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  • unseenguy
    06-24 11:55 PM
    Why are be debating 3 - 4 years rent vs own? As the subject indicates "long" term prospects of buying a home..we of all the ppl should know the meaning of the word "long" based on our "long" wait for PD (which I think should be renamed to retrogress date because I see nothing priority about it)..the point being lets debate 10 years rent vs own..as against 3-4...I think over a 10 year timeline the buyers would come out ahead of the renters..maybe not in CA but in other states that's quite likely..

    I agree that over 10 years buyers "may" come ahead of renters but our question is will buyers of : 2009 come out ahead of 2010 buyers or 2011 buyers? Also is it worth taking a risk and wait 1-2 years given the state of economy and our GC in limbo.

    I have been paying rent since 2001 and my friends bought houses in 2004 & 2007. None at the moment think they are ahead of me due to their decision :) :p





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  • unitednations
    03-26 09:24 PM
    Thanks UN. Just a follow up question, how would you advise to cases where the labor was filed at client location and the employee shifted to another state right after the 140 approval. I guess in this case there is no chance of convincing USCIS about AC-21 invokation. How would you act if such query comes up? Or is there a chance to get this query these days at the time of 485 processing.? Thanks in advance. With this, I would have all my doubts clarified regarding the work location. And also, I hope it does to so many others.

    Stating the obvious: Your attorney was a knucklehead?

    USCIS hasn't gone to zero tolerance on 140/485 so it is doubtful that you will get such a query.

    Are you still on H-1b?

    If you want to bullet proof yourself then do an eb2 labor now; port the priority date and then inter-file the 485 or file new 485 on eb2 140 which would have been done appropriately. You can get your greencard dependency on the new 140 without losing much in terms of waiting and getting peace of mind.





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  • BharatPremi
    03-26 05:05 PM
    Unfortunately, there are no simple answers. Mortgage rates are tied to 10 year bond rate, so they generally are not affected much by short term fed rate. With credit crunch, bond market is in real bad shape.
    Fed is trying to supply short term funds to ease this crunch. I don't know how low Fed will go for this. What I am seeing is mortgage rates being stable or going down a little in near term bcoz of Fed easing. For long term, I believe rates will go up as bonds have to become attractive to get new investors.This may not be the best ( absolute bottom) but definitely very good time to refinance if it makes sense for your conditions.
    For first time buyers like me, there are a lot of parameters to be considered. In my opinion the parameters are tilted towards faster house price drop . Hence I am waiting at least for a year. I will not do anything till next spring.

    Thank you very much.





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  • GC_Applicant
    04-09 01:05 AM
    Thanks for the info. Did you enquire about FHA loans., and how hard or easy it is to get.



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  • americandesi
    08-09 02:03 PM
    While most of us here have US Citizenship as their long term goal, they overlook that fact and focus on manipulating stuff to get a GC which might have severe consequences while applying for Naturalization.

    Let me share with you the story of my friend who just got his US Citizenship in 2007.

    He was out of status without salary for around 6 months during the recession time (2001/2002) and didn’t have W2 for that period either. When USCIS questioned his out of status, he just submitted a letter from the employer stating that they owe some $$$ during that period and will be running his back pay at the earliest. This letter nullified his out of status and was sufficient to satisfy the IO to get his I-485 approved.

    Infact, the company in question didn’t run his back pay at all after his I-485 approval and went bankrupt.

    While applying for Naturalization, one of the items that the beneficiary has to prove is “Good Moral Character”. While scrutinizing his records they found that he didn’t file his tax returns during the year in question and denied his naturalization.

    He had to run from pillar to post and finally got hold of a good attorney who was able to prove that the employer who was supposed to pay the back wages went bankrupt and hence he wasn’t paid, because of which he could file his tax returns. He submitted a letter with proof of bankruptcy and succeeded in his appeal resulting in approval. The whole case dragged for around a year.

    Hence please pay attention to every minute detail before and after you get your GC, so that you don’t end up in a mess while applying for naturalization.





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  • sledge_hammer
    06-05 04:33 PM
    You are right about #8. I should not have included that under "expense". But going with the spirit of my original post, in the long run, the equity you build (15K/yr) will far out weigh the yearly savings you get by renting.

    >> Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)

    This assumption may not be correct. You can take tax deduction for mortgage only if you forego standard deduction. Assuming it is a 3 people household (Mr., Missus and Master) - you would forego the standard deduction of around 10k. So the marginal tax saving would only be around 1k assuming 30% bracket.

