Company Description
This occupied 2 bedroom 1 bathroom single family home was fully renovated in June 2021.
The following repairs have been made: Serviced furnace, repaired kitchen cabinets, replaced broken kitchen tiles, restored & sanded hardwood floors, repaired walls, new interior doors, new light fixtures, removed ground heating system, repaired damaged wood, patched roof, new exterior door, replaced broken window, landscaping, interior & exterior paint.
The tenant is on a 1 year lease from 5/2/2022 - 5/2/2023 and is paying $895/month.
Updates:
Update 7/28/2021: The property documents have been fully updated. You can view them by clicking this link: https://asset.lofty.ai/LFTY0003
Update 1/19/2022: The tenant has willingly vacated the premises, therefore there is no need for eviction or cash for keys. Initial damages include one broken window, and the Property Manager is assessing the overall damages and will give us a report shortly. If the damages are more extensive, insurance will likely cover this as there is a clause for tenant vandalism. The Property Manager is securing the property right now by changing the locks and boarding up the broken window. They have already started the process in rekeying the property to secure everything. They will also turn off the utilities. There is a $150 cost for rekeying that will come out of the maintenance reserve.
Update 2/21/2022: Repairs are in progress and an insurance claim was filed due to previous tenant damage. The property manager has given an ETA of two weeks until the repairs are finished. They have stated that there may be a delay due to the poor weather conditions in the area.
Update (4/5/2022): The repairs have been fully completed and the property is currently on the market for rent at $895/month. This rental rate increase was determined by the Property Manager per the original governance survey taken by all investors. Below is an update on the leasing status from the Property Manager so far.
Leads: 12
Leads Pre-Qualified: 6
Leads Scheduled: 4
Viewings: 4
Update 4/15/2022: A tenant has been found and a deposit of $895 has been made.
Update 5/2/2022: A resident has moved into 3557 Carrington Rd on a 1 year lease and is paying $895/month. This is a rent increase of 5.3% as the prior lease was at $850/month. The updated Cash on Cash return for your tokens will be reflected in the Assets Overview section of your Lofty dashboard. There was a miscommunication error, and this property's lease actually started on April 15th. You will be receiving back-pay for the rental income you should have received starting on April 15th shortly, as well as daily rent payments starting today.
Update 7/20/2022: The governance voting results are back for the vote on which insurance policy investors prefer for 3557 Carrington Rd. The winning vote is: Arcana Insurance (Replacement Cost coverage). This decision was voted on by 593 tokens out of 991 total tokens which is equal to 59.8% of the votes. This new insurance policy will go into effect immediately.
Update 7/22/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the prior governance vote. HomeRiver Group charges a lower Property Management fee of 7%, which results in an increase in the CoC return of this property.
Update 8/18/2022: The Property Management fees have been reduced to 5.7% due to a new National Partnership Agreement between Lofty and the Property Manager, HomeRiver Group.
