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46:38·3 SPEAKERS·7050 WORDS
AWith investments we need to. Let's say you bought the investments were purchased maybe 15 years ago or 10 years ago for say 1cr and now you're selling it for 4cr. So USCS is going to want to know where did you get that one CR to buy those investments in the first place. And then you keep on going back. So what funds were used to make the investment is the significant point. So if you're looking at something you inherited from your parents, then where did they get the funds? Or was the funds transferred to you, the investments transferred to you through a will or a formal gift deed? So it's all a question of buying the USCIS with as much documentation as possible.
BSo I mean half the funds are going to. Sorry Sajan, you were saying?
CNo, no, go ahead.
BYeah, I was saying half the funds are going to come from our parents in India. So it's not even our own fund. So like you said, there'll be a gift deed involved.
ANo, see in this case they're giving you the money as a gift. Need not be, does not have to be a gift deed. That's fine. Parents are giving you the money. But in this case then they need to show how they have earned that. Say, let's say you, you transfer 4cr from India. So how have your parents earned those 4sia over the years? Let's say your father has been working for the past 25 years. His monthly salary, a part of it is going to the mutual funds SIPs and it has gone again. The issue could be getting tracing those documents back to as long as possible. Ideally the first, the day on which the first investment was made. And we have bank statements proving that how that investment began, that would be the best case scenario.
BOkay, sure. I think some, I mean definitely a lot of that can be traced back. These are old investments.
AOkay. These are old investments. So I mean like we are looking at at least 20 years, 2004 onwards.
BYeah, some of them, I mean they are definitely like some, some accounts, some places that we'll be pulling from will be in mining. Some are in my mother's name, some are in my father's. It will be a combination.
ASo this is what the lawyer can tell you that. Look, you can say meha, your. The investments in your name, they are easy to document. But the in your father's case, maybe it's not so convenient. So you could, you know, find alternative options or you could pick and choose to know, assess how much funds we can be used towards that 400k that you're bringing from India.
BGot it.
COtherwise like we take like a loan or something. If like there's not not a good trace to like good trace of funds.
AThat we could provide loan from India won't be possible. The IBI doesn't allow borrowed funds to leave the country. Courtesy Mr. Malay and Mr. Modi. So if you can borrow money in the U.S. if you have a house, you can take a HELOC or even a personal loan. Not all. Some regional centers give you loans of up to 300k at around 10% per annum for two to three years. But the issue here is that the investments are normally for a term of 4 to 6 years which means that the 300k becomes repayable before your funds come back from the regional center. So at best it's a stopgap arrangement that gives you a flexibility for two to three years.
CWhat if you can just refinance that like and extend the loan term like.
AI I don't think that option is there. So regional center you know they have you will get a loan from a sister subsidiary. So whether the financing option is there, they normally don't do that at least haven't really. No hurt Director. You can refinance and pay the higher interest rate if that option is available. Yeah but the flip side with now the loan from RC option is not all RCs do that like somebody like Can Am, they won't do that. And Can AM is like the industry benchmark. 70 projects, more than 70 projects they have completed. They've borrowed $3.5 billion and we paid 2.5 billion. So this can be an issue. We have a portfolio. So I'll give an overview of what we do. So my CEO Vivek Tandon is an investment banker in the us. He's regulated by the ACC as well as the Financial Industry Regulatory Authority. So we have a legal and fiduciary duty to protect the interests of our investors. So what we do is we do the due diligence of these regional center projects and we create a portfolio of around four to five rural and four to five urban projects that we share with you. So my next step would be to set up a call with Vivek and then he will share our portfolio via email and then he'll introduce you via email to the regional centers in our portfolio. They will share their marketing materials and project details with you. Then we'll have meetings with each one of them and then we'll sit with you and analyze your risks, analyze your comfort zones to calculate or assess what kind of Projects work for you. Rural qualifies for priority processing. That's been a very significant factor propelling people towards Google join who made sense till 24. Your petition gets approved in 25. There is no backlog. Adjustment of status starts. Maybe you get your green card in one and a half, two years but now if you file now you are looking at a backlog. It's only the size of backlog that matters. So the question arises then do you really benefit from priority processing? Except for citizenship clock starting once you get your green card there's practically very little difference between EAD and the GC and urban. Rural and urban both have been on paper around since 1990 but real interest in rural has begun since the 2022 set aside. So in terms of successes as well as failures, I have more options to show you in terms of urban what works, what doesn't work. Rural people have started putting in money since 22. The project repays money saying four to six years so the first repayment is going to happen in 27. So the economics sounds good. On paper, fine. But you would like to see success as well as failures which are more in case of the urban project. So that's one point. And then the sector you want to Are you comfortable with hospitality because there's a recession, the discretionary expenditure is the first thing to be hit so or you would you prefer a project that is, you know, 60, 70 or 80% complete? You know that gives you, you know, you can assess who the business plan on paper as well as how it's operational, what kind of pre sales and long term leases or sales or whatnot.
COkay.
AOr as compared to somebody like can am, can am they announce a project, say next month they're announcing a project. Construction is likely to start by the end of the year but I can tell you that two months from today the project will be fully subscribed for 150 slots. They'll probably have 500 enquiries and people there's nothing that just a vacant piece of land, no development. Maybe the approvals may come, may not come. We don't know about these things but people are ready to trust that they've completed 70 so they are going to do a good job with the 71st. That may not work for you. You may not be comfortable on taking 800k punt on just the brand or the reputation.
CFair enough.
ASo these points we look at and it can also boil down to your comfort level. Somebody like Canon, they can take a bit of time to respond as compared to civitas or Ascent America or Golden Gate. They may be more responsive, they may give you greater comfort. So from the financial aspects, the sector, macro, micro plus your personal comfort, some people have made it very clear, look, don't bring Google to it may be the best budget but I'm not going to look beyond urban. So if you are not comfortable, no point even going there. So we look at, we do all these things and then we help you shortlist from 10 to 5, 5 to 3 and then finally the one project that works for you.
COkay, okay. So that's what we do got. And do you also your services offer like specific attorneys also or is that all?
