Company Description
This single family home in Memphis has 2 bedrooms, 1 bathroom, sits on 9,600 sqft lot, and is just a few miles from restaurants, parks, and freeway access.
It is currently on the market for rent at $875/month.
This property also comes with a 1 year Home Warranty.
Updates:
Update 3/8/2022 - The tenant has stopped paying rent and the Property Manager has given them an eviction notice. This was decided on by a governance vote by all investors in this property. Once there is a new update, it will be posted here.
Update 3/28/2022 - Token holders voted to offer the tenant Cash for Keys of $400 (50% of monthly rent), and if they do not accept, offer them $795 (100% of monthly rent)
Update 4/19/2022 - The tenant has been unresponsive regarding the Cash for Keys offer after continuous attempts by the Property Manager (PM) to reach them via phone, email, and in-person visits. Because of this, the PM will continue to move ahead with the eviction.
Update 4/27/2022 - The resident visited the Property Manager's office yesterday (April 26th) and is asking if owners are open to cancelling the eviction and arranging a way for her to pay her balances down. During their visit, the resident told the PM that they have been going through a difficult financial situation and have had a hard time catching up on rent payments. They told the PM they were just promoted at their job and can start making payments to catch up right away. They will also be applying for rental assistance. The resident's proposal to the owners is the following: The resident will pay $500 on 4/29 and will make another payment on 5/6 for $895 for the back-paid rent. Moving forward, she will pay her monthly rent on time plus an additional $100 - $200 until she is caught up with her balances. There will be a governance vote to see if token holders would like to offer the tenant the payment plan or continue the eviction process.
Update 4/29/2022 - Token holders voted to accept the resident's proposal and cancel the eviction process (once their first payment of $500 is confirmed).
Update 5/3/2022 - The Property Manager has received the first $500 payment from the resident as part of their payment plan. Per the last governance vote, the Property Manager has now cancelled the eviction process and will be moving forward with the payment plan below. If, at any time, the resident does not pay on time, the eviction process will resume immediately.
Update 5/4/2022 - We've been informed by the Property Manager that the resident living in 2724 Chatsworth St had paid their normal rent this month alongside the payment plan. Because of this, you will receive daily rental income for this property moving forward. You will also be receiving back-pay for the rental income you should have received starting on May 1st when the resident paid their rent for this month.
Update 6/3/2022: The tenant has broken their payment plan and has also not paid rent for June. Per the terms of the payment plan agreement, the Property Manager resumed the eviction process, which was originally started on April 19th. The PM has informed us that they have already received the result and have won possession and cost. They have filed writ and are waiting for the result at which point the tenant will be forced to move out – ETA 2 weeks.
Update 6/21/2022: The tenant has been successfully evicted. The Property Manager is now in the process of doing the move-out inspection before the property can be listed for rent again.
Update 7/7/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the previous governance vote. HomeRiver Group charges a lower 7% Property Management fee compared to the previous Property Management fee of 10%. The new PM will be handling the move-out inspection as well as marketing this vacant property for rent. Once a new update is available on the leasing status, you will be notified immediately.
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 8/29/2022: The turn repairs have been completed and the property is on the market for rent at $875/month. This is a $80 increase (10%) over the previous lease of $795. The total turn repairs is $9,263. The property required a full rehab including replacing the floor and appliances. The HVAC, plumbing, and electrical systems were repaired as well. The Maintenance Reserve will cover $7,200 worth of repairs, and Lofty will be providing a credit for the remaining $2,063 worth of repairs due to the tenant issues with this property that occurred shortly after closing. This seller is no longer permitted to list properties on the Lofty marketplace. Once a new lease begins, the Maintenance Reserve will be replenished via 10% of the cash flow until it is full again.
Update 10/14/2022: 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 471 out of 666 tokens which is equal to 70.7% of the total votes. This new insurance policy will go into effect on 10/31/2022, once the current insurance policy ends.
