Company Description
This property is an occupied, recently renovated 5 bedroom 2 bathroom single family home located in an A.I. recommended neighborhood of Cleveland.
The 1st floor has 2 bedrooms and 1 bathroom. The 2nd floor has 3 bedrooms and 1 bathroom. The 3rd floor is finished, and can be used as an additional bedroom. The kitchen and bathrooms have been remodeled, all new windows, updated plumbing, and stainless steel appliances have been installed. This property has modern updated electrical panel and wiring, the hot water tank was installed in 2019, the furnace is less than 5 years old, and the roof is 10 years old.
The tenant is on a 1 year lease which ends on 10/31/2022 and is paying $1,200/month.
All items in the inspection report have been repaired. Pictures of completed repairs are included in the pictures above starting at picture #29.
This property comes with a 1-year home warranty.
Updates:
Update 3/29/2022: Token holders have voted to offer the tenant cash for keys of $600 to vacate the property immediately. If they do not accept, they will be offered $1,200 to vacate the property immediately.
Update 4/5/2022: We have just been informed by the Property Manager that the tenant living at 8708 Willard Ave has actually been paying rent this whole time, so there is no need to take action. They have been paying rent to the legacy Property Manager, instead of the new Property Manager that took over once the property was closed on by the LLC. The new Property Manager has now collected this rent and will be receiving rental payments from this tenant moving forward. Please disregard the previous governance vote asking if you'd like to do Cash for Keys or an Eviction––the tenant has been paying on time and there are no tenant issues at this time. Soon you will receive all of the rental income from March 28th (when daily rent was stopped) to today as well as daily rental payments moving forward.
Update 7/21/2022: The tenant currently owes for June and July rent. The Property Manager has set up a payment plan with the tenant and is assisting them with applying for rental assistance. Based on the recent governance survey for rent delinquencies, the winning vote for this property is to offer the tenant cash for keys for 50% of the monthly rent ($600) to vacate the property immediately. If the tenant does not accept, the PM will offer them 100% of the monthly rent ($1,200). This has been communicated to the PM and they will proceed with the cash for keys offer if the tenant does not pay according to the payment plan. Daily rental income will begin again once the tenant has either caught up on their rental payments, or a new lease is signed.
Update 8/5/2022: The tenant still has a past due balance for June and July. They have started applying for rental assistance and promised to pay off their balance by next week. The Property Manager has reached out to the tenant to offer them Cash for Keys, but they have not responded to the offer. They have also not paid August rent.
Update 8/15/2022: The tenant made a payment of $2,000 this month and has brought their balance down to $2,589.32. They did not accept the Cash for Keys offer as they wish to pay down their balance and remain in the property. The tenant will make weekly payments towards the balance. They also applied for rental assistance last month. We are waiting on the PM to confirm the terms of the payment plan and the status of the rental assistance application.
Update 8/25/2022: The tenant's application is in the final stages of approval for rental assistance. They also promised to make a payment next week. Once the tenant is approved for rental assistance, you will begin receiving daily rental income again, as well as rent back-pay beginning on July 21st.
Update 9/22/2022: The tenant owes for the current month and the balance has grown to $4,053.43. The tenant has been approved and awarded $9,458.32 in Rental Assistance. The award covers rents for April 2022 through November 2022. The PM is still waiting for the award to be distributed. It will take about 3-4 weeks to receive the award. You will be receiving rent back-pay for this property from 7/21/2022 until 9/21/2022, and your daily rental income payments will begin again today.