AWe put you in touch with four or five law firms. Faggomen is one that we have worked with CSG Law in New Jersey. So Miller Mayo is there. Kld, Newell Patel. There's not a package deal in the sense that you can deal with any lawyer that you want as long as one, we ask you to consider mid sized firms because it's going to be a four, five year process and two, work with a lawyer who gives you the pain up front. I mean we have 100% track record in terms of no green card rejections and no case of money not coming back when it was due. Investors have got their money back. Of the remaining 275, maybe four investors are in a turbulent project where money should have come back. Money is likely to ought to have come back this year, but it's probably going to get pushed to another two years because of the pandemic. It's an office building and a residency has not reached the percentage required to refinance. So Vivek will talk about in greater detail but until last month I could say that we don't have anybody in a turbulent project. Now I am bound to tell you that there are four cases that you know where money instead of coming back in six years is going to take eight years. So we work with a lawyer who is jealous of that track record. So if I mean my, our assessment begins with whether EB5 is the right one for you. I mean yesterday I was talking to one gentleman. He has Canada npl so he's ambivalent. He says I can go to Canada and fine with it. So I could tell him that, look, we'll talk when you're ready for EB5. I can't sell EB5 to you. You have to be in favor of EB5 then we can take it out. If EB5 is not the right one for you, you shouldn't do it because 800k for 4 to 6 years is a big deal. And yes, we have a good track record, but can we have a failure? Yes. Can it be your money? Yes. So that's ultimately your decision?
CYeah, yeah, yeah. Okay, got it. Sounds good. Can you tell me a little bit about like what expected return could we actually generate on this capital or is that it's going to be like negligible, like 0.5%.
ASee it varies. You can see you can find projects in the market offering 4,5% returns. But in our experience, over 375 clients, if you focus on the green card and if you focus on return of the capital, that's the best case setup. I'll tell you why you make an equity investment in the regional center. The regional center sets up a limited liability partnership. You become a limited partner, the regional center is a general partner. So you make an equity activist investment. You tick that box. Now this money goes as a loan to the regional center credit. The loan is normally for four to six years. It's an institutional loan secured against the assets of the credit. So we want the promoter to develop it to put in at least 40% capital. So if it's a 500 million dollar project, at least 200 has to come as equity. 300 could be, we could be in first or second position. Both options have their own pros and cons. First position, obviously something goes wrong, we get the money back first. But second position, if there is somebody like JP Morgan or Chase involved, there's institutional level due diligence that gives us comfort. I mean we do our due diligence, but you can never have too much due diligence. So that's a trade off that you have to take. Now this loan, the developer, instead of going to a bank and paying 12, 13%, comes to a regional center and say pays 6 or 7% and the regional center gives you half to 1% and retains the rest. Now you're getting 5%. It means the regional center is charging 11% from the developer, which means the developer, in our experience, this means he has gone to those banks and he has not qualified for the 13% loans. His record is so bad that he has to offer 11% to the regional center to get the money. So that's a huge red flag. So since returns are risk adjusted, the moment you look at high returns and see it's not like Tesla or crypto where you're looking at fantastic returns over a 3, 5 year period, even the best case scenario, unless you Go equity, which is a different ballgame altogether. You're looking at maybe maximum of 4 or 5%. So it's not worth the risk. After five years, you get the money back. You then go to town, be as aggressive as you want. You are not dealing with regional centers who work like banks but are not regulated like banks. And there's no job creation angle involved. None of these artificial restrictions. That's our investment philosophy. That's what we tell our clients. And the flip side of working with us is that returns are not going to exceed 0.75. Best case would be 1%.
COkay. Yeah, no, that makes sense. Okay.
AOne, I think I can give an overview of what the cost would be like. So about the 800k cost is around 65 to $70,000. Filing fee for the EB5 is around $12,600. Both of you would be probably filing for adjustment of status concurrently. So I think that's another 7,000. So roughly you can work with a $20,000 filing fee. Immigration lawyers, they charge on 20 to $25,000. And regional centers, they quote a fund admin fee of 60 to 80,000. Our clients, it's around 20 to 25. Can it come down lower? Yes, you will come across regional centers. Talking of a complete waiver on day one, if it's a good project, good track record, the project makes sense, gives you a good shot at getting the money back in four to six years. Even in the worst case scen and you get a 10k or 15k or even a 20k discount. Great. But taking a 800k decision on a 20k discount means that they are not trying to distract you and then move your focus away from what really matters. So for budgeting, I would say you work with a 25/25 +20 figure with each point being optimized to the maximum extent possible.
CGot it. And would you be able to share like DRCs that you work with or will that be another call?
AI can't talk specifics. I know. See, we prefer regional centers that have a tracker called a repayment of capital. So at the top of my head I Can toss a EB5 United, EB5 Capital, Golden Gate, Ascent, America, Civitas, Can Am. I think there's one Home Fed, then there's one Rural centric, that's Pine State. But these regional centers, the questions keep on changing. I mean, I think there is one can am going on, but they tend to get filled very fast. And again, it also matters a can. I'm a hospitality project. And a can, I'm a broadband project need not be the same thing. Can AM brand is there. But how is a broadband project going to give you money back without government support? And if Trump and Musk are no longer best buddies now, but now, yeah, if we are competing against must, then how does the economics work out? So these kind of points. So that's what the project. Once you are comfortable with the regional center, you're comfortable with the compliance tracker code and stuff like that, then the project is what basically determines whether you get the money back.
CGot it? Got it. Okay, thanks a lot. And you mentioned also like in your message that you don't charge anything for your services. So how does that work in the.
AU.S. in the U.S. it's customary for the investment banker to be paid by the issue of securities. So we get paid by the regional center that you select and we get bulk of our remuneration over the term of the investment. So ACC does not want us to charge a very high upfront fee. So I get my money, then I don't have an incentive to bother whether you get the money back or not. So if you lose your money and you don't get your money back in two or three years, we don't get paid at all. And when you get your, when you get the money back in around four to six years, say five years from today. So that's when we make bulk of our revenue. So that's how the ACC ensures that our interests are aligned with yours. Of course, that being said, there is a red BI that applies to us, which I'll share that link to you. So that's a no. That's a proper part of the regulations where we have to focus on your best interest. And that's why the process begins with asking whether EB5 is the right one for you. Okay.
CYeah.
AWe undergo assist audits every quarter or maybe six months where we have to answer questions like why was project X recommended to surgeon and not project Y? So it can't be a function of just who pays us more. Of course, what we get paid is ultimately it will be shared with you. You have to sign off on it.
COkay.
ASo only after you approve it that the deal actually goes ahead.
CSo like that money is coming from like the whatever 11% RCS make minus 0.5 or 1%.
A11%. So the 6 or 7, let's say they're charging 6 or 7 from the developer. So a percentage from that that comes to us, there'll be a disclosure that what the money that you pay or the return that you get, there's not. There's no component that comes to us that is independent.
COkay, I see. And so just out of.
BI understand if you can't share this information, but is there some incentive for you to prefer one regional center over another based on the money you get? Okay, no.
