A step by step guide will be given from start to finish, to incorporate every conceivable facet of your investment, OR choose to let DPI Ltd source a property for you and let us do all the hard work!
Brief Overview.
- Step 1
If you are considering entering the Western New York or Detroit housing markets, email or phone dollar property investment Ltd. We will be providing hand picked investment properties and personal supervision at up to half the price of our competitors.
Email martin.b@dollarpropertyinvestment.co.uk
Or phone 0871 705 7249/07885 488372.
- Step 2
We will endeavour to contact you within 24 hours at the latest, and will send out a free USA Market analysis which will help you decide on which City you would prefer to invest into, Buffalo, Rochester or Syracuse, and also have compiled a Florida Market report for those interested in the sunshine state. There are clear advantages to all these areas, but it is dependant on your own particular strategy, and assistance and advice can be given where required. Florida homes are now also available!
- Step 3
State which form of consultancy you would prefer, email/phone contact or a one on one session. We are based in the Midlands so any long distance meeting attended may incur additional fees for time and expenses. Alternatively, come and meet us at a suitably convenient and sterile location.
- Step 4
You will be sent a consultancy agreement in principle, which will form a contract between all parties and needs to be signed, a copy retained for your records, and a copy sending back to us. This will ensure that both parties are protected and governs a level of trust that is crucial to ongoing business together. You should now consider opening a US Dollar current account, via Citibank UK, HSBC or Halifax.
- Step 5
Once the City of choice is established, we will inform the USA professional team covering that area of the impending contact by email. A non refundable one off fee is payable at this stage, and upon release of funds that have been honoured, a full list of contacts will be given to the client, and 24/7 back up assistance will be available giving added piece of mind and an assurance that you have a UK point of contact at hand throughout.
- Step 6
Once you have the list of USA professional contacts, it is imperative and your responsibility to maintain proactive liaison throughout. You will be sent properties by email to view, and will have made initial communication with your realtor, attorney, property manager and building insurance agent via email. If you decide to opt for a refurbishment project that can be secured at a ridiculously cheap price, you will be given details of a project manager and contractor who will provide a written estimate of costs to make the property rentable. They will provide a timeline of works and report updates throughout the process. A contract can be entered into if requested.
- Step 7
You are now up and running, and will have been sent some investment properties within your criteria of price, location, gross yield potential, tenanted, refurbished or a refurbishment project that is currently vacant.
- Step 8
You will have professional assistance all the way, and once you have decided on a property of interest, you can submit a offer through your realtor, or local USA representative which could be a private investor known and trusted personally by myself. A deposit of $500 may be requested to hold the property and proof of funds will be required. The contract will be sent to you via email/fax and this may be the first time you will have seen a standard Western New York property contract. Your attorney will be on hand to assist if required, as will DPI staff. Sign and scan/fax back to the sender.
- Step 9
You can order via email a home inspection (survey) and an optional appraisal of the property by licensed independent officials. This gives an indication of the true market value assuming the interior is in decent shape. The home inspection report is a detailed document and advice and help will be on hand from the licensed inspector and your realtor if required, or once again through DPI Ltd.
- Step 10
Your nominated attorney will update you at regular intervals, and schedule a date for closing. Wire transfers of money to close on the property will need to be sent promptly to your attorney who will hold in escrow and release on the day of closing. You will be sent copies of the deeds by email and receive the originals by airmail. Your realtor will have conducted a final walkthrough with your property manager to ensure any work negotiated to be completed by the current owner has been done, and to check that everything else is in order. Hazard Insurance will need to be in place at closing, you will already have been contacted by the agent dealing.
- Step 11
The most important facet of your investment in your chosen Western New York City is your management team. You will have already been in contact with them, and effective communication with them is imperative throughout the life of your investment.
You will require an ITIN number (individual tax identification number) that your property management company will need in due course. You will be paying County and City taxes, equivalent to the council tax in the UK, but do not have to pay income tax in the states, as we have a dual tax treaty with the States. Your nominated acountant in the USA can handle your tax affairs for you, and liaise with your accountant in the UK.
Dollar Property Investment services are geared towards..
- Professional investors who wish to expand and diversify their portfolios.
- Investors who have limited cash but want to achieve the best returns on their investments.
- Those who want to get out of their day jobs to start a new career in property investment.
- UK portfolio owners who are suffering from the current UK housing market decline, and need to offset losses by adding income from the USA.
- Agents who have interested clients wishing to enter these lucrative markets.