Education Danny Vesokie | Affiliated Financial Partners
EducationForum Replies Created
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Agree with the above requirements on how do non-residents get business credit. Non-resident business credit acquisition is a formidable task, but it can be done if approached correctly. Here’s how non-residents can establish and build business credit in a country they do not live in:
How Non-Residents Can Establish And Build Business Credit In A Country Where They Are Not Residents
Choose the Appropriate Business Structure
Establish Legal Entity: Formulate a lawful business entity like the company (C-corp or S-corp) or limited liability company (LLC). This is important for the separation of personal and business credits.
Register Your Business: Make sure your business has been registered in the country where you want to do business. For instance, you can register your business with the Secretary of State within the U.S. states where you wish to operate.
Get the Necessary Permits and Licenses
Business License: Obtain any necessary licenses or permits for operating legally within the jurisdiction.
Employer Identification Number (EIN): In America, you must apply for an EIN from the IRS, which is needed for tax purposes and often when opening a bank account.
Open a Business Bank Account
Local Bank Account: Start by opening a current account for your firm at your home bank. If you cannot open an account with an international branch of this same bank, explore other options, such as banks with branches internationally or catering to foreign investors. This will help establish a financial presence and separate personal finances from businesses.
Get Physical Address and Phone Numbers
Physical Address: Find out how you can rent an office block while starting up your enterprise. Co-working spaces are better than traditional offices due to cost savings associated with sharing amenities such as coffee bars. Virtual offices will give you real street addresses where people know that some office is located somewhere, even though it might not be a physical space.
Phone Number:
It would help if you strived to acquire another phone number devoted solely to your enterprise. This can be added to ensure credibility and acceptance of business applications.
Apply with Business Credit Bureaus
Credit Bureaus: Enroll your company with major business credit bureaus, including Dun & Bradstreet, Experian Business, and Equifax Business.
D-U-N-S Number: Apply for a D-U-N-S Number from Dun & Bradstreet. This unique identifier traces your company’s credit history.
Forge Credit History
Trade Credit: Start by obtaining trade credit from suppliers who sell you goods on credit lines or invoices that would have been otherwise paid in cash, thus saving money while also ensuring there are records visible when checking how much buying power should be assigned within limits given contractual terms agreed upon well ahead time amongst parties involved like vendor management teams led by chief financial officers together stock controllers even heads legal departments while still maintaining accurate pricing mechanisms set during purchase orders written under compliance laws applicable particular merchandise bought each unit sold such case scenario happening between corporate buyers clients being served.
Business Credit Card:
A business card may not initially offer a high limit. Still, consistently prompt payments eventually help build one’s credit file.
Ensure Financial Prudence
Timely Payments: All bills, invoices, and loan payments must be made promptly to prevent any damage resulting from delays, which could lead to a bad credit score being scored against the organization once again! Monitor Credit Reports: Regularly check your business credit reports for errors and monitor your progress.
Tips and Considerations
Local Advisors: Think about hiring local attorneys, accountants, or other professionals knowledgeable in this area who know their way around the regulatory framework and how best to advise entrepreneurs to navigate the competitive landscapes of today’s global business environment. Networking: Joining industry associations and chambers of commerce is an opportunity to expand your network and get a better understanding of what’s going on in certain regions where they operate. Understanding Regulations: Beware of regulations governing foreign-owned ventures conducting business anywhere you work. They are different from one country to another.
Resources
U.S. Small Business Administration (SBA): Offers resources for starting and managing a business in the U.S., including information for non-residents.
SBA Website
Dun & Bradstreet: Guides securing D-U-N-S Number as well credit building process.
Following these steps with available assets can help non-natives create and improve business credit in a foreign country, thus opening the road to business development and economic security.
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I watch Kevin DeLory Facebook videos all the time. He’s a man I would love to get to know. A true leader and an inspiration.
