Rental Property Investor 路 Utrecht, Netherlands 路 Member since 2016 路 21 posts 路 11 votes
Hello BPers!
I am about to close on my first deal . 馃檶
I am trying to open a business bank account with Chase by registering the address from my LLC, but I am not able to go through with it. I'm guessing because it's not a physical address, but instead, it is the lawyer's office address that did the paperwork for my LLC.
Are there any ways around this? I did notice that the lawyer can provide a "physical" address for us for a $300/year fee, but I would like to avoid that.
Please note I am living overseas, and could not (and would not want to) use a personal home address.
Any suggestions? Other banks I could use? I would prefer to stay with Chase since I already have a personal account with them, but I am open to suggestions.
Rental Property Investor 路 Northern Virginia 路 Member since 2019 路 793 posts 路 620 votes
5y
@Account Closed Congrats on closing in on your first deal!
You could use a virtual business addresses that you can find online for your "physical" address for out-of-state investing. It gives you an address that can accept mail. When they get mail, they scan and forward it to you. You do need to get a USPS form notarized, but can do it online without having to find a notary.
Investor 路 Indianapolis, IN 路 Member since 2020 路 234 posts 路 194 votes
5y
Great job on the deal! If it is a wholesale deal or something simple the lawyer can do it for you so you don't miss out if this process takes too long. I'm with Chase too and I have an "agent" (not a realtor but they call your representative an "agent") for my local and overseas deals and it is usually an attorney. I've used title companies, real estate brokers, my mortgage broker's office, etc. as well as my attorney's office and none of them charge me but I also do deals with them so if I wasn't I would probably pay them.
Once the relationship is going and they know that you're awesome enough to know and hang out with me they won't accept your money and they'll take of everything. = )
Rental Property Investor 路 Northern Virginia 路 Member since 2019 路 793 posts 路 620 votes
5y
@Account Closed Congrats on closing in on your first deal!
You could use a virtual business addresses that you can find online for your "physical" address for out-of-state investing. It gives you an address that can accept mail. When they get mail, they scan and forward it to you. You do need to get a USPS form notarized, but can do it online without having to find a notary.
If you want to stick with Chase, you may need to open the account in person. I鈥檝e had to open all of my overseas accounts with at least one visit in person. In 2020, one I was trying to open required me to come back to finalize the account (after having submitted all of my documents in person), but by that time travel was suspended and they wouldn鈥檛 bend the rules.
You could also keep calling Chaee until you get someone to explain, in detail, why your application is being rejected. It seems like you are guessing it鈥檚 an address issue, but make sure someone is explaining why they are rejecting and what possible remedies there may be for you to get an approval. Ask to talk to different people, if needed.
@Account Closed Congrats on closing in on your first deal!
You could use a virtual business addresses that you can find online for your "physical" address for out-of-state investing. It gives you an address that can accept mail. When they get mail, they scan and forward it to you. You do need to get a USPS form notarized, but can do it online without having to find a notary.
Good luck!
Where can you get a virtual business address? I have never heard of that before, sounds interesting
CPA 路 Colorado Springs, CO 路 Member since 2016 路 413 posts 路 258 votes
5y
Hi @Account Closed - the big banks in the US are notoriously harder to deal with when you're overseas. If the attorney's address will end up working for Chase, then it might save you lots of time and effort and will be worth the $300. Maybe if you have an LLC the attorneys can also act as your registered agent so you at least get a two for one.
@Account Closed Congrats on closing in on your first deal!
You could use a virtual business addresses that you can find online for your "physical" address for out-of-state investing. It gives you an address that can accept mail. When they get mail, they scan and forward it to you. You do need to get a USPS form notarized, but can do it online without having to find a notary.
Good luck!
Where can you get a virtual business address? I have never heard of that before, sounds interesting
Many choices, but cheapest and simplest is ipostal1. Basic program costs $9.99 a month. You'll get an e-mail with a scan of each mail piece that comes in and then you can decide whether you want to have them send you the mail daily, weekly, monthly, etc or toss it away (if it is junk mail), or you can pick it up at a local Quick Pack and Ship store, etc.
This will provide you with a street address that you can use for a business bank account.
It's usually at one of those independently owned shipping/mailbox places, where you get to use the establishment's physical address and you get a suite #. It's different than getting a P.O. box at the post office, since private company carriers such as FedEx or UPS won't deliver to a P.O. box, but will deliver to those shipping/mailbox places.
Now with everything being digital and so many people working remotely, virtual mailboxes really took off last year. I have a store like that in the city, but you can Google virtual mailboxes & find them anywhere.
Rental Property Investor 路 Northern Virginia 路 Member since 2019 路 793 posts 路 620 votes
5y
@Antonio Cucciniello You can search for them online. Just do a Google search for virtual business address and a bunch will pop up. We use iPostal since it is cheap.
Real Estate Investor 路 Tempe, AZ 路 Member since 2012 路 874 posts 路 648 votes
5y
Don't write off post offices and PO boxes just yet. My local PO gives a street address, doesn't say "PO BOX," doesn't make the +4 of the ZIP the same digits as the PO Box, accepts Fedex and UPS packages, and is in fact so indistinguishable from a street address that people have driven there to pay me and called to ask "where exactly is your office?" Read the official policies here (doesn't automatically apply to all post offices, as the PO must participate): https://www.usps.com/pobox/cus...
This makes my PO box every bit as valuable as a PMB at a fraction of the cost. Probably can't serve as a solution for the overseas OP, but for anyone physically here in the states it's worth knowing about this improvement.
Rental Property Investor 路 Utrecht, Netherlands 路 Member since 2016 路 21 posts 路 11 votes
5y
@AJ H. Thanks, AJ. My issue is not receiving the mail, but the actual setting up of the business account, and for that, I need a physical address. We have a virtual one which we've tried, but doesn't work. I will keep looking for options, but thanks again for all the info!