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Our Service Purchase package
All purchases through Property4penauts.com are offered fully refurbished and ready for tenant (unless stated), with many properties sold with a rental guarantee. All properties are refurbished to a high standard or "Code", which is when a City official passes the property as being fit to rent.
Rental
Our Atlanta Property Manager, Justina Davis, provides information about the Atlanta rental market and also answers common buyer questions...
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Properties are offered fully managed and we recommend a local letting agency to place a tenant and manage the property. We’d like to point out that you are under no obligation to accept this provision of tenant and can choose your own rental management company if you wish. Just let us know before sale completion.
Letting agencies typically charge 10% of the rent to manage the property but we have negotiated a low 6% fee in the Atlanta area.
Legal
Closing Attorney, Ed Gray, from McMichael & Gray Title in Atlanta, provides information regarding the legal side of the purchase and closing fees. Ed also answers common questions asked by buyers...
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Building Services (if required)
A few clients prefer to buy un-refurbished, which is OK. We can offer a lower purchase price in this case. And we can offer building services when the owner wishes to bring the property "up to code".
We've built up a considerable expertise in refurbishing for the best value. We have saved clients up to 50% on other estimates they have received. How can we do this? Well, apart from specialising in this type of work, where knowing what not to do is as important as knowing what to do, we offer long runs of work to our crews. This keeps prices way down. We also create competition between our crews to work harder for less. A tough system, but it works and our clients benefit greatly.
Ownership of property
The business model of investment is to cover costs and earn income from letting your property until it can be sold for a higher price. Generally speaking, this is a plan that works well.
Most tenants are regular payers as they don't want to lose their property, which they can easily do in America if they don't pay. However, it's a fact of any Landlord’s life that issues can arise. It is the responsibility of the letting agency to deal with such matters. Not P4P. We only deal with the sale of the property and whilst we do everything we can to recommend the right service providers, we cannot be responsible for the actions of such outside service providers, whether recommended by us or chosen by the property owner.
Receiving rental income / Opening a US Bank Account
It is recommended that a USD bank account is opened in order to accept rental payments. We can provide a bank that can set this up remotely without being in America.
Alternatively, you may wish to set up a Currency Company account that can accept USD payments and then can be converted to your own currency when the exchange rate is favourable.
Please ask for details regarding the 2 options above.
Accountant Services / ITIN / Tax advice
Once the property deeds have been returned to you, you may apply for an ITIN. This is similar to a Social Security number and is required by the IRS in order to submit your tax return in the US. The fee to set up an ITIN is approx. $500 per person and this includes the first year’s tax return. Setting up an ITIN is a relatively simple process and only a one off charge. We can recommend an accountancy firm that can handle the set up for you. Please ask for details.
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01/30/2011