Company Description
This property is an occupied 3 bedroom 1 bathroom single family home located in an A.I. recommended neighborhood of St. Louis. It has a new water heater, a functioning furnace that was recently cleaned and serviced and a functioning AC unit with a new AC disconnect box. The roof has had damaged or missing shingles replaced and new flashing.
The tenant is a family on a month-to-month lease at $1,100/month. They’ve lived in the property since 9/1/2016.
The maintenance reserve has been increased from 5% to 8% to fix the following cosmetic issues. The repairs include: Paint all walls in 3 bedrooms upstairs. Paint accent wall in living room. Touch up paint in hallway in front of bedrooms. Basement - paint wall left of stairwell. Paint floor in common area in bedroom. Repair baseboard where needed. Replace 8 kitchen tiles in front of sink. The full repair proposal is in the property documents link below.
Updates:
Update 11/24/2021: You can view pictures of the repairs by going to the property documents link and clicking "Completed Repair Pictures", or by simply clicking here.
Update 8/4/2022: The tenant currently owes for July and August rent. They recently changed jobs and have been following up with the Property Manager consistently & letting them know that they're trying to make payments. Because the tenant has been very communicative & paid their rent on time up until they changed their job, the PM is recommending a payment plan. If the tenant misses one payment for the payment plan, the PM will move forward with cash for keys. We informed the PM that cash for keys is the route that token holders want to take on this, per the recent governance survey on tenant delinquencies. Because the PM's recommendation differs from that of token holders, there will be a governance vote to determine the final decision. Click the "Vote Now" button below to vote on whether you'd like to offer the tenant a payment plan or cash for keys. The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all investors in Lofty Holding 9583 Pagewood Ave LLC on Monday, August 8th once the voting period ends.
Update 8/8/2022: The governance voting results are back for the vote on whether to offer the delinquent tenant a payment plan, cash for keys, or to move forward with an eviction immediately. The Property Manager recommended offering the tenant a payment plan because they have been very communicative & paid their rent on time up until they recently changed their job. The winning vote is: Offer the tenant a payment plan subject to the Property Manager's discretion. If the tenant misses one payment, proceed with cash for keys immediately. This decision was voted on by 936 out of 1,143 tokens which is equal to 81.8% of the total votes. The Property Manager will be offering the tenant a payment plan immediately.
Update 8/9/2022: The Property Manager has set up a payment plan with the tenant to pay their balance in full, per the results of the previous governance vote. The payment plan will consist of bi-weekly payments of $1,100 on August 12th, August 26th, and September 9th. This includes all fees for rental collections (late fees, notice fees, and processing fees) as well as August and September rent.
Update 8/14/2022: The tenant made a payment of $1,100 on 8/12, per the payment plan agreement.The tenant owes another payment of $1,100 on August 26th. Once this payment is made, the tenant will be fully caught up on rent. September rent will be paid on September 9th, per the payment plan agreement. You will begin receiving daily rental income tomorrow as well as back-pay rent for August 12th, 13th, and 14th.
Update 9/1/2022: The tenant made a payment of $1,100 on 8/26 per the payment plan and is now fully caught up on their balance. They will be paying September's rent on 9/9.
