off every month, and with that, rent, and utilities your history will build.  If you have trouble getting started, go back to the bank that you have your account with.  They likely won't have a great deal, but they will value their own history with you more than other info.
« Last Edit: July 04, 2019, 07:19:27 AM by reeshau »

FLBiker

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Re: Moving to USA
« Reply #2 on: July 04, 2019, 04:31:19 AM »
I'm not an expert on real estate but I am a homeowner living in Florida.  My sense is that the market here is priced kind of high right now (which is good for me as we're planning to move to Canada).  I have some friends who work for big companies that buy reasonably priced houses and either flip them or operate them as rentals.  The sense I get is that it is hard for individuals to compete with these companies.  The house across the street from me was flipped about 2 years ago, and judging by the purchase price, the time and the number of sub contractors involved, I have a hard time believing it was really worth it.

That said, I'm sure there are other entrepreneurial opportunities.  Personally, though, this isn't the time I'd be breaking into Florida real estate.  I'm in Tampa, btw.

electriceagle

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Re: Moving to USA
« Reply #3 on: July 08, 2019, 08:13:04 PM »
My dad is an entrepreneur, apart from the main business he has 4 rental properties and 2 side businesses running. Having grown used to that lifestyle i cant see myself working for someone long term. I'd love to invest immediately and start making money but i'm in a totally new place, with zero contacts, experience, or any kind of local information in a market MUCH bigger than back home. It's a bit intimidating, i dont know what my first steps should be or what i should be focusing on.

I'd be VERY appreciative of any kind of advice at this point.

Please understand that I intend to be matter of fact, not mean. This is your Dad's lifestyle because they are his businesses and rental property. You need to build your own before "growing used" to anything.

I apologize for the directness.

I suggest that you find an ordinary job and save some cash before starting to invest. There's always room for reliable people in the trades.

frugaliknowit

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Re: Moving to USA
« Reply #4 on: July 09, 2019, 08:14:38 AM »
Florida is a huge state.  Some of it rural, some of it urban, some of it pretty warm, some of it super hot and tropical...Are you locating there to be near your father?  If so, I think that is a good idea.  Maybe he can assist you with short term housing.

Forget the used truck loan.  Bad idea for 2 reasons:  Since you likely won't have an established steady income, you should minimize your obligations.  Secondly, used car loans are largely a rip off.  If you want to establish credit, get a credit card.  If need be get a secured credit card backed by a small bank deposit. 

Forget buying property (gift or not) for the time being.  See number 1 above.  A good idea is to rent for a while to see how you like the area.

I believe the focus for your family is to get a steady income established and get the lowest possible housing and transportation costs possible until you get established.  I like the electrician idea. 

Best of luck:)

Mr Mark

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Re: Moving to USA
« Reply #5 on: July 09, 2019, 01:09:37 PM »
What's her passport country & visa status in USA?

It took me ~16 months to get my green card visa processed... If she has a UK passport, I'd first get a B1/B2 multi-entry visa. Then apply for the green card. This might allow her to go back and forth between UK and USA while the paperwork progresses. What you shouldn't do is move to the US and then apply to change status. In order to get into the USA on any tourist visa, she would have to state she is not intending to stay, but if she then does stay, the USCIS can say she lied at the border and throw her out.