The seller, Tyler Robertson with Benton Assets LLC, has owned this property since April, 2021, and is selling a portion of his property's equity on the Lofty Marketplace.
The property has a loan balance of $138,500 and the lender has approved the owner to sell their equity. The loan documents can be viewed here. The seller must continue to make monthly payments on their loan balance, as the lender has first lien on the property. Investors on Lofty do not pay a portion of the debt payments.
The Rental Yield of 10.5% is based on the value of $154,950 (Total Investment Value - Debt). As the seller pays down their debt over time, their equity percentage in the property will increase and the equity percentage of Lofty investors will decrease proportionally. As a result, the Rental Yield for investors on Lofty will decrease as the debt is paid down. The Rental Yield once the loan is fully paid off is projected to be 5.5%.
Click here to learn more about how property owners sell partial ownership of their properties on the Lofty Marketplace.
Single Family Home located in Harrison, Tennessee.
Details
- Renovated 3 br, 2 ba home located just outside Chattanooga, Tennessee.
- Built in 1976
- Renovations made by the seller include:
- Some new flooring
- New appliances
- New paint inside and out including fireplace and enclosed porch
- Deck repairs
- Some new lighting
- Landscaping
- New glass door
- The seller purchased this property in April, 2021 for $104k as a subject-to purchase. The price reflected the existing loan the seller took over plus a payment of $25K. The seller advised the property was likely worth $185k at the time of the purchase, and the market has appreciated since.
- The seller is providing a credit of $2,946.99 to repair the items in the Inspection Report Repairs document.
Property Management and Insurance
- Currently managed by PMI Chattanooga. The owner-elected institutional Property Management company, Evernest, will be taking over management on 10/07/2023.
- Insurance Policy from Great American E&S Insurance Company
Occupancy Status
- 1 year lease (04/28/2023 - 04/30/2024)
- $1,700/month
- $1,700 Security Deposit
- Owners begin receiving daily rent on the same day they invest via a rent credit
- Lease Agreement
Location Data
- 3.5/5 Neighborhood Rating on Roofstock
- "B+" Rating for Zip Code on Niche
Due Diligence Documents
