Company Description
This property is fully renovated, occupied and is located in the suburbs of Florissant, Missouri.
It features gorgeous tile and laminate flooring, a large kitchen with granite counters, full basement, large yard with deck and patio, and more.
The tenant is on a 1 year lease which started on 10/01/2021 and is paying $1,130/month. The property is being rented below the market rate and the seller is providing a rental credit of $220/month to bring the monthly rent up to the market rate of $1,350/month.
Refer to the 'Documents' tab above to view the following information:
Purchase Agreement
HouseCanary report
Renovations & upgrades
Inspection report
Inspection report repairs
New roof invoice
The LLC documents will be uploaded to the 'Documents' tab once the property is fully funded and closed.
Updates:
Update 6/28/2022: There was a fire in the driveway of this property that caused $1,750 in damages to the garage overhead door and the siding around the overhead door. The tenant has an active police investigation with the Florissant police, as the tenants car also caught fire at the same time the garage did––there is suspected arson or intentional fire. Once we have more updates on this, you will be updated immediately. The invoice for $1,150 below covers the garage overhead door. The additional invoice of $600 to repair the siding around the overhead door will be added to the property's documents folder once it's received. Based on the original governance survey all token holders completed after their first token purchase, 63% of token holders voted to follow the Property Manager's recommendations for any immediate repairs. $1,750 will be taken from the maintenance reserve of $6,825 which will be replenished via 10% of the monthly rent until it is full again.
Update 6/28/2022: Per the last update, there was a fire in the driveway of this property that caused $1,750 worth of damage to both the garage door and siding. After digging deeper, it appears that the property's insurance should have covered these damages, but the insurance coverage had not been fully set up yet when the fire took place. Insurance coverage always starts on the day the property is closed, but this specific property appears to have had a gap from when the property was closed and when the insurance coverage started. Because of this error, the $1,750 in damages will come out of Lofty's seller fee for this property. We appreciate your understanding on this issue and actions will be taken to make sure this lapse in coverage does not occur again.
Update 8/1/2022: The tenant reported a tree limb leaning on the roof of the property. The Property Manager is confirming if this is a result of the recent storms in St. Louis or if this is due to overgrowth. We are currently waiting on a work estimate from the PM.
Update 8/4/2022: The vendor has removed the tree limb from the roof. The cost to remove the tree limb was $480. These funds will be deducted from the maintenance reserve which will be replenished via 10% of the cash flow until it is full again. We are waiting on the Property Manager and their vendors to assess if there are any damages to the roof caused by the fallen tree limb.
Update 8/23/2022: The Property Manager had a vendor inspect the roof for damages after the tree limb was removed. The vendor did not find any signs of damage, as the roof is newer. The tree did dent a gutter on the front of the roof. Consequently, the vendor will have to install a new gutter run across the front of the roof. We are waiting for a proposal from the PM to replace the gutter.
Update 9/19/2022: The Property Manager has received a proposal from the roofing vendor to replace the gutters at the property. The gutters were recently dented when a tree limb fell on the roof (no damage caused to roof). The estimate includes 6" K-Style Aluminum Gutter System & 3"x 4" Downspout Replacement. The repairs include: Remove Entire existing gutter system from the home. Replace Any bad/rotten fascia boards at an additional $7.50per LF. Replace any existing damaged aluminum fascia wrap at an additional $5.50 per LF. Install New 6" K-Style Aluminum Gutters on Gutter Eaves where previously existing. Install New Aluminum 3"x 4". Downspouts on all previous existing locations. Install New Gutter Clips in Gutter runs with 24" spacing. Install All Matching Elbows, Extensions and Etc. to color selected
The total estimate for the gutters is $630. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again. The total cost of the gutter replacement and tree removal is a little more than the $1000 insurance deductible. The PM recommends it would not be worth filing a claim for the loss at this time as insurance payout would be minimal.
Update 10/6/2022: The tenant signed a 12-month lease renewal at the same rate of $1,130, effective 10/1. The tenant submitted a work order for the air-conditioner unit leaking and there is a flood in the basement. The leak is coming in 4 different points and the tenant is concerned that this will cause electrical problems. The tenant attempted to change the air filter, but cannot locate it. The work order is considered an emergency and the Property Manager has dispatched an AC vendor to resolve the issue. There will be an expense for the service call and an estimate for additional repairs will be sent, if any.
Update 10/18/2022: A vendor arrived onsite and identified the leak coming from the clogged condensation line for the AC Unit. The line was cleared and the total cost was $225.13. The control panel for the furnace was damaged by the leaking water and the vendor completed the repairs to restore the system. The cost of the furnace repair was $537.80. The total cost of repairs is $762.93. These funds will be deducted from the Maintenance Reserve which will be replenished via 10% of the cash flow until it is full again.