ANo. Because now, one, the remuneration is shared up front, and two, we our answer to the sec. And it's not just you. I mean, with you I can tell you no. These guys are paying us X and the others also paying the same thing. And maybe I'm lying to you because. But with sec, everything is on the table. So if there is a consistent pattern that we are selecting projects that pay us the highest, that becomes a red flag. 1 and 2. Or the record speaks for itself. For 10 years, Vivek hasn't had a single failure, then maybe we are choosing those who pay us more. And we are also making sure the investors get the money back. We never experienced that doesn't happen because more remuneration comes only when somebody wants us to know. Ignore something. That's what happened.
BRight.
CAnd like, what is the difference between, let's say, you, some of the firms that you mentioned, like Civitas, for example, that we've already spoken to them independently versus being introduced by you. Is that how they like, how will they differentiate how it's being done? How will they know when to include you in the agreement?
AYeah, so we'll introduce you to them. Let's say that you are 80% or 90% finalized transit. And then we introduce you to them. They'll tell us that, look, this investor is already in talk with us. So then it's your call. You will have to tell them that do you want to become our in the securities client or not? So if you become our securities client, then we have a legal and fiduciary duty, which means that if there is anything that goes wrong, we'll be there by your side, suing everybody from the regional center to the immigration lawyer to everybody. We bring the ACC and Pinoy into the equation, which otherwise won't happen. Two regional centers. Unless you're working with Can Am, who has that broker dealer license. Regional centers don't have a legal duty to protect your interest. So if you make. It's a buyer by concept, basically. So ultimately it boils down to your call. You could be at the verge of signing and then you can tell us that, no, I want to go through Vivek and I want to. Nothing really changes. Only Thing is that, you know, we'll enter the equation. As your securities attorney, I want to say security is advocate.
CGot.
AIt's ultimately what you say. I mean you say, yes, I want to proceed to give it. That's all that, that, that, that settles the issue.
CI see. Okay, got it. I think we have a lot of information and yeah, like it'd be nice to proceed further and at least like have the next conversation where we can like discuss rcs and projects.
AI was just curious, you, you mentioned on Reddit that you, I mean you said disclosure. You don't plan on, you know, working to somebody. I was just curious, what was your thought process there initially?
CIt was just that like if it, if it. Only if it first of all involves a payment and it's all about doing diligence, maybe I can trade that off and like do the diligence myself and not have to pay some, some amount of money. It's already a lot of money that we're paying, so that was one part of it. So knowing that it's like a free, essentially not part of anything that comes out of our pocket, it could be like, then it kind of makes sense to like use free advice essentially. Use, use.
AThe one more point I'll tell you, I heard Vivek say this is that it's not just about what the documents that they share because tell you that nothing in the documents are going to protect your interest. It's all going designed to protect the regional centers and nothing can be changed. Everybody has to sign on the dotted line. There can't be any changes to the terms and conditions. But how has the document changed for the past 40 projects? Maybe they have used a specific language and now for the first project they've changed it. Now this is something that Vivek knows because he's been there for 10 years. And there's also this perception matter. I mean I can give you an example of one regional center that had a case where a wildfire clearance did not come through. It was contested in the court and that matter was eventually resolved. But we stopped placing investors in that project because there was a risk that the approval would not come through and the project may not go ahead. So the conservative and our regional centers bound to tell you this? Not really. So from this perspective, having somebody by your side who, you know, who is focusing only on you, that can help. And of course you, you can still, you know, you, maybe you're not okay with the projects that we share. You can come up with your projects. You can ask Vivek of a high level overview. I mean, there was one example where the borrower and the lender were the same entity. And Vivek pointed out that that's a conflict of interest. And you know, the lead was the investor was very relieved to hear that there was another gentleman who was investing in a regional center that had been hit by the biggest fine in the EB5 industry. And he did not know that they never told him that the Saddle act had happened. Maybe it's not a big deal, maybe you know, that wasn't one of whatever reason, but you should know. So if there is some, some no approval that has not come to a request for evidence that has not happened, we'll make sure that you know that. And you, you'll have to then tell her that, yeah, I'm fine with it. The RFP is there. Maybe the doesn't come that I'm taking, which is fine, it's your money, but at least making sure you have all the information, that's the key factor.
CGot it? Understood. Yeah.
AOne point. Sorry, I, I forgot. If you're bringing money from India, you'll have to consider 20 ecs in your cost. Do either of you have a regular savings account in India? Resident savings account, not an NRO account?
CI might have one, yeah. I haven't like switched it to nro. Yeah.
AOkay, so that can be useful. So what you do is the India funds, you do the source of funds analysis. Then you make a rupee transfer from your parents to your resident savings account and convert it into NR. So one, that helps you avoid this 20 TCs, because that doesn't apply to non residents.
COh, okay.
AAnd two, you can withdraw a million dollars a year as compared to 250k for residents, the LRS requirement.
BOh, interesting.
ASo in terms of timelines as well as. Yeah, so you can save on that. And that's Normally stuck around 12 to 15 months, depending on, you know, when you file the tax return. So it's a gray way in the sense. There's nothing in the law that says you can do this and nothing in the law that says you can't do this. So as long as it's working, people are doing it.
COkay.
BRight.
CAlso, essentially, NRO accounts don't have to pay the TCs on foreign remittances.
BAnd the limits higher.
CAnd the limits higher.
BNo, no.
ASo if you, if you, if your father, if you have a NIO account and your father is transferring or making a rupee deposit into it, it will be treated as a limit.
CBut yeah, till. Till it's not.
AYeah, yeah, we do. We do a domestic transfer. So the ones the funds are there convert then there's no TCS angle there. That's something that can be used.
CInteresting.
AOkay, so you. You say you aren't in touch with immigration lawyers yet?
CWe aren't.
BNot yet.
CWe're speaking to someone today, but that's it.
AOkay.
CI don't know if you're familiar. Patel Law Group. It's Rakesh Patel.
BNo, no, no. I think Vikram, you're talking about KLD and Patel.
AYeah.
BYeah. Him we're speaking to at some point. I mean they're all. We've also been like. He's also been recommended to us so we have reached out to him. But today we are speaking to a Patel Law Group.
AHe's been here for long and. Yeah, right.
BYeah. I mean.
AFrom what I understand you motivation. So I believe.
BNo, sorry. I was just saying that we've also gotten these recommendations from the Internet. So we are very happy to hear more about the lawyers that you are used to working with. KLD I think is the one name that you mentioned that we were familiar with.
AYeah. Fragment. You might have dealt with them on the H1U part. Companies have done that. Yeah.
BSo neither of our companies work with Frog Women, but we've heard of Frog.
