Dollar Properrty Investment - DPI

[Ozinvest]

I have had recent dealing with a UK based - USA house sourcing company called Dollar Property Investments and would like to share my expierences with anyone who is thinking of enlisting there services.

I do realise that with the cost of these properties you are not getting a 5 star palace. However it is advertised on their site that the properties a sourced for their quality and are all fully inspceted.

Earlier this year I purchsed such property and went to visit it. It was ok the tenat were very happy with it. Soon after this the city wantedan ispection due to the fact it had recently been sold, and this is where the problem started. I receive 35 violations against the heath and safety code of the city. Must have bee a quality inspection carried out on behalf of DPI.

I have been chasing the sourcing company DPI, the realestate that sold it and the inspector that classifed the house as above standard nothing to note. With no luck. The repairs has now cost me over $5000 to clear the violations.

In my dealings with Martin from DPI, it has been all promise and no keeping to his word.

Be very carefull with this company.

 

[Spyglass]

I think the point about commissions is when dealing with a lot of UK based companies buying in places such as the States, they have no real access to properties at source and so they go through agents who themselves might not be directly instructed, this obviously compounds commissions.

If I were a retail investor interested in buying in the US I would ensure that the person I was dealing with had direct access to deals and was not an agent of an agent, apart from the commission issue unless you deal direct you are always getting second hand information.

Some of the deals in NY and Michigan I see are composed of maybe $15k commission probably not too extreme in itself but when the property is for sale at $45k its massive in terms of %.

 

[9frank7]

Dollar Property Investments UK

My experiences in Detroit - 3 properties - mirror those of OzInvest. The properties have all
cost more than the rental income and the surveys were not worth the paper they were
written on.
I wish Oz had been able to post before I entered this market. The property
management company has now been dissolved.
If I get a satisfactory solution to my problems I will post again.

 

[darrmont]

Detroit Property from Dollar Property Investments

I have now had a property in Detroit for a year and a half which I bought through Dollar Property Investments and I am now having to spend $5,000 on it to try to get another tenant in. Also looks like the property is actually worth about half what I gave for it.

 

[9frank7]

DPI properties in Detroit

Dear OZ Invest and Darrmont
i still have not got a satisfactory resolution regarding my Detroit properties
either. Who is or was your property Agent in Detroit? who is now? Property Managment company? I don't think this is just DPI - I don't think they are still selling in Detroit. I was also in touch with someone from California with the same property
managment firm and he did not come via DPI. Mind you, these properties were
over-hyped.

 

[darrmont]

My managing agent in Detroit has closed down, they were "Wayne county solutions" and was run by Mike Anthony. I almost lost four months rent although I have now got 2 months off him and I have now got a new agent who tells me the property is worth a lot less than I gave for it and the likely new rent is less than it was rented at. It seems the rent may be hiked in some way to make them attractive for investors and then when the rent is reviewed to the market level it goes down by 15 - 20%

 

[9frank7]

Yes - same company. Who are you with now? and do you think they are any better?
Thanks for coming back.

 

[darrmont]

Suite properties run Jan Dijkers and it is hard to know although she has been good enough to get me a lot of extra photos and very ready to help on the phone etc. I suppose i will know better in a few months time.

 

[9frank7]

Thank you for that. Michigan Global Management is Mike Anthony again.

 

[9frank7]

Suite properties run Jan Dijkers and it is hard to know although she has been good enough to get me a lot of extra photos and very ready to help on the phone etc. I suppose i will know better in a few months time.

Did you have better luck with Jan - I am about to speak to her this week!
Thanks,
Mary

 

[darrmont]

Genuine

Hi Mary, Yes I feel Jan has been genuine and got me a tenant in May this year but the tenant proved to be very poor and difficult and has now left although Jan has the security deposit I don't think there will be much point in trying to follow the tenant for anything else. Just as long as she leaves without too much hassle.
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