    In case you itemize anyway (small business owners typically have to do this) - then your calculation of $4k in net tax saving is correct.

    My calculation would be:

    Situation Own:
    Your expense is
    item# 4 +
    item# 5
    - Corrected item# 9

    Item #8 is NOT a mitigating factor to your monthly expenses. To earn the quity - you have to make the same amount of cash payment - cash which you could have used in any other form of investment.

    So the total would be
    13k + 9k - 1k ~ 20-21k.

    So - in this example - renting would come out quite a bit ahead.

    However, in ValidIV's example buying would be superior to renting.



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  • sledge_hammer
    12-17 04:31 PM
    You're from Camaroon, what are you getting all worked up about?

    I told you guys.. This site name should HIV-Hindu Immigration VoiceNow





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  • unitednations
    03-26 04:45 PM
    UN - As you are also a beneficiary of AC21 - what is your take on wrongful denials of 485 for AC21 cases that need to be resolved by MTR? Is it a training issue?

    The issues of straight 485 denials have been going on for some time. It is a training issue/money making issue (ie., motion to roepen fees).

    Recently; I haven't seen USCIS denying 485's based on company revoking 140; they are sending request for evidence.

    Every person 485 that was denied inappropriately who was eligible for ac21 all eventually had their cases reopened. Problem is if you are outside the country when it happens and you have to use AP to come back in or are renewing your ead or in process of renewing EAD then that is when things become tricky and the anxiety starts.

    Once again; every person I know had their cases reopened; they just had some bumps on the road waiting for it to be reopened.



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  • stuckinretro
    08-05 09:41 AM
    Not just EB3 to EB2 port but EB2 to EB2 as well. Consider you lose your present job and lose your entire GC process. When you find a new job(if any), you would want to port your old PD at your new employer when they file your fresh 140.

    So no one is immune, if you think you are, you are ignorant and do not know how complex a case can become.

    There are very few benefits that CIS provides for people who lose jobs and PD portability is one of them. enlighten yourself!

    The problem was Labor substitution, which was a nightmare for many of us here, and lot of people are still stuck because of it. DOL eliminated substitution 1 year ago and people whose 140's were filed then are still stuck in that backlog because of LC sub cases files on jul'16th. If you want to do anything do something on that end to ease the 140 backlogs.


    No i am not comparing this to labor substitution. Also, i do not think what you said is true for ALL the people trying to port to EB2 by some means.

    I intend to fight this legally and everyone else also has the same option of challenging my stand in court if they think i am wrong.

    I am just here to gauge support (not monetary support) for the lawsuit, and to see if there are some angles which i am missing that may aid me.





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  • Pagal
    06-08 05:34 AM
    Hello,

    Great discussions...remember a similar thread that was hot in 2008.. :)

    IMHO, buying house has little to do with 'status' in the country, but much more to do with your financial capabilities, location and timing...

    1. Financial Capabilities
    a) Can I afford to make payments even if I've to leave US and settle somewhere else?
    b) Does buying house give me any tax breaks in US that I otherwise won't get?
    c) Do I have 'reserve' funds (5-6% of purchase price) to take care of maintenance etc of the house?

    2. Location
    a) Is the neighbourhood dependent on a stable source of economic activity (e.g. tech industry areas like Bay Area or traditional industry areas like Texas)
    b) Can the house be rented (if not, I would be cautious)?
    c) Is the demographics well off (if not, bad economy may have a larger impact)?

    3. Timing
    a) Has housing appreciated by more than 2-3% per annum in the neighbourhood since 2000 (if yes, I would be cautious)?
    b) Can I get 1-time tax benefits?
    c) Can I make more money through other investments (leverage adjusted)?

    The final decision is always personal and is neither right or wrong...its just a choice that the individuals make... good luck to those who are considering home ownership....

    @pmpforgc,

    Make as low a down payment as possible as the money supply is cheap as of now....if interest rates are higher than what you can get as investment return in the market, then making as large a down payment as possible makes sense... as of now, cost of money is at 5-6% and you can get more than that through investments...just my 2 cents!



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  • sunny1000
    03-27 05:39 PM
    ok..My docs have been received by AO.