AYeah. So. So it's good to shop on. See right now there is a slight deadline angle in the sense that backlog is coming. So filing at the earliest can be beneficial. But since until the, the figures change, I mean the visa version says that there is a backlog. Effective your debt and there's going to be a huge rush. You can, you know, at least spend 15 days talking to multiple people choosing the lawyer and the visual center that you're comfortable.
CVikram, do you mind like shutting off the video? Because I feel like the.
AYeah, I was about to do that. So. Yeah, I hope this is like a.
BYeah, I think your Internet's a bit laggy.
CDo you mind like repeating what you just said?
AYeah, yeah. So the bulletin for August that will. That gets released around July 11 to 13, that shows up a backlog. Then you have till August 30to file concurrently. And if that happens, then there's going to be a huge rush. Everybody is going to file.
CYeah.
APeople who are. Who are looking at a three or six month timeline, everything is going to change.
COkay. Yeah.
AFrom that perspective. Yes. There's a bit of a deadline.
CYeah.
AVery surprising if that happens. You have, I guess you have time till December or maybe even March. Yeah, no, I mean, yeah, if you.
CDo want to pursue it, like I want to like personally want to go do it very fast, like in the next month, month or month and a half.
ABecause you can also look at partial filing option. Say you can use the fund that you have here to make a investment of say 250k and get your query today. And most regional centers, they give you around four to six months to fund the rest.
COkay.
AYeah, that be nice not wait that long. Yeah, but that's an option you can look at. Maybe can I won't do it. Or you know, somebody like that, they may not be very keen. But again, having somebody like Vivek negotiate on your behalf can be beneficial.
COkay.
AIf it comes to that. But at least that can make sure you don't need to. If the India itself is slightly complicated, that can give you flexibility to move fast if the need arises.
CYeah, that sounds good because we have like half of the funds in the U.S. so like if the RC can negotiate, like taking half right now and three, four months later, like that will definitely be helpful, which will help us move fast. I think the current bottleneck on our side is essentially like choosing the RCA and choosing a lawyer project. And lawyer. Yeah.
ARight. So tell me, this 300k loan option, in terms of the interest cost, is that a big negative or is that something you might be ready to look at primarily from SOF perspective?
CIt's unlikely that we'll need it. I think we'll be able to source our fund, even if we do need it, will be for a small amount, perhaps like 100k at the max.
AAnd not from a funding perspective, but from a SOF in terms of, you.
CKnow, that is what I'm talking about. Even then it's only 100k at the max. I, I think it, we might even not need that. And if it does come down to that, I think we will be fine. Like taking 100k loan.
BYeah. And Vikram, can I also ask you one thing? So I know that for the 800k that we invest, obviously that money has to have like a full trace of source of funds etc, but in terms of the fees that we pay to the lawyer as well as the regional centers, do you think there's more like if that money is maybe the, like that proportion of the money is maybe the money that's coming from India, that's not as well documented.
ADo you think that lawyers as a good practice, they like to cover the entire 860 because if they use it not, you know, most cases doesn't happen. But if the USCIS were to ask where did the 65 come from? That can result in a request for evidence. So as a precautionary move, lawyers like to do it for the entire 870.
BI see.
A860, 870. Also since you are in the US you will have to be an accredited investor to make an EB5 investment, which means you must have a combined annual income of $300,000 or more or a combined net worth of a million dollars or more.
BWe have the combined annual income of 300 or more.
CYeah.
BOkay.
CRight.
ASo the, the net worth requirement includes the 800k investment, which means you must have assets worth of 200, 250k anywhere in the world and it doesn't have to be in cash and no source of funds is required. So just so that you know, fulfilling one of these two conditions, they look whether you have 300k for the past two years and whether there's a reasonable chance that this is going to continue in the future. So that's what the income requirement. So even if you have 250k extra above the 800k, they may be even a bank deposit joint account with your parents, fixed deposit kind of a thing in India even that works. So just so you know, one of these two conditions have to be understood.
CAnd do we have to do a formal like some kind of registration somewhere saying that we have 300k income? No.
ASo this is something that Vivek could do. So Vivek is a part of a boutique investment bank called Sequence Financial. So these as Sequence Financial we issue a certificate that will be submitted to the regional center that you are an accurate investor. And they will, you know that they will require you to submit the documents and your W2 and your even a credit score credit report is done to assess your liabilities and then the certification will be done by SQL Finance as they on their professional responsibility.
CAnd like how would we have done it otherwise? Like if we were not part of like otherwise.
AThen you would submit this to the regional center and they would say that yes, we are satisfied that no surgeon is accredited in this.
CGot it? Got it. Okay.
ASo there was one instance where one gentleman said that the video center recommended that you know, you do the investment in the name of somebody outside the US So that this rule doesn't apply because I didn't understand how that works. How can you just introduce a random person? But at least then you know this kind of a question can give you an idea of know how honest and how Compliance conscious, the visual centers. If I'll be suggesting something that does not, you know, is not kosher, that kind of a question can help, you know, assess their bona fides.
CMakes sense. Okay, thank you.
AYeah. All right, so. So just give me a bit of a background, both of you. And H1B, do you mind telling me where you're working?
CYeah, I work at a startup. It's a B2B software company called Rippling.
AOkay.
CAnd MIHA works.
BYeah, yeah, sorry, I work at Dell.
COkay.
BYou.
AOkay.
CI work as a soft senior software engineer and MIHA is a data scientist.
AOkay. So Vivek likes to have a background. I presume you are keen on having a call with me, right?
BYeah.
AI mean, that's something you will do.
CSure, yeah.
BYeah.
AAnd you're based in New York, is it?
CYes.
AOkay, so. So how are you placed? As far as I fall with Vivek is concerned this week, how is your schedule for say the next two, three days or maybe the second half Wednesday.
COr Friday after 11:00am.
AWednesday or Friday after 11am EST.
CYeah, Eastern Time.
ASo after 11 means I can ask for 11 or should I ask for 11:30?
C11 is fine.
AOkay. Okay, sure. So. And one more thing. I. I don't know whether I have your contact number, so call it on WhatsApp is easy. If you're okay with that, just put you share that so that I can set up a small group and add vivid to it after the call is done.
BYeah, in the chat right now.
AGreat. And please share email also. I'll share the. I think I have your email.
BYeah.
AOkay.
CYeah, I'll just share everything.
BYeah.
ASo I. We have covered the cost timelines, the accredited investor requirement, what we do. Yeah, that's pretty much all.
BYeah.
AI. I suppose, Neha, you get asked a lot of times whether your name is Neha. Does that happen?
BYeah, yeah, that happens.
AI. I had to ask surgeon's name because I thought maybe S stands for an initial. That S. I just. Maybe I'll clarify.
