Opening discussions between the investment team on plans to develop a new type of Real Estate Investment Trust. Our goal was to design one that could include everyone, not just the middle class and the rich.
We negotiated an agreement with the Law Firm of Shannan S. Collier to bring her long banking and investment legal history onto the team. This agreement brings in a valuable asset that saves REIT.Investments a lot of time and money.
We agreed to purchase our first property in the Dominican Republic, in the growing city of Puerto Plata. It will be the site of a multi-building apartment rental complex.
Work began on the MyREIT.Investments online gateway. This new system will allow users to invest and track their investments. It will also allow the team to manage all of the flow of information required in the day-to-day operations of the REIT. This is an in-house software project built from the ground up.
After a "short" break due to the Coronavirus pandemic, the legal team completed the final drafts of the required SEC documentation and began the process of submitting them for review.
We completed the MyREIT.Investments online gateway and it is ready for use by Admin, Customer Service, and Investors. Work begins on integrating with DocuSign for faster document processing.
Sales began on the first 4000 units (the Founders Club), discounted by 10%. We will raise $9 Million. We plan to launch a Sales System to assist unit owners in referring and earning commission from their sales.
Break ground on the first project, a multi-building apartment complex in Torre Alta, a middle-class neighborhood in the heart of beautiful downtown Puerto Plata. We will launch a new REIT Investments social media platform. This will allow board members, employees, the builders, management, and unit owners to post and share comments about everything REIT-related.
We expect sales to begin on the second 4000 units (the Early Bird), discounted by 5%. During this phase, we will raise $9.5 Million. This will allow for additional property purchases, as well as additional residential and commercial development.
We will open a new Member Marketplace: an online store where members can place their units up for sale. It will allow for sales among members and non-members and assist with the needed documentation. The first apartment complex will be complete, and rentals will begin through a local management company.