Fishing Boat can be used as an asset?

[lovekoto 3]

We have a joint sponsor but there is a little shortage in her income. She lacks of 1,500. I am the intending immigrant. We have a fishing boat and it costs $ 37,500.00. My husband has zero income. The fishing boat is under my name. Can we put that in my husbands i-864?

Thanks everyone!

[Hopeisalive 0]

We have a joint sponsor but there is a little shortage in her income. She lacks of 1,500. I am the intending immigrant. We have a fishing boat and it costs $ 37,500.00. My husband has zero income. The fishing boat is under my name. Can we put that in my husbands i-864?

Thanks everyone!

I'm sure you could. Good luck!

[Anh map 2,098]

We have a joint sponsor but there is a little shortage in her income. She lacks of 1,500. I am the intending immigrant. We have a fishing boat and it costs $ 37,500.00. My husband has zero income. The fishing boat is under my name. Can we put that in my husbands i-864?

Thanks everyone!

Cost has no bearing. Current value is what would be used. The current value of the boat would need to be determined by an appraiser. If you owe any money on the boat that is deducted from the current value. That asset is then valued at either a 3:1 or 5:1 (asset value: income) ratio.

Is the boat a pleasure boat, or a working fishing boat?

[lovekoto 3]

Hi Ahm map, It is a working fishing boat. It is really a huge boat. We bought it for 12,000 usd. But we made so much repair before could go fishing. The deed of sale reflected only 12,000 usd, the price we bought the boat. But after buying it, we have repaired it and amounted for total of 37,000 usd.

The boat is under my name. I am the intending immigrant. is that alright? how can appraise the boat? I forgot to say that the boat is not in USA. can we still use the joint sponsor and to add the boat in my husband's 1-864?

Cost has no bearing. Current value is what would be used. The current value of the boat would need to be determined by an appraiser. If you owe any money on the boat that is deducted from the current value. That asset is then valued at either a 3:1 or 5:1 (asset value: income) ratio.

Is the boat a pleasure boat, or a working fishing boat?

[NigeriaorBust 4,088]

Is this boat "working" and generating income that will continue once you immigrate ? There is a chance that the income the boat is producing may be more valuable than the boat itself.

Edited July 27, 2012 by NigeriaorBust

[lovekoto 3]

Hopefully.

Thanks.

I'm sure you could. Good luck!

[Anh map 2,098]

Hi Ahm map, It is a working fishing boat. It is really a huge boat. We bought it for 12,000 usd. But we made so much repair before could go fishing. The deed of sale reflected only 12,000 usd, the price we bought the boat. But after buying it, we have repaired it and amounted for total of 37,000 usd.

The boat is under my name. I am the intending immigrant. is that alright? how can appraise the boat? I forgot to say that the boat is not in USA. can we still use the joint sponsor and to add the boat in my husband's 1-864?

A working fishing boat located outside the US will not likely be accepted as an asset. 1 - the sale of the boat would cause undue harm to the owner, 2 - assets located outside the US would be difficult for a US court to force the sale in order to satisfy the affidavit of support..

My suggestion is to find another joint sponsor.

[lovekoto 3]

Oh I see.. HOw about if we pursue for our joint sponsor who lacks of 1,500 on her income but she has house, car or maybe cash. is that still possible? our 2 expected joint sponsors backed out. That is why we are having trouble right now,

Thanks.

A working fishing boat located outside the US will not likely be accepted as an asset. 1 - the sale of the boat would cause undue harm to the owner, 2 - assets located outside the US would be difficult for a US court to force the sale in order to satisfy the affidavit of support..

My suggestion is to find another joint sponsor.

[lovekoto 3]

Yes it will generate income once we migrate.

Is this boat "working" and generating income that will continue once you immigrate ? There is a chance that the income the boat is producing may be more valuable than the boat itself.

[Anh map 2,098]

Yes it will generate income once we migrate.

That income would only be used to augment the petitioner's income, not a joint sponsor's.

Oh I see.. HOw about if we pursue for our joint sponsor who lacks of 1,500 on her income but she has house, car or maybe cash. is that still possible? our 2 expected joint sponsors backed out. That is why we are having trouble right now,

Thanks.

A joint sponsor can use their assets along with their income to meet the requirement. All the information is in the form instructions. Also, the I-864 FAQ link in my signature may be helpful.

[lovekoto 3]

I am very confused anh map.

That income would only be used to augment the petitioner's income, not a joint sponsor's.

[Anh map 2,098]

I am very confused anh map.

Income from a boat that you own cannot be used to combine with a joint sponsor's income.

[NigeriaorBust 4,088]

Depending on how much income it generates maybe they don't need a joint sponsor

[lovekoto 3]

The fishing boat is not in USA. I dont know what to do. We are having trouble to find a joint sponsor. They backed out.

Depending on how much income it generates maybe they don't need a joint sponsor

[Thomas&Cleofe 358]

Just remember this....you have all the time you need to find a co-sponser. You don't have a time limit for this. Your petition will just rest at NVC until you find co-sponser. Your petition will NEVER expire. Good luck for you...