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That Kenyan born POS Barack Hussain Obama and Michael Robinson Obama or Big Mike is controlling the Globalists and the Democrats. What makes Barack Obama a leader? Who is Michael Robinson Obama. These evil 😈 baby eating hooked on Adrenochrome Lizzards need to be arrested, tried for crime against humanity and hung.
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I have know Gustan 15 years and have been working with Gus and team Gustan Cho Associates since 2012. United Wholesale Mortgage (UWM) is a great wholesale mortgage lender but I know Gus does not use them for his borrowers because their pricing is very high. UWM pricing is substantially higher than the competitor’s pricing but their service is phenomenal. You can get a one day conditional loan approval where other wholesale lenders, it may take 72 hours or longer. United Wholesale Mortgage is one of the largest mortgage wholesale lenders in America, UWM, or United Wholesale Mortgage was created in 198 in Pontiac, Michigan. The company issues mortgage loans through independent brokers, banks, credit unions, and other financial institutions. UWM does not directly lend to borrowers but partners with mortgage brokers who take care of loan origination and management.
The Key Features of United Wholesale Mortgage are the following points:
Wholesale Lending: UWM operates exclusively in the wholesale mortgage market, working with mortgage brokers rather than directly with consumers.
Product Offering: Offers a variety of mortgage products, including traditional loans, FHA loans, VA loans, USDA loans, and non-QM (non-qualified mortgage) loans.
Technology: Known for its advanced technology and user-friendly platforms designed to streamline the loan origination process for brokers.
Service: UWM prides itself on providing exceptional customer service and support to its broker partners.
Relationship with NEXA Mortgage and Gustan Cho Associates
NEXA Mortgage and Gustan Cho Associates have partnered strategically with UWM to tap into their extensive product offerings at competitive rates. Gustan Cho Associates, aka GCA MORTGAGE GROUP, NMLS 2315275 is a dba of NEXA Mortgage in 48 states including Washington, DC, Puerto Rico, and the United States Virgin Islands.
NEXA Mortgage:
Overview: NEXA Mortgage is one of the biggest players in America’s mortgage brokerage industry, offering a wide range of residential and commercial loan products. NEXA Mortgage is the largest mortgage broker and correspondent lender in the United States.
Partnership: As a big national mortgage broker, NEXA Mortgage works together with UWM to gain access to a wide array of mortgage products and services. This enables NEXA Mortgage to offer clients competitive rates and a diverse product mix.
Value Proposition: The relationship enhances NEXA’s ability to develop tailor-made lending options for different categories of customers, including those with unique financial status quo.
Gustan Cho Associates:
Overview: Gustan Cho Associates is a division within the larger umbrella of NEXA MORTGAGE specializing in complicated loan scenarios and helping borrowers who might not qualify with traditional mortgage lenders. Gustan Cho Associates is the largest branch at NEXA Mortgage, based in 17W662 Butterfield Road, Suite 305, Oakbrook Terrace, Illinois.
Leadership: The national managing director at Gustan Cho Associates is Gustan Cho, NMLS 873293. There are NMLS licensed mortgage loan originators who report to the offices of Gustan Cho Associates as well remote NMLS licensed loan originators throughout the United States. The head of operations is National Operations Director Angie Torres and the head of Corporate Operations is Margaret Jurilla. Angie Torres is in charge of all support and operations as well as support, operations, licensed, and third-party contracted personnel for Gustan Cho Associates. Nelson Thompson is Gustan Cho’s partner in Lending Network, Inc. an affiliate partner of Gustan Cho Associates and runs the operations of commercial operations.
Specialization: These are loans that other lenders cannot make; hence, they are non-QM loans, DSCR loans, and loans to borrowers with low credit scores or other difficulties.
Relationship with UWM: For this reason, the company has entered into a relationship with UWM to offer its customers competitive rates and specialized credits.
How the Partnership Works:
Broker Access: By partnering with UWM, both NEXA Mortgage and Gustan Cho Associates access UWM’s full range of loan products.