    Here is the email I got back today




    I hope everything goes smooth...still waiting :o

    good luck with your processing.;)





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  • mariner5555
    03-26 02:07 PM
    So my view is that inflation is a bigger problem that Ben B does not want to tackle in the near future(3-4 months). Well in times of inflation your savings/investment is better in real-estate than anything else. But definitely NOT cash.

    So although we might be near the bottom of real estate market, we can never guesstimate the bottom until it has passed. My advice is, negotiate hard(buyers market) and get into a deal now. As a safety net, you can ask for a long escrow(around 180 days). That way you can backout of the deal if things head south. You've only lost the deposit(subject to arbitration at least in California).

    Someone pointed out that Visa Status is a smaller issue, the big issue is if you can hold onto your investment for atleast 5 years, you are golden.
    -----------
    5 years is too less (you have to hold it for around 10 yrs minimum). 2 years the prices may/will fall. 2 years it would be steady and maybe start increasing slowly after that. so if you buy a house (depends on area ....but broadly) ..a 100K investment in RE (And if we take the best case scenario) after 5 years would be worth 80, 000. if you take inflation in to account.
    in the end it is supply and demand -- supply is huge. where is the demand going to come from ?? immigration is tight and in the fast moving life -- people have fewer and fewer kids. if u want to be safe - cash is good (atleast principal is safe if you get around 4 percent return) ..it is best to have diversified portfolio. many of my friends have put everything in RE and are worried now



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  • alahiri
    07-15 11:01 AM
    Like anything else there are people of all kinds...there are h1b's who own a house and BMW's (and stock options in the valley) and there are h1b's that share a apartment with a couple of roomates to save some money.I have been here for 10 years and I have seen all kinds...basically what a h1b does depends on wether he is bachelor,family man ,his age , experience and his priorities in life etc..the only thing common is that everyone of them can be much more productive if they get permanent residency.A GC will give them a lot of choices and will give them wings to fly.

    Wish everyone the best ...keep up the spirit and the good work.





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  • 2008FebEb2
    08-05 01:35 PM
    I a EB2-I with PD 2008 Feb.

    I think everybody has the right to port to a different category if they qualify for it.

    I feel for Eb3 guys who have been waiting in the queue for ever now.

    The Original thread starter is a sh*t stirrer who knows nothing. :mad:

    Good luck to everyone. :p



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  • puddonhead
    06-05 07:47 PM
    >> US does not produce any consumer goods, its all China..if you don't produce you don't sell and if you don't sell you don't make an income, and if you don't make an income you don't pay taxes...plain and simple. So, what do we do, Borrow and spend.. but remember, the interest obligations will grow to suck the dollars away from goods and services that it purchases. (Folks are in China now )

    I believe this is oversimplified. You are completely ignoring the value of knowledge properties and innovation.

    Lets take the example of Boeing. 20 years down the line - it may decide that manufacturing may make more sense in China and relocate its factory. However, my belief is that it will be very difficult for Boeing to relocate all of its knowledge workers. The low levels ones are easy to relocate. But the key innovators will continue coming from the US education system. The next generation of ceramic or alloy materials to build components will be invented in US 90% of the time (It may be a bold claim - I will substantiate this in more detail later).

    If the key innovators/management are in/from US - a lot of the profit of this corporation would stay in the US - either in the form of taxes or return paid to shareholders. In fact, I would argue that the intellectual properties (that US would "own") will be more valuable than the value addition from the grunt work in China/India. So your comment suggesting that US is no longer adding any real value to the world economy is probably misplaced.

    Now to my big assumption/comment about the unassailable lead in innovation.
    US is unique in that it allowed the best people from all over the world immigrate and let all ideas mingle to create great ones. No other country allowed this. No other country is even in the horizon to be doing that in the next 100 years. There are so many tech workers in Bangalore and so many manufacturers in China - how many latest innovations did you see coming from there? Unless Bangalore/Shanghai becomes the next hub for people all over the world to come in and synthesize ideas - they will never replace the US. I dont see that happening any time soon.

    And what happens if the Lou Dobbs types are successful and US goes down the drain? Well - then all of us are well and truely screwed and the economy, its trends etc become meaningless. The world has many major issues to face in the next 100 years - global worming, over population, depleting natural resources etc. If there is no center of innovation any more (like the current US) - then all the calculations we do about economy and all will probably be irrelevant. When you are fighting for survival then economy does not matter - your next bowl of rice does.