BBoth of us have unusual names and it's confusing for people.
AWhat does may mean, if I may.
BAsk, mean anything, as far as I know. I think my mom. It was the name of a king in a kingdom near Jodhpur. And I think my mom saw the name and, and really liked it.
AOh yeah, yeah. She can do that, right? I mean, she has the authority to do the engine she wants, right?
BYeah, yeah. Also, my brother's name was Mihir, so she liked how Mihir and Meha sounded together.
AYour brother Got a bit lucky. He got a conventional name.
BYeah.
AAll right, so. So I'll just create a group on WhatsApp. Ping you there. So if you have any questions, you can just drop me and I'll coordinate with Vivek and confirm the day.
CYeah. And like ideally on the next meeting we would like to like see like a list of projects or like.
ASo that's something that Vivek shared by email so he can talk about it. But I think he prefers sending it by email. I've seen him do that.
COkay. Is it possible to like get that email before we talk with Vivek?
ANo, there is a regulatory angle involved.
CI see.
ASo that's there. Yeah. I mean, anyways, I don't do that. And since I'm based in India, so the whole SEC angle has very strict instructions. Even if it asked me, I'd have told you that, you know, generally I can talk of regional centers. So he discourages me from talking about specific projects.
COkay.
ABut I can set up a call at the earliest to say if you. If that. If that. You think that will help you with your RC discussions? I can do that. I'll ask for Wednesday. Preferably Wednesday. If not, then I'll ask for Friday.
COkay, Sounds good.
BYeah. I mean, like you said, there is a bit of a time angle here, so earlier.
AYeah, yeah, yeah, yeah, sure.
CYeah. And could you Also like on WhatsApp or on email, like point me to like the relevant, like sec Fin, like, where does your advisory belong legally and like, what are the protections that are.
AYeah, yeah, I think I have that on WhatsApp has shared with a couple of clients, so I'll just forward that to you. Right. Probably be my first message in the group.
CPerfect. Thank you so much.
BThank you so much, Vik. Thank you for.
CThank you for taking the time.
AThank you.
CBye.
BBye. Bye.
CWhat does this mean?
BToo cute.
CWhat does this mean? Word. Why 12 inch penis.
BJust. I love how he's also talking about Vivek as if like Vivek has one halo around him.
COh, Vivek, not Vikram. Take that risk.
BLike I'm buying a vacation time rental urgency introduced and it always feels like urgency legitimate. And with Pehle, I used to fall pray to it. Now I'm questioning life. I mean, in this case, again, I'm buying, but.
CI'm not giving more than 450 out of my.
ASo.
CSo it is 450.
BOkay. So that leaves 200 that D& I have put together that we already have here.
CThat covers. I think that Gets us mostly like.
BYeah. The remaining we to start getting from India. And now we have to whitewash the whole 860.
CAnd we can like even make payment via whatever cash that you're getting. That's one thing you could probably do. Yeah, but math. But I think we have to 650 right now. We should start. But. Before filing we'll have to probably show the source of 800k already, right?
BYeah. I mean that I guess will just be our W2s and salary statements.
CBefore we pay the RC.
BYeah.
CDocuments India at least, right? 650900 minus 6 50.
B250K.
C250K be justified by source. 250k is how much.
BAt the end of the day, as an investor, I want to talk to a lawyer and get from him exact documents, gift deeds.
CIt's 2 250k 2.1 easily. Let's start arranging that. You could ask your brother for his source of funds like his pieces W2s. I will do that. You do that. Ask your mom to start doing that.
BI have 1.47 cr clean and clear check. So roughly this much here.
C140 plus 82 40. We want trace of funds basically on all of this. That's what we want. And ideally consolidated in your. In an account of your.
BLet's be Friday 11am est.
CHow did this land in your account? Why did it land in your account in the first place?
BYeah, like.
CIs it not like investment sale? Okay.
33:17·4 SPEAKERS·5317 WORDS
ANow.
BPurpose of today's call is twofold. Number one, just introduction of myself. I've been practicing law for, for 20 years and doing EB5 primarily for 10 years. It is my specialty area. It's what I work in day and day out. And so the purpose of today's call is a couple of reasons. Number one, we want to be able to answer any EB5 general timeline or just process questions that you have so we can clarify any concerns or doubts that you may have in EB5. And then the second half of the call will go over your source of funds so we can go over the amount of money you're going to invest, what immigration requires when you invest money, what kind of documents, and Jacqueline will go over that with you on this call. Okay, so tell us a little bit about yourself and then any questions that you have, I'm happy to answer.
CSure. I'll go over a brief summary of my circumstances right now.
BSure.
CAnd yeah, sure, I'll do that. First I and my girlfriend Meha, she's, she's trying to join the call still, but I'll still go ahead. We are both based in New York currently and work tech jobs in on an H1B visa. Both of us and essentially yeah, like we've saved up a decent amount of money and like just would like to like invest that and secure like our future in the US and also like give us the flexibility of moving jobs. Which is, which I feel like is pretty important to us right now because of being on the H1B. We, we both have our green card processes started under the EV2 category. But that's a long run process. And like the weight and the for the green card is like more than 20 years right now. It's backlogged for Indians. And till like the green card process actually till we get our i140 approved and plus six months on top of that, we cannot switch jobs because then the whole process needs to start over again, which I feel like is a huge opportunity cost. That's another reason for why we do want to pursue this one. And even like, even in the, even longer term. I think Miha's parents also want to like immigrate to the US and probably applies dependents on her green card once she gets it.
BI understand. So, and that's very common right now for a lot of our UB5 applicants. Very similar situation that you're in. And so that's very common. So with that said, what kind of, what kind of questions do you have specifically about the EB5 process.
COkay. I actually have a list of like 20, 25 questions. If you, if you don't mind, I can just quickly go over them and you can give me like brief answers and.
BYeah, I mean we'll be able to, we'll be able to go through it. Have no problem going through it. I don't know if we'll get through 25 questions. If you want to go through some of the more important ones, let's start with that because we, we do have a cutoff around 4:00 cl.
COkay. Yeah. I guess the most important one would be like, what is your experience with Indian i5? 260 is like what is your approval rate? How many clients have you dealt with?
BAnd we've dealt with hundreds of EB5 clients. Almost majority of it Indian residents are in the US we've never had any EB5 denied because of source of funds issues. There have been a few denied, but that's been project related. Issues had nothing to do with us. Like I said, this has been my specialty for 10 years. I've been like, I've been voted top 25 EB5 in the country last several years. It's just a long history of EB5.
COkay, and when you mentioned the ones due to projects like what, what exactly happened in those cases?
