American Expats

[probe 11]

Thanks for the responses. Things are clearing up a little. Still a couple of questions if you don't mind.

 

To get the Non-immigrant O visa what documentation do I need to give them so they know that's what I want? Do I check the non-immigrant box and just write up a request stating I want an O valid for a year and attach it to the visa application?

 

Yes, well it doesn't help the confusion if everyone calls something by a name other than it's official name. That's part of why I'm having to ask very specific questions.

 

So that's some long investigative trip then ay?

 

The fog is lifting slowly though.

 

Thanks again.

Edited August 9, 2006 by probe

[Eneukman 1]

To get a non-Immigrant O Visa, there's a form you need to complete. You should be able to download it from one of Thai Consul's web-sites. You can get either a single entry or a multiple entry, which is valid for up to 1 year from the date of issue. You need to enter Thailand within 90 days of the visa being issued.

 

With a multiple entry visa, if you re-enter Thailand a couple of days before the expiry date, you will be given permission to stay for a further 90 days. The multiple entry visa needs a reason for your visit and the Thai Visa forum - www.thaivisa.com - recommended that I put down "extended holiday" as a reason.

 

A multile entry visa also requires a letter from someone who will guaranteee to pay the cost of re-patriating you back home should you run out of money for any reason. Mine was signed by my brother but there's no check to see whether he could actually raise the money to pay for my ticket.

 

Some consuls are more user friendly than others - I seem to recall others saying that the consul in Denver is helpful, but don't quote me on that.

 

Alan

[probe 11]

Found the form. Thanks!

 

Now I just need to figure the best and easiest route for me.

 

Much appreciation to those that have helped.

[av8r 0]

  If you own land there, sell it.  Period.

This is a bummer for me. I live in California and own 2 homes which will be paid off soon. I was hoping to live on the rent, but I guess I will be forced to retain California as my home of record unless I sell my properties.

 

I still have few years to plan though.

[Owen` 2]

This is a bummer for me. I live in California and own 2 homes which will be paid off soon. I was hoping to live on the rent, but I guess I will be forced to retain California as my home of record unless I sell my properties.

 

I still have few years to plan though.

 

Steve, don't presume this is a bad thing. Your houses are worth $XX and you can collect $YY rent from them in total. YY/XX is your yield. That yield number will compare to available interest from treasury bonds, or dividends from Exxon stock or CDs from the bank.

 

Make sure when you calculate YY that you include the number of months per year the houses are empty, the interest portion of any remaining mortgage payments, insurance on the house, property taxes. All that deducts from collected rent.

 

The result is what you divide by the XX value that you could put in your pocket, after all broker's commissions and repair expenses before the sale.

 

The result of that division . . . is what you compare to CD rates etc. And keep in mind you get that CD rate (or treasury rate, or Exxon dividend rate) without lifting a finger to fix things when they break, without mowing the grass, without putting ads in the paper looking for renters when it is vacant, and without putting in new carpet when a previous renter trashes the place and disappears with no money to pay for it.

[av8r 0]

Thanks for the input Owen. Actually I like being a landlord. I seem to have a good instinct for picking tenants. On my current rental, I don't think the tenants will ever leave.

 

Of course it will be much more difficult from LOS, especially if I have to replace a tenant.

 

I was bummed about the fact that I might not be able to use Nevada residency to save state sales tax. Do you think that just because I own 2 rental properties in California, that I couldnt' claim residency in Nevada?

[Shilo 371]

Thanks for the input Owen.  Actually I like being a landlord.  I seem to have a good instinct for picking tenants.  On my current rental, I don't think the tenants will ever leave.

 

Of course it will be much more difficult from LOS, especially if I have to replace a tenant.

 

I was bummed about the fact that I might not be able to use Nevada residency to save state sales tax.  Do you think that just because I own 2 rental properties in California, that I couldnt' claim residency in Nevada?

Steve,

 

Just a thought, but have you considered talking with a good lawyer and asking about setting up an S-corp. Then the rental property might be seperate from you and your personal finances and allow you to still "live" in Nevada and get the personal tax break.

 

.

[av8r 0]

I'll look into that too. I wonder if an LLC would have the same result. I think they are cheaper and easier to setup.

[Saddic 31]

I'll look into that too. I wonder if an LLC would have the same result. I think they are cheaper and easier to setup.

Steve, please let us know if setting up a LLC has the desired tax effect...

 

I only have one house, but it is in a highly desirable location w/good schools and would hate to have to sell it off...

 

Lots of good info here folks.

 

Cheers

[Saddic 31]

Found this link on one of the boards... can't remember which one though...

 

This is of a early retirement calculator... kinda cool

 

FIRECalc - retirement calculator

 

The Standard calculator says I can retire now!

 

And there is a board associated to it at this link:

 

Early Retirement Forum

 

Lots of good stuff out there...

[Owen` 2]

Firecalc is excellent. Some very sophisticated folks have contributed to what it does. Go to the Advanced tab and you'll see what flexibility it has.

 

Reality is, for a typical stock/bond mix, firecalc is going to tell you 4% is the magic number. It is. A lot of study has gone into this. It has been challenged and examines extensively. Successful 30 yr series reduce sharply in number as you move even a little bit beyond 4%. But note carefully that if you add some future Soc Security influx at age 62, that magic number becomes 4.5%. That 0.5% is huge. It means a lot of living expenses added to your lifestyle. The same effect is true for the Soc Security case. As you try even a little bit above 4.5%, the success numbers collapse.

 

The biggest value of this tool is to tell you unequivocally what would have worked in the past, and because the sensitivity is so great and just a little bit more than 4.5% starts to fail so much, the future would likely have to vary a great deal from the past for 4.5% to cease to be true.

[soi6 0]

Retired on 600k for 20 some years....

 

Here is a website of a couple who retired at 38ish, they live on 24k/yr and travel the world. lately they've been spending 6 months a year in Thailand.. They claim that they do it on 600k and having a house and car paid for in Phoenix, AZ. They haven't worked in the last 20 or so years and don't plan to.. They live by the 4% rule and claim it works..

 

Retire on 600k

 

 

 

 

 

 

 

 

 

Cheers,

 

Shane