OwnBrix.com® is a private property investment club, created to allow everyone the opportunity to build a varied property portfolio; with ownbrix you control every element of your investment. You decide what you buy, how much you pay, who manages the property and how they manage it. Each property is directly owned by our members, and because of this, they have complete control over the properties that they have invested in. This is probably the only investment you will find where the power of decision making is under your complete control.
Our sophisticated software makes buying, selling and managing real estate fast, paperless and simple.
Once a managing agent is chosen by the owners of a property, 90% of the work is carried out by the agent. Our software links with your chosen managing agent and keeps you informed as to the management of your properties. Any decisions regarding the management of your properties that falls outside of the agreed management contract is referred to the owners of the property via your private boardroom. In this area you and your co owners can decide on the course of action you want to take, vote on it and our software will inform the managing agent of your decision.
An example of something that would fall outside a standard managing agents discretion would be "the hvac system needs to be replaced or repaired. To replace it will be $3,600 with a 5 year guarantee. to repair it would be $1,200 but this might only last for 18 months and has no guarantee" quotes will be included and you can either decide to accept one of the two suggested options or else suggest a different solution or look for lower quotes. All of this is easily done using our software in your property boardroom.
Investors can purchase part ownership of any property on our site, this equity share is referred to as a Property Brix®
Each property is made up of a set number of Property Brix® (equity shares), which once set cannot be altered.
All profits made on the property, be they capital gains or income are divided amongst the registered owners on a pro rata basis (i.e. a 10% owner will receive 10% of the profit/income). As the property increases in value, so do your Property Brix®.
Answer - Your funds and assets are completely protected at all stages of the process. Any funds you send are held in a protected escrow account.
Every order to purchase or sell brix is carried out by a lawyer, and the funds to complete the order are distributed to clients by the lawyer.
All the deeds, and 999 year leases are held by a lawyer, any changes to the documents (taking off a client who has sold brix and adding a client who has bought brix) are carried out by a lawyer.
Answer - Yes. When you buy a brix in a property, you will own whatever percentage of the property you have agreed to buy. For example, if there is a property on our site which is divided into ten Brix® and you buy one Brix®, you will be a 10% owner of the property as you will own 10% of the issued Brix®. Each property on our web site, clearly shows not only how many Brix® have been issued, but also what percentage of the total property they represent. For example a property divided into 200 Brix®, will show that 200 Brix® have been issued and that each Brix represents a 0.5% ownership of the property.
Answer - Your name will appear on the property owners register, showing what percentage of the property you own.
The property owners register is a legal document that is attached to the deeds of the property. The ownership is a registered 999 year lease (virtual freehold) with a peppercorn rent.
In your client account, you can clearly see what percentage of a property you own, and also details of your property partners and their ownership percentages. At any time you and your co owners can request the freehold be transferred to you and this will be done at a cost of $1.00. Please note that once this is done the property can no longer be listed on our site.
Answer - Yes, you will receive your proportion of the rent, this means that if you own 3% of a building which is rented out, you will receive 3% of the net rental income. Rental income is distributed to the owners of a property monthly in arrears. Rental income earned by you will be credited to your client account. You can request payment from your client account at any time. For security reasons, money will only be sent to you, at the address which you have registered with ourselves or direct to your bank account.
Answer - Yes, you can sell your Brix® at any time. All you need to do is click a button in your client account and choose which brix and how many you want to sell. Your Brix will immediately be put up for sale. The sale price will be set at the market price as shown on screen, (though you do have the choice to ask for more or less than this price). When a sale is completed, your client account will be credited with the net sale proceeds.
Answer - You do! OwnBrix will provide you with all the information that you need to make a decision.
The local managing agent will take care of most the management issues, in line with their contract. If a decision to sell the property is proposed then all the owners of the property vote to decide what they would like to happen to their property. Owners can choose their own managing agent and can have as much or little of the day to day running of the property as they choose. To remain on the Ownbrix trading platform, any property managers or builders will need to be able to link their software to ours, to enable us to keep all owners fully informed of all events.
Answer - The Brix® are valued in direct proportion to the value of the property. For example, if a property is purchased for $10,000 and there are 10 Brix®, each Brix® is valued at $1,000. As the property increases in value so do the Brix®. The value of a property changes continually over time; these changes are reflected in the Brix price. The Brix price is an estimation of the property value and is conservatively calculated using comparable property sales per sq ft within 1 mile or less of the subject property. These comparable values are available for members to see and are shown on the property page of our website.
Answer - All our fees are clearly shown in the "fees" section. Put simply, we charge a 2.5% fee on each Brix® bought or sold. In addition, there is a 0.75% listing fee charged each year on the value of the property subject to a minimum of $300.00.