Company Description
This occupied, cash flowing property is a recently renovated 3 Bedroom 1.5 bathroom single family home located in a trending neighborhood of Memphis.
This property was recently renovated with a new kitchen and bathrooms, new vinyl plank flooring, interior and exterior paint, and exterior lights.
Updates:
Update 7/8/2022: The tenant has not paid July's rent and has informed the Property Manager that they will move out on 7/10 as they cannot keep up on rent payments. The new Property Manager, HomeRiver Group, will complete the turn services and look to place a new tenant in the home at an increased rental rate.
Update 7/14/2022: The tenant at 5003 Deneen Dr has vacated the property as promised. The property will be turned over to the new Property Manager, HomeRiver Group, to complete turn services and market the property for a new tenant.
Update 7/27/2022: The Property Manager will be marketing your property for rent this week at a rental rate of $1,150/month for a 1 year lease. This is a 35% rent increase ($300) from the previous rent of $850/month. The PM will also be offering a 2 year lease for $1,100/month in an effort to decrease vacancies & expenses of yearly move-outs. If no applications are received within 2 weeks at these rental rates, the rates will be reduced by $25.
Update 8/10/2022: The Property Manager has completed the move-out inspection of this property and found that $3,628.21 worth of repairs must be made in order for the property to be ready for rent again. In the previous update for this property, it was mentioned that the PM would be marketing the property for rent last week. This was a communication error, and we've now learned that these repairs must be completed first before the property can be marketed for rent. Because of this miscommunication and the investor expectation that this property would be on the market for rent without the need for repairs, Lofty will be providing a full rental credit at the projected rent of $1,150/month starting today. You will begin receiving daily rental income for this property today and $3,628.21 will be deducted from the maintenance reserve which will be replenished via 10% of the cash flow until it is full again.
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.
Update 9/27/2022: The governance voting results are back for the vote on whether to renew landlord insurance with Actual Cash Value coverage or Replacement Cost coverage. The winning vote is: Replacement Cost Coverage. This decision was voted on by 902 out of 1,073 tokens which is equal to 84% of the total votes. This new insurance policy will go into effect on 9/31/2022, once the current insurance policy ends.
Update 10/12/2022: The property has had a total of 29 leads and no showings. The property was initially listed at $1,150 and then dropped down to $1,050. The target rent will be lowered to $950 in increase showings for the property.
