Opening discussions between the investment team on plans to develop a new property we wanted in the Dominican Republic. Our goal was to design an investment 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 Investment. This is an in-house software project built from the ground up.
After a "short" break due to the Coronavirus pandemic, the legal team in the U.S. and the D.R. negotiated plans with a local Dominican Architect and Builder. Now the first building can be drawn up and plans submitted to the local building authority.
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 efforts begin in the Dominican Republic, as a percentage of the building's units will be sold to locals to cover the major costs of construction. Sales efforts continue in the U.S. for the long-term rental and investment income.
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 Investment-related.