Technology and Support: To enable them to originate and approve loans quickly, these brokers are provided by UWM with state-of-the-art technology as well as outstanding support
Competitive Advantage: In collaboration with United Wholesale Mortgage (UWM), NEXA Mortgage and Gustan Cho Associates have an opportunity to develop more flexible mortgage solutions that are countrywide competitive.
United Wholesale Mortgage (UWM) is instrumental in the mortgage industry by offering wholesale lending solutions to brokering firms like NEXA Mortgages and Gustan Cho’s Associates. This allows brokers to offer a wide range of mortgage products at competitive rates, thereby improving their ability to cater to different client needs. Through utilizing UWM’s resources, NEXA Mortgages and Gustan Cho Associates can effectively manage complex loan scenarios while delivering exceptional service to their clients.
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Renovation vs. Trade-In: Evaluating Your OptionsYour Current RV
- Model: 2001 Tiffin Zephyr
- Length: 42 feet
- Mileage: 52,000 miles (relatively low for its age)
- Condition: Consider current condition and potential for upgrades
Renovation Example
- David’s RV: 37-foot RV
- Renovation Cost: $150,000
- Work Done: Two new slide-outs, interior and exterior renovation
- Outcome: Significant transformation, likely adding value and modern features
Key Considerations for RenovationPros to Renovate Existing RV
- Customization: Tailor the RV to your specific needs and preferences.
- Preserve Value: Maintain and increase the value of a well-loved and well-maintained RV.
- Avoid Depreciation: Unlike buying a new RV, where depreciation starts immediately, a renovated RV can hold its value better.
- Modern Features: Upgrade to include modern amenities and technologies.
Cons
- Cost: Renovation can be expensive, as evidenced by David’s $150,000 investment.
- Time and Effort: Renovations require time, effort, and a reliable contractor.
- Unknown Issues: Potential for unexpected problems during renovation, leading to additional costs.
Key Considerations for Trade-InPros
- New Features: Access to the latest models with updated technology and features.
- Warranty: Newer RVs often come with manufacturer warranties, reducing maintenance costs and concerns.
- Reliability: There is less likelihood of mechanical issues with a newer model.
- Immediate Use: No waiting for renovations to be completed; you can use the RV immediately.
Cons
Depreciation: New RVs depreciate quickly, often losing a significant percentage of their value in the first few years.
Cost: Higher upfront cost for a new or newer model.
Trade-In Value: You may receive less for your current RV than its perceived value, especially considering depreciation.
Steps to Take
Evaluate Current Condition: Thoroughly assess the condition of your Tiffin Zephyr. Consider getting a professional appraisal.
Compare Costs: Get estimates for a potential renovation similar to what David did. Compare these costs to the price of a newer RV you’re considering.
Inspect David’s RV: Review the before and after pictures and visit David’s renovated RV to see the quality of work and get an idea of potential results.
Depreciation Analysis: Research the depreciation rates for new RVs and renovated older models. This will help you understand long-term value retention.
Consult Professionals: Talk to RV experts, including those at Collier RV, about the market trends and get their input on your situation. Both renovation and trading have their merits and drawbacks. Your decision will depend on your budget, preferences, and how much you value customization versus new features. By carefully evaluating your options and consulting with professionals, you can make an informed decision that best suits your needs and financial situation.
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Pros and Cons of Living in Maine
Pros of Living in Maine
Natural Beauty
Description: Maine is renowned for its breathtaking natural landscapes, including rugged coastlines, picturesque lakes, and dense forests.
Activities: Ideal for outdoor enthusiasts who enjoy hiking, camping, fishing, and exploring the wilderness.
Quality of Life
Metrics: Maine often ranks highly in quality of life, featuring low crime rates, excellent healthcare, and a strong sense of community.
Living Conditions: Generally peaceful and safe, contributing to a high standard of living.