BWell, they were project related. They were small, like direct projects. It was during COVID Either they didn't start on time or they didn't create the jobs. But they weren't like larger regional starting projects like cmb.
COkay, got it, got it. And you mentioned like you've dealt with like hundreds of clients by now.
BOh yes, yes.
CNext question would be like, do you handle like everything? Like we probably want to have concurrently filing the I485 EAD advanced parole.
BWe handle everything from A to Z until now. Until you get your permanent green card, source of funds, all your filing.
CSo that, that also means like the subsequent i829 that we will apply for.
BThat's correct. That's correct.
CAnd so if we do like go end up like going with you. Okay, that's good to know. Like, does it also handle like natural naturalization later? But yeah, later on when you qualify.
BThat won't be in part of this process, but that'll be a later on process. When you've had, when you've had your residency for four years, nine months, we can apply for citizenship.
COkay, and what does your experience with like i829 look like? Like how many approvals of that have you seen any denials? And for what reasons?
BI mean, we haven't had any denials for 829. I mean, I don't know what you mean by experience. It's. It's all directly related to the amount of 526 as you file. So, you know, we're still working on some. These. All the new ones aren't even from 2022 since the law changed. There really isn't any 829s yet because it hasn't. The time hasn't come yet. So I'm not sure what particularly you're looking for.
CYeah, I'm just asking about, like, have you seen any denials? And if. Clearly it looks like you haven't, so.
BYeah, that's good.
CMe and Miha are currently, like, we've been in a relationship for five years, so. And we live together. If we wanted to file, like, if I wanted. She wants to be independent on the 526 application. Does that mean we need to get married or can. Is there.
BYes.
COkay.
BYou have to be married. Yes. You have to be legally married in the US with marriage certificate in order for her to. To be added to the file.
COkay. Anything we should know before we get married? Any. Anything off the top of your head?
BI mean, not at this point. I mean, it's just the joint files. It doesn't matter who. Whenever you get married, we can use both of your funds. Okay. Because it's married funds. If it's not, you know, we can't. But once you get married, it doesn't matter where the money comes from.
CGot it. All right. Okay. Just out of curiosity, do you also do like, prenups by any chance? And could that be like a part of the process or should we keep that completely separate?
BWell, prenup is through a family law attorney that immigration law attorneys do not do prenups. You would have to find a family law attorney to do that.
CGot it. Okay. And you would suggest we just keep those two things independent? I mean, they. Are there law firms that deal in both.
BFamily law and immigration, like prenups?
CYep.
BI mean, I don't know of any, but I'm sure there are. I mean, I'm sure there's big law firms that do both. I mean, greenups have nothing to do with immigration. Yeah, they're not related.
CYeah. Okay, I understand. Do you specifically recommend when. When you sign we sign up with you? Like, do you. Would you recommend like, specific RC projects to look at or. And are there RC projects you've worked with in the past. Like, what are the big like, projects you've constantly come up with?
BWe work with almost every regional center in the country. We know them all. I've known CMD for a long time. If you look it up, we probably know the regional center. It's a small industry, so we all know each other.
COkay.
BI don't recommend for financial purposes, but I can introduce you to other projects once we go through your funds to see if that's something that would be of interest to you.
COkay, sounds good. And let's say we do decide on a project independently from your recommendations or your connections. Would you like, would we get you the project documents and would you help us? Okay, it. How does that work?
BYeah, I mean, we would. I mean some of these projects we already have the project documents. Most of them, Some of them we don't. We would go through the project documents with you and it would be between, you know, we would just go through and explain what they say. But we're not going through it for financial purposes.
CI see. I mean, you wouldn't be able to comment on like, what the likelihood of successful project is, but would you be able to?
BI mean, I can't comment on that. That's a financial. There's no way for me to be able to know it's going to be successful or not.
CBut then would you be able to advise on like, whether this follows the standard boilerplate for what?
BFor EB5? Yes.
COkay. And like, if it doesn't, like, meet your requirements for what a good offering should look like, you would tell us and we would like, come up in our project.
BI want a good offering is just as long as there's good and bad offerings and it'll still be within the guidelines of EB5. I can't tell you. I can just tell you whether or not it would qualify for EB5.
COkay.
BYou have to make your own decision on whether or not it's a good deal or bad deal for you. EB wise. I can tell you whether or not it would qualify.
CI see.
DSo then in terms of. So our research and this has been very preliminary, but we were reading about certain projects having a faster approval time than others because the, the quotas for rural projects are different from the quotas for urban projects. Is that the kind of thing that you would know more about?
BYeah, we would. Yeah. We would be able to tell you whether or not like, like, rural is about six to eight months faster right now than high unemployment. Rural is going to have. Rural is Going to have more visas allocated and less applications. So if there is retrogression rules will probably be shorter, things like that. And then once you give us the projects, we can tell you about them. I know CMB sent you over some. CMB is a very well respected, well known regional center. EB5 for many, many, many years and has done a good job in the marketplace. That doesn't mean that the project's gonna be completed. They've just done a good job in the marketplace.
DOkay, and then are you also aware on a side note of like any upcoming backlogs with regards to Indian EB5 applications, or do you think that's not a concern so far?
BWell, there could be a backlog. I mean, we're all aware of the same thing. They don't release the data to us, but all of that. There's a possibility that could be a backlog in the near future. We just don't know what that's going to look like yet.
AAll right.
COkay. A few more questions. What is your typical fee structure look like?
BWe will email you the fees after we're done with this call.
COkay. Does the fee cover any RFEs that we might like, encounter?
BWe don't include the RFPs in our fees because with immigration and nowadays we don't know what an RFP is going to look like. It could be small, it could be 20 pages. There's no way for me to predict it. So when we get an RFE, it's typically between $520 $500. But it just depends on the RFP.
CWhat is the logistics of like sending the fee to you look like? Like how do we pay it out to you? Is it just a wire transfer?
BWire is usually what most clients use. Yeah. Okay.
CAnd okay, do you offer any guarantees on like if an i526 or i829 is denied, do you refund part of the fees or is that usually not offered?
BWe don't refund our fees. We're doing the work. So we can't go back and refund fees on work that was already done.
COkay, makes sense. What we can, I think talk about like what the primary part, which is like the whole application. What is a typical timeline look like in terms of like just the amount of time required? If, say we were to start like today, we've, we finalized the project 45 to 60 days.
BIt depends on your source of funds.
COkay, the funds.
BThe better the funds are, the easier the source. Not easier, but more straightforward they are. It'll be a Little bit less. But sometimes some clients, I mean, their funds are coming from 20 different places, so it takes longer to source the funds.