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  • alisa
    01-10 11:22 AM
    Israel is not invading Gaza for no reason. Why do coward Palestinians need to fire rockets and send those suicide bombers to blow themselves? Muslims need to stop violence in the name of their religion. Why don't you stop killing people, so you would get 72 virgins in some loser world! Israel is doing the right thing and I will support its action. Yes, innocent people get killed, but Hamas need to fight in the open field instead of launching rockets from schools and hospitals.

    Exactly!! Just like the Europeans had a right to defend themselves against the Native Americans.

    Fortunately for them, they did their ethnic cleansing before the mass media and enlightenment. God bless them for it. Now we can come from far and distant places to get permanent residency into this land.

    Unfortunately for the Israelis, like Benny Morris recently said, they couldn't kill all their Barbarians (the Arabs/Palestinians) in the 1940s. Had they completely ethnically cleansed Israel/Palestine of the Arabs back then, we wouldn't have this Israel/Arab problem today.



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  • gchopes
    06-06 11:06 PM
    Buying a house at or around the same rent and availing the 8K credit doesn't seem like a bad deal to me. GC or no..most have EAD (at least Jul 07 filers)..so if we lose our job we would be in a similar situation as a GC holder..having a form of work permit so employer doesnt have to sponsor us.

    Uncle Sam is never going to give u 8K in the next 10 years that we will be waiting for getting our GC. So buy now before the rates get back to 7-8%.





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  • file485
    07-08 09:07 PM
    I have been here 11 years. 4 different employers.
    I have all my returns and W2's
    why in the world would i keep every paystub?
    makes no sense. of course little does.

    UN thanks for the comments.
    any predictions on where we are headed? my vested interest is in EB2 india...

    btw why is everyone presuming that the 60,000 approvals went to India and China? EB3 ROW is retrogressed- all the extra numbers could have gone there. that would in any case be all the better for india/china in the longer term- the faster that backlog is finished, the greater the chance india/china lines will show meaningful movement.

    also did you notice the cantwell-kyl compromise amendment in the failed CIR 2007 had a provision for 485 filing w/o visa numbers current?


    paskal..

    seriously thinking about sending an email to Oppenheim, Charles to consider moving the dates in the bulletin liberally so no visas r lost each year..before there is another debacle with the October bulletin..

    maybe he is the right person to hear our misery..but not sure if they even consider our emails and tell us not to teach them what to do..





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  • unitednations
    07-09 01:03 PM
    UN..after I read your story..

    god..you r so gutsy.. must appreciate you..!!


    Just follow the law. There are lots of protections in it for us.





    mariner5555
    04-09 10:51 PM
    we've found that the more compelling arguments tend to be those related to US competitiveness. If I was to use the housing argument in a meeting, I would use it in a light hearted way while making a serious point.
    For most, common sense of justice is an issue, in which case housing can be brought up, but again, not an issue to focus on too much, more in the context of 'it is ironic that many of us want to buy houses but GC wait is what prohibits that, not the credit crunch'. Can be mentioned in passing, but not worth focusing on.
    Mentioning it in light hearted way would help too when you have predictions like this (latest report) from International Monetary Fund.
    ------
    House prices have already fallen by around 10% in the US by some measures, and the IMF says that they may be over-valued by more than 20% in the UK, Ireland and Spain.
    It is forecasting further falls in US house prices of 14% to 20% this year.
    ---------
    GC is definitely the main issue for atleast 10 of my friends (and I guess it is an issue for many others). our view is why invest in immovable assets while we are at the mercy of a govt agency.
    ofcourse - I would guess that many of the govt advisors must have suggested the link between immigration and housing to the policy makers. in the end it is supply and demand.
    there are other ways too ..US laws are influenced by lobbyists and I am sure there is a huge builders, realtors lobby ..maybe IV could explain the issue to them ..and in turn expect them to explain this issue to lawmakers ..

    a quick note - I am not saying that if a person gets a GC then he will run and buy a house. but for many GC is the first thing that has to happen before he/she even starts to look around.





    eb3India
    04-07 05:08 PM
    In late 1970's US had great demand for Doctors many Indian and Pakistan doctors migrated to US on green card, however after few years as demand went down, immigration for doctors also become very tough, infact complete system for foriegn doctors was made very restrictive.

    I see similar thing happening to IT but the catch here is Internet, virtually we can work from anywhere, but our senators who think internet is like series of tube does'nt get this