Welcome back to the Wisdom Lifestyle Money Show. I'm your host, Scott Dillingham. Today, I'm really excited to share with you how to get your ITIN, which stands for Individual taxpayer identification number, in two hours or less to purchase USA real estate. And this is not a trick. I'm gonna share this with you in a second.
Scott Dillingham:But first, before I do that, I kinda wanna let you know how we got here and what this is all about. So as many of our listeners know and investors that work with us or seen us online, you know we're a real estate investor focused mortgage lender who we cover Canada, USA, and Mexico. Okay. So Mexico, we haven't even, like, officially launched. It's a soft launch, but we're doing a ton of stuff there.
Scott Dillingham:So we're gonna be talking more about that soon. We've been in The States for a long time. We've spoken to, I'm gonna say, nearly a thousand investors within the past year. Like, there's a huge demand for this. And I'm also gonna say that, like, we we track.
Scott Dillingham:Okay? So when we speak to the investors, we track where they came from, who referred them, how they found us, maybe they, you know, heard our podcast, whatever. It doesn't matter. But we track all this. We speak to them, and then we track their progress.
Scott Dillingham:We see who's who's what, what's going on where. So what we've discovered is 90 to 95 of the investors that we speak to, they get stuck when it comes to setting up their entity. Now I don't actually know why they get stuck. I mean, it could be. Right?
Scott Dillingham:Maybe things seem complicated to them, and they don't move forward. Maybe they get excited. They found a property, and then they go to set up their entity, and they realize it's gonna take between four to eight weeks depending on the time of the year that you're applying for this. And that property could be gone. Right?
Scott Dillingham:You could lose it. But what I found was a lot of investors drop off at the entity setup stage. Now for full disclosure, I mean, we can close in your personal name. It's not that we can't. The challenge with the personal name is obviously there's less lenders, but what we're being told, and I encourage you, please speak to your accountant, get the tax advice, don't take what I'm saying here, take this purely as entertainment because everybody's different.
Scott Dillingham:But we're being told from professionals and clients that if it's held in the personal name, there could be double taxation, right? You could have to pay tax to the IRS, and then you could have to pay tax in Canada to the CRA. So nobody wants to be taxed twice, right? So the entity helps prevent that. Also having the entity like the LLC, Limited Liability Company, those allow you to access more lenders.
Scott Dillingham:Right? So the more lenders you have, the better the terms that are going to be because we can shop around and fight to get you those better deals. Okay, so that's a major benefit. But then again too, you have liability protection. We hear all these stories of everybody suing everybody in The States, right?
Scott Dillingham:So you want to have some type of protection. You don't want to buy in your personal name. That's a huge advantage of working with us over some of the other banks that do provide The US lending, is they do it in the personal name, which exposes you to these liabilities that I've just discussed here. Okay, so all good and great. Okay.
Scott Dillingham:So let's say you want to move forward. Right? You want to get this going. And you want to get an ITIN in two hours. So, the cool thing is, is, again, for Canadian, it's gonna take four to eight weeks depending when you set this up.
Scott Dillingham:Now what we've done, because, again, we don't wanna have ninety to ninety five percent of our clients drop off on the entity stage. So what we've done is we've solved a major hurdle and essentially we can get you your entity in two hours. Now, I mean, there's no secret, there's no magic to it. It's just something that we've innovated so that way we can provide this extra service to our clients. And what we do, I mean, I'm I'm American.
Scott Dillingham:So I set up all these companies for our investors, and I set them up early. Like, I set it up now, today. Like, I have an inventory of of companies. And then I can assign it to an investor, and within two hours, that ITIN number can be assigned to you. So you don't have to go through this long, long process, and you can buy now, right?
Scott Dillingham:You don't have to wait. The really, really cool thing about this is we don't even charge to do this. We just want our clients' mortgage business. So there's no fee for us to do this for you. However, you do have to pay the accountant or lawyer that set this up for us.
Scott Dillingham:You have to pay them their fee, which is very, very competitive. I'm not gonna go over it here. It's best that you sit down with them one on one and go over your tax goals, strategies, that type of thing. Because they can take the the LLC that I've set up and they can build it around you and make a tax advantage strategy with you, which depending on how complicated or complex this is, obviously it can increase the price over the basic price that they charge. But we've spoken to many cross border accountants and specialists, and this particular company that sets us up for us, they did my personal one when I started lending in The States, I had to set up the corporation.
Scott Dillingham:So they did all mine personally. So it's all like I can contest that these guys are really good and they've they've set mine up. So I really wanted to get this out there because so many investors are getting stuck and we can help. Even today, I had two calls today where it's like I gotta set up the entity but there's delays and whatever. It's like, guys, we have an inventory.
Scott Dillingham:Let's move forward. So already today, two clients that I've spoken to are moving forward with accessing one of the preset up entities so we can assign it to them in two hours and they can buy. So it's it's super super cool, very very innovative, nothing special or secretive about it. We're just being proactive and getting the steps done upfront, so the investor can just come in and take action. So, again, an ITIN is only available in The States, and it does take two business hours to assign it.
Scott Dillingham:So, keep that in mind, right? If you're speaking to the accountant at the end of the day, there might not be enough time, but still it's super, super quick. And it's better to have this upfront because when you're putting in offers or if we're having a preapproval done for you and we're we're issuing a preapproval letter, we wanna put that in the name of your entity. So part of the package, like, we just kind of make a name for the entity, but part of the package does include a renaming of the entity to whatever you like. And then depending on the state that you're purchasing in, it can be the entity can be transferred there, if if need be, right, for tax purposes or different purposes altogether.
Scott Dillingham:So that's kind of all, like, part of the package. So it's it's really, really cool stuff, guys. If you're interested, contact us. The details will be in the show notes below. But I just wanted to get this out there because it's quite an innovative thing.
Scott Dillingham:I don't think many people are doing this this type of strategy, but we're doing it to help really speed up the process for Canadians or any other foreign buyer for that matter. And I would even go so far as to say, like, we're we are doing this for our customers. There's no cost for our customers except what the accountant charges. But I'm even willing to to help somebody out who is not a mortgage customer of ours that wants to get an entity. Right?
Scott Dillingham:Maybe you've got enough money from Canada that you can buy this cash or you've got a line of credit. Right? And you don't need lending over there. We are willing to move forward at a at a price as well. We can, we'll make it fair, but we're willing to assign these without a mortgage at a at a small fee, or if you are a mortgage customer, there's no fee.
Scott Dillingham:So anyways, just wanna share this innovative product. Help you guys get set up right away, and with the ITIN number, as soon as you have that, then you can start building credit over there. Now, one last thing about the credit is generally speaking, these mortgages for Canadian that would buy in The States, generally speaking, they don't report to the credit bureau. So I encourage you if you wanna build a credit in in The States, you're gonna wanna access credit cards and and banking products that are available to you to help build your credit score in The States. Because once you have that once you have that score, then all your future mortgages will be priced lower because the pricing for investors is is lower based on your credit score.
Scott Dillingham:So anyways, thanks so much for tuning in. Really appreciate you and looking forward to helping you guys get set up and investing in The States in less than two hours. Take care.