DOkay, I think we can get into a little bit of detail about the funds.
CI think we.
BThat's, I think the second half of the question call. Jacqueline's going to take over here in a second.
DYeah, sounds good.
AYeah.
COh, yeah. You weren't here when he mentioned that. And who will, like, when we're working with you, will you be the primary point of contact and. Or like, who, who will be talking to, like, most of the content?
BMost of it's going to be with Jacqueline and her team. As far as the source of funds, then we have a different team that's taking care of all your forms and I'm copied on all emails that have involved and we meet regularly about all cases. And then obviously, if there's any direct questions or your concern or anything, I'm always available.
CI see.
DOkay, Rakesh, one last question then in the general question section. So what is your experience or what is your, I don't know, best guess at what happens if there's a policy change around EB5s? Do you predict a policy change or. I mean, I know it's hard to.
BIf, if you apply under the current laws, there will be nothing that affects you guys. Because EB5 is a congressional policy. It's good through 2027. Anybody that complies before that is going to be grandfathered in in today's laws, and that's not going to change.
DOkay, understood. So even if there is, it will be for future applications. It won't affect us.
BNo, it would have to be after 2027. Applications, after, when the laws change. I mean, we're far away from that. So you guys are way. Would be way before that.
DOkay, got it. That sounds great. Thank you so much.
BNo problem.
CWhat else? Yeah. Okay. And where are you based out of?
BI'm in Dallas. We're in Dallas, Texas.
CAnd does that really matter? No.
BYou. You can hire an attorney anywhere in the country. It makes no difference because I would say 95 of our work is done via phone calls, emails. No, most of our clients are not in Dallas.
COkay, okay. And, and, and I'm guessing the. Where the project is also doesn't matter. Like, does, does it help if, like the project. Okay, got it.
BYeah, none of that matters. Like I said, we work with most of the projects. So if you even sent three other regional centers to us or asked us about it, we could probably comment on them. So the EB5 industry is small. Like I said, all the regional centers, most of the guys that do EB5 attorneys that do love. We all kind of know each other.
CRight.
BAnd so it's not like it's a. It's a massive industry.
COkay. And about, like, just. Is there a way, like, you could provide some kind of, like, your approval statistics on paper or some kind of proof? Is that something.
BI mean, we don't provide that. There's really no need for us to provide it, to be honest with you. Okay. You go to our website, you can go to Google, you can see a bunch of EB5 reviews. We're listed everywhere. We've got tons of articles and. And videos on our website about EB5, but we don't put out numbers like that. I've never done that.
CI see. Okay. And what is your experience with, like, capital recoupment? Is that. And what, like, any kind of numbers you'd like to quote on that? Like, if. Like, how many times My experience with capital recruitment, getting the cap, like, the invested money back to the applicant.
BI mean, that has nothing to do with us. That has nothing to do with the immigration return, that your documents control that when you sign a document, doesn't matter who you sign with. Your documents control that. And then that's between you and the developer. The immigration attorney is not involved in getting your investment money back.
CI see. So let's say there is, like, a problem with, like, the recoupment of capital later. That will have to be a separate legal process.
BThat's a separate legal process. We'd have to get you a business litigation attorney for something like that.
CI see.
BYeah.
DBut in your experience with, like, most of the major regional centers, how big of a concern would you say this is?
BVery small. I don't really. I'm not. I've never had a client that's had that issue with larger regional centers.
DGot it.
BBut that doesn't mean that it can't happen. It just means. I'm just saying that we don't see it very often.
DRight. Got it.
AYeah.
CI think. Yeah, we have everything we need. Could be. We could, like, go to the section about, like, sourcing.
BYeah. So I'm gonna turn it over to Jacqueline, but just on a source of funds. Just remember that immigration essentially wants to know where your money from the day it was. The way you have to look at it is from the dates printed until it got to your bank account, until it got to the developer or the regional center, they want the entire history of the Money, tax returns, bank statements, property records, they want everything. So when Jacqueline's talking to you about your source of funds, that's the mindset that you're going to want to use or that she's going to be using when she's walking you through your funds. Okay. Okay, go ahead.
AOkay, thank you. So for the questionnaire, you listed a few sources. We can go over each of those in more detail and also talk about the types of documents that we would request from you for each of those sources. So essentially we're working backwards. Where is the money located today, how did you earn it, and what documents do you have to support? So the first one is income and savings. You did list 900,000. The investment is 800. So can you tell me about the final amount that you would be wanting to pull from this and exactly what types of funds this is? Is it salary? Where is it currently located?
CIt's going to be about like half and half. Like I would be contributing half, about 4,400k for the actual investment itself. It's 800k, right?
ACorrect.
CYeah. So about 450k would come from like my savings, which are primarily from like me working my tech job. And currently I think they're invested in the stock market, but I will be liquidating that for this.
AOkay. As well.
DSo my half, which is the remaining 400.
C350.
DYeah.
ASo.
DSo I have about 80,000 which is my personal salary savings from again, working my job for the last three years. So I have income statements, etc, showing where that money comes from. The remaining amount there is 120,000 that I'm borrowing from my brother who also works here in the US that money is also from his salary account, from his savings from his job. So should we, should we take a break to discuss that and then move on to the remaining sources?
AYes, so I can tackle his first, the 450 in the stock market. The starting point for that is the bank statements showing his salary, deposits, saving that and any transfers to the stock portfolio. We'd request the stock statements as well for that account as well as your complete tax returns and W2s for that same period.
CYeah, I have all of that.
AOkay. How long have you been sending money to your stock portfolio and using that salary.
CFor about in the U.S. for about three years now. Three.
AYeah. Okay. And then I have 80,000 in salary that you have in your account.
DJust to clarify, that's also like in my brokerage account, which I will liquidate.
AOkay. So same types of documents, your bank statements, your Stock portfolio statements, your complete tax returns and W2s.
DGot it.
AOkay. You mentioned a loan of 120 from your brother derived from his salary. Is this also in stocks by any chance or is this in a bank account?
DNo, also invested.
AOkay, so same same documents there for him as well.
DAnything like a gift deed or like anything regarding the money that he's contributing to this.
ASo he's your brother. So if he wanted to give you a gift which does not require repayment.
DThat would be just fine.
AIf you want it to be in a loan format and he is expecting repayment, there needs to be a proper loan agreement.
BOkay, but there will be a gift affidavit. Yes. To answer your question, we would draft that.
DRight. Okay. So I, I mean I think the loan then is the more appropriate one because when we like in this, I mean the expectation is that when the capital is returned he would get back this, his share of the money.
