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1.) First of all, read this document here. This outlines purchasing investment real estate through DiscountPropertyWarehouse.net, and the risks associated with doing so. If you read this document and have any questions or concerns(or need clarification), contact us.
2.) After you have read the document, look at our available investment properties. This will give you an idea of price points, cash flow, and equity positions based on the due diligence we accumulate with each property before we add it to our site. While we verify all of our numbers with local and regional experts in their respective fields(i.e., licensed independent appraisers, property management companies, etc.) it is ultimately YOUR responsibility to independently verify our numbers. We do not guarantee any numbers that we furnish due to constantly fluctuating market conditions and market volatility.
3.) When you have selected a property, notify us that you would like a purchase package. We will send you a purchase contract and addendums, which you can then fax back to us or email as a .pdf format. Please note that while we have properties available for sale from different sources(mostly private sellers/banks), prices are substantially discounted and have very little, if any, flexibility. ‘Lowball’ or highly underpriced offers are often not considered and not responded to. If you are serious about adding a property to your portfolio, the best way to do so is through a full price offer.
4.) When submitting your contract it is important to let us know what resources you want made available to you. While clients have who purchase through us have access to all of our resources, some clients who are professional investors do not need property management or renovation crews. Newer investors often need a complete array of resources to help their investment be successful and headache free. However, if you want to use our resources you must notify us in advance so that we can have you contact or be contacted by the independent parties involved. DiscountPropertyWarehouse.net is not affiliated with any of our contractors or vendors in any way – you will work with them directly and pay them directly for work completed. See our Vendor/Resource FAQ page for more information.
5.) After your contract has been accepted, you MUST wire earnest money in the amount of $1000 US Dollars to our closing attorney, whose wiring instructions can be found here. Upon receipt of your funds, the due diligence period begins. Due diligence for all DPW.net properties is 4 days from execution of contract, during which time earnest money is completely refundable, for any reason. After 4 days all earnest money is NONREFUNDABLE. NO EXCEPTIONS. You must also furnish satisfactory proof of funds if you are paying cash or submit an acceptable letter of credit from an approved institution if you are planning on using financing.
6.) All properties MUST close within 7 days of contract execution. The only exception for this is a delay on the seller’s end, which we will disclose to you as soon as we know about and give you an updated estimated closing date.
7.) Once your property is closed, you must then contact the vendors and contractors you are planning to use, if any, and furnish them with paperwork and funds as requested by them. We recommend that you interview all contractors we furnish personally and also verify a minimum of 3 references for each contractor. Also, you should get all work and obligations/services to be provided by each contractor IN WRITING prior to the start of any work or advancement of draws/funds.
8.) DiscountPropertyWarehouse.net sells all properties AS – IS, where is, and with all faults, unless otherwise noted. DiscountPropertyWarehouse.net will NEVER provide any contracting or management services, nor oversee any services in any type of management or general contracting capacity. DiscountPropertyWarehouse.net does not take responsibility for hidden issues which may exist in highly discounted investment real estate. It is YOUR responsibility to have all properties evaluated independently by a licensed contractor or home inspector.
9.) Once your property is renovated, it is ready to be rented! We recommend you set up property management relationships IN ADVANCE of work being completed, as you can then efficiently rent your home and begin to see profitable results!
10.) At DiscountPropertyWarehouse.net, we pride ourselves on bringing excellent investment opportunities to you and minimizing the work you need to do to see profitable and successful results. If there is anything you need beyond what we normally offer, don’t hesitate to contact us here. We are glad to help!
We are the experts and we can help. Call (901) 258-6944 for details.