Four Seasons
Climate: Experience all four seasons with distinct weather patterns, offering a variety of outdoor activities throughout the year.
Seasonal Activities: There are opportunities for skiing in the winter, leaf-peeping in the fall, and beach activities in the summer.
Education
Schools and Universities: Home to several excellent educational institutions, including the University of Maine system.
Family-Friendly: A good place for families seeking quality educational opportunities.
Lobster and Seafood
- Cuisine: Famous for its seafood, particularly lobster, providing a haven for seafood lovers.
- Culinary Scene: Numerous seafood restaurants and festivals celebrating local cuisine.
Low Population Density
- Living Space: Relatively low population density compared to many other states, leading to less crowded living conditions.
- Pace of Life: Typically offers a slower, more relaxed pace of life.
Cons of Living in Maine
Harsh Winters
- Weather: Winters can be long, cold, and snowy, which might be challenging for those who dislike cold weather.
- Impact: Harsh winter conditions can affect daily life, transportation, and outdoor activities.
Economic Factors
- Job Market: The diverse economy has faced challenges, including limited job opportunities in certain industries and relatively high living costs in some areas.
- Income: Some regions have lower average incomes, affecting overall economic stability.
Rural Areas
- Accessibility: Many parts of Maine are rural and may lack access to urban amenities, services, and entertainment options.
- Isolation: Rural living can isolate those accustomed to urban environments.
Tourism Impact
- Economy: Coastal communities often rely heavily on tourism, leading to seasonal fluctuations in job availability and increased living costs during tourist seasons.
- Population Swings: Tourist seasons can bring a temporary influx of visitors, affecting local infrastructure and services.
Limited Diversity
- Demographics: Maine has a predominantly white population, which may not appeal to individuals seeking a more diverse cultural environment.
- Cultural Variety: Limited diversity can impact cultural experiences and inclusivity.
Whether Maine is a good place to live depends largely on individual lifestyle preferences and priorities. The state’s natural beauty, quality of life, and strong community appeal to many, but its harsh winters, economic challenges, and rural nature might only suit some. It’s advisable to visit and spend time in Maine to get a true feel for the environment and lifestyle before deciding to move there.
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Freedom Mortgage Corporation has been fined $1.75 million by the Consumer Financial Protection Bureau (CFPB) for violations of the Real Estate Settlement Procedures Act (RESPA). These violations involved providing illegal incentives and kickbacks to real estate brokers and agents in exchange for mortgage loan referrals. The CFPB also fined Realty Connect USA Long Island $200,000 for accepting these illegal kickbacks from Freedom Mortgage. The actions against these companies underscore the regulators’ efforts to tighten enforcement against such practices in the mortgage industry.
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This reply was modified 4 months, 3 weeks ago by Danny Vesokie | Affiliated Financial Partners.
consumerfinance.gov
Lender provided incentives to Realty Connect and other brokerages in exchange for mortgage referrals
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This reply was modified 4 months, 3 weeks ago by
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I’m aware of recent news about changes to police officer eligibility in Illinois. Still, I want to clarify some important details: The law in question allows legal permanent residents (green card holders) to become police officers in Illinois, but it does not allow illegal immigrants to become police officers. This change was signed into law by Governor J.B. Pritzker in July 2023 and went into effect on January 1, 2024. The law removes the requirement that police officers be U.S. citizens. Still, it requires them to be legally authorized to work in the United States. This change applies to state and local law enforcement agencies in Illinois, not federal agencies requiring U.S. citizenship. This law aims to expand the pool of potential police recruits and increase diversity in law enforcement. Illinois is not the first state to allow non-citizens to serve as police officers. Some other states, including California, Colorado, and Nevada, already have similar policies. It’s important to note that this law specifically pertains to legal permanent residents, not illegal immigrants. The distinction is crucial for understanding the scope and intent of the policy change.
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How did Alex Carlucci of Gustan Cho Associates and GCA Mortgage Group become a national YouTube superstar.