Company Description
This property is a recently renovated, occupied single family home located in Akron, Ohio.
The tenant is on a month-to-month lease which started on 04/01/2022 and is paying $1,100/month. They have paid a security deposit of $1,100.
If the tenant moves out and a lease is signed at a lower rental rate, the seller has agreed to either provide a rental credit to maintain the $1,100/month rent OR find and replace with a tenant backed by a government housing program at $1,100/month for the next year.
The seller purchased this property as part of a package in March, 2022. They've made some improvements which can be viewed in the "Documents" tab and are now selling the property.
Refer to the 'Documents' tab above to view the following information:
Purchase Agreement
HouseCanary report
Renovations & upgrades
Inspection report
Inspection report repairs
The LLC documents will be uploaded to the 'Documents' tab once the property is fully funded and closed.
Updates:
Update 10/13/2022: The tenant has an outstanding balance of over 3 months rent. The Property Manager was late to onboard the property in August, at which point they made first contact with the tenant. When the PM spoke with the tenant, they promised to make a payment. As of today, they have still not submitted any payments to date. There have been multiple issues with this Property Manager, including onboarding properties late alongside poor communication and a lack of effort to collect payments from tenants. Because of these issues, a governance vote will be sent out shortly to give investors the ability to change PM's. The PM will be moving forward with an eviction immediately, as they are not able to make contact with the tenant to offer Cash for Keys. The Vacancy Reserve is now expended. You will begin receiving daily rental income again once a new lease is signed.
