You get a two-for-one on this episode. In the first half of the show, I am talking to a business owner and Idaho investor named Rod Myers. Rod is the CEO of Invest Idaho which is an EB-5 Regional Center. If you aren’t familiar with the EB-5 program, it’s a program that allows foreign nationals along with their spouses and unmarried children under 21 years old to obtain visas or green cards by investing in businesses in the US.
This is a government program that has requirements and regulations. These investments are accepted through EB-5 Regional Centers which have been approved by the USCIS. The for-profit enterprises that these foreign nationals invest in must create or retain a specified number of jobs. Rod breaks down the numbers and what a targeted employment area is. He also talks about legal and administrative fees. He shares the benefits of getting green card status for these families and how they might go about it.
Then I pick up the second half of the show with Tim. Tim is an Idaho investor, and he talks about how things are booming in Idaho and why someone would want to live or invest there. He also shares a little bit about the beauty of Idaho and some of his best investment opportunities.
You can find Rod or Tim here:
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- [01:08] Rod Myer knew some Idaho investors and ended up purchasing an EB-5 Regional Center from one of them.
- [02:00] USCIS does background checks on people who are organizing regional centers. Then you find qualified projects to sell overseas and deliver for investors.
- [02:42] The EB-5 program has been around for several years. The real purpose behind it is to provide another option for foreign investors to come into the US and receive their green card. The green card is also good for any children under the age of 21.
- [03:08] The real purpose is the green card. In some cases it may be investment and the green card.
- [03:47] Rod and his team vet the project. Then they talk to brokers who work out overseas relationships. They have to be accredited investors with a net worth over $1,000,000. They also have to have an income of $200 to $300 thousand over the last couple of years.
- [04:28] The investor looks at the project PPM and then the investment is a $900,000 investment or a$1.8 million investment.
- [04:50] To qualify for a TEA or targeted employment area, the project must be in an area where the unemployment rate is 150% of the national average. It's designed to help out areas that are struggling.
- [05:21] The way unemployment rates are running in the US the 1.8 million investment seems more likely.
- [07:02] Administrative fees can also range from $30,000 to $100,000. There are also legal fees between $15,000 and $30,000.
- [08:09] We are currently working on a geothermal project and starting an organic farm.
- [08:59] The investments are typically five to seven years. There is usually around a 1% return.
- [10:00] Having a green card allows people to come to the US as often as they like, and their children can attend school here. It's also a gateway to permanent residency.
- [11:05] Every investor needs to create 10 full-time jobs. There is a calculation for this as part of the PPM.
- [13:39] Tim is here to talk about Idaho investments. Boise is the fastest growing city in the country. Idaho's the fastest growing state in the country.
- [13:46] People are coming from all over, and they have 36% growth.
- [14:04] It's crazy to be in a demand market like this. There are people staying in hotels and RVs waiting for houses to come on the market.
- [15:09] The big Exodus out of California is causing a lot of the growth in Idaho. A lot of businesses and industries are also coming into the state.
- [15:41] They are getting at least 70,000 new jobs a year not counting the upcoming Amazon business.
- [16:00] Median house prices are around $375,000. They have a huge green belt and parks that are really nice. Boise Downtown has a lot of culture.
- [16:35] There are also beautiful mountains, lakes, and rivers. It's a great place for beauty and quality of life.
- [17:08] They're working on some opportunity zone single family properties that would be good for EB-5 investors. As well as assisted care living investments.
- [17:36] EB-5 would be great with any of the projects that they are working on. Tim's favorite projects are the multi-family units they are working on right now.
- [18:37] They are also building a community for the 55 plus age group. This is a place where the residents can be a part of the community and be proud to live there.
Links and Resources:
Rod Myer on LinkedIn