BSo on a loan agreement you have to be a little careful because it has to be market level type loans. So if I go to the marketplace and I went to going to Chase, they're not going to give me a loan that I don't pay back for another four or five years. Does that make sense? And so that's not what we call a good faith loan and immigration. So if you're going to do a loan, it would have to be a loan where you're making regular payments like you would if you were going to.
DBut like in this situation where it's just an, like an understanding that I would pay the money back, then you would recommend that I just do a gift?
BWell, that's between you guys. If I tell immigration it's a gift, it needs to be a gift. And then you would have to report it as a gift with his cpa. What you choose to do later on is between you guys. But I, you know, we have to report that it's a gift.
DOkay. Okay, then let's proceed with the understanding that it's a gift in that case.
BOkay, thank you.
DOkay. And then the remaining amount of money would be coming from various funds in India. So that's going to be my savings also some of like my brother's savings and predominantly my parents savings accounts. Just money that's been accumulated over years of working in everyone's cases.
AOkay, so salary just sitting in a bank account, Is that correct?
DAgain, these are mutual funds which will need to be.
AOkay, so mutual funds. So same documents there, personal bank statements, complete tax returns and your portfolio statements showing that you were creating mutual funds and then eventually liquidated those as well. Got it.
DAnd then in the case of, again, parents giving that money to me, what would be involved? So if it's a gift, we would.
ADraft a gift affidavit for each of you to sign and get notarized. That's after they have sent you the funds. So essentially, you're attesting to the family relationship, the amount of money that was gifted to you, and the fact that there's no repayment expected.
DRight.
CTwo questions here. One, if that transfer happens within India itself, would that. Would that gift, the affidavit, be prepared in India, or would you guys still do it?
BWe would still do it here.
COkay, so you don't have to get.
BNotarized there, but we would do it here.
CI see. And what would you suggest? Like, they directly transfer their money to. To a bank account in the US As a part. As part of the gift, or send it to a local bank account first, and then we get it into the US that way? Is there a difference?
BAnd there's no difference. No.
COkay, got it.
BThere's no point in doing a second two transfers for the same thing.
CFair enough.
DAnd then I guess one more question is that in terms of. So there's 800,000. That of course, we have to show very, like, very strict documents about where the source of funds comes from, but about the fees that's paid to the regional center and then also other fees that come up during the process. How stringent are. Is it necessary to be about the documents for those? Are those subject to the same original center fees?
BWe have to source exactly like we source these fees, our fees and USCIS fees. We're not paying any source of documents on those source of funds. Documents.
DOkay, so in terms of then the USCIS fees or your fees, is there, I don't know, a possibility that it could be a wire transfer directly from India for those.
BYeah, we've had plenty of clients pay us via wire transfer from India. They've had friends pay us. There's different ways to do our fees.
ARight.
DOkay. Okay, understood.
CGot it. That. That makes clear one more thing was, like you said, we'll have them for. For the funds from India. We'll have the documents about the mutual funds and. And their sale and. And the bank statements and. But how far back does it need to be traced? Like, do we also need to justify.
DHow many years back?
BIt's not about years. It's about when the money started being earned. So some people may have been five years ago, when it was zero and they started earning money. Some people may be 10, some people might be 30. We don't have those documents. Then we may have to get CA letters. We may have to get CPA letters, bank letters. So it just depends on how long back it started. Imagine it being the account being zero and the money started being put in. When did that start? That's what you've got to think about.
CYeah, that's what my question was.
ASorry, go on.
CYeah, that's what my question was. Like, I'm not worried about the time. How far back in time? I've meant like how far back in the trail of the money. Like right from when it entered one of our accounts is when we need to like show. Right, like all the way back.
BYes, go ahead.
AYeah, sorry. Yeah, so I think the easy way to explain it is, you know, we, we understand that there's salary, deposits and, you know, lots of transactions in the bank account, but whatever is left over in light of transfers and spending and things like that, that's what we're accounting for. So we always start off by showing when the deposits have happened. And then we'll explain after, you know, using the account transferring, things like that. This is how much is actually saved for this gift or this loan or whatever the case might be.
DSo just to get started, what kinds of should we start with then? Pulling bank statements and start liquidating assets? How do we get started with this whole process?
ASo after this phone call, I will send you an email with a source of funds spreadsheet as well as the fee sheet that Rakesh mentioned. We'll want to get final confirmation of the breakdown of your investment plan within that spreadsheet. So you'll list amounts and the types of documents that are available to you and each of your family members. Once we receive that, we'll give it one more review and then we'll send you an engagement letter. You know, just to make sure that everything we're on the same page about your plan. You'll receive that engagement letter, you'll receive an invoice after that's been signed, and then that's when that documentation collection process starts. We'll always start off with the bank statements first to see what the balances are in that account. And then if we need more, we'll always let you know. And then at some point, we'll give you instruction to sell your stocks and liquidate your mutual funds as well.
DUnderstood.
BSo right now, really just filling out the spreadsheet and making sure that you put down on paper exactly what we're asking. We're not asking for documents. We're just making sure and double and triple checking that the funds are what we need before we give you a green light to even hire us. We want. It's a lot of money. You're investing a lot of money. You're going to spend a lot of money. We want to make sure you're qualified and you have everything, and then we go on to the next step.
COkay, sounds good.
DSounds good.
CAnd when would you suggest that we get married? Like, we would want to plan that as well as part of the process. This should happen before we start moving any funds. Typically, yeah.
BI mean, that's the preference. If you're going to use both of your funds, you guys need to be married. And before any funds are combined, before any funds are gifted, you'll need to be married. So we can provide that information to show that it's dated before anything happens.
CEven before, like, her parents gift her money.
BI mean, her parents can give her money, but I don't recommend any gifts right now until we get to this point, because we got to do gift affidavits. We've got to show where the money's coming from. We've got to source it before you give the money. So we're not even close to gifting money yet.
COkay, got it.
BDoes that make sense?
CYeah, Yeah.
BI mean, we don't want you guys moving any money anywhere, whether you are married or not, until we've kind of given you the green light.
COkay, that makes sense. Yeah. All right.
AYeah.
CI think it's time. Thank you for, like, taking the time to speak with us.
BNo problem.
CAnd we'll definitely, like, fill out your spreadsheet and also look at all the documents you're sending over.
BNo problem. If he has any questions, let us know.
COkay? Yep. Thank you so much again.
DThank you for your time. Thank you, Rakesh. Thank you, Jacqueline.
AThanks for.
CBye.
ABye. Bye. It.
DIt's.
CHow much we estimate that to be what point? Plus 10k for that other firing.
D10K for what firing?
CHow do you forget? He said 25k, 12k plus 10k for one more thing.
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