Company Description
This property is a fully renovated 3 bedroom 2 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed: New luxury vinyl plank flooring throughout, repaired kitchen cabinets, new dishwasher, repaired plumbing in bathroom, new interior doors & door knobs, 3 new ceiling fans in bedrooms, new lights & mini blinds as needed, repaired ceiling & walls, repaired damaged wood on exterior, interior & exterior paint.
The tenant is currently in the process of being evicted, but they are paying off their balance and expect to have it fully paid off by 9/1/2022.
Updates:
Update 11/19/2021: The cap rate has been increased from 6.1% to 6.6%. This change kicks in immediately and you will see an increase on your next daily rental payment starting today. Reason for the increase: The seller has decided to reduce the asking price from $125,000 to $115,000 in order to sell the property faster. The seller has already agreed to push the closing date back until after the property is fully funded. This change in price will be reflected via a new contract added to the LLC documents for this property shortly.
Update 6/21/2022: The Property Manager has tried multiple times to offer the tenant Cash for Keys per the last governance vote, but they have not been able to get in touch with them. Because of this, they will be moving forward with an eviction immediately. Evictions in Memphis typically take 2 months. Once we receive a new update from the PM, you will be notified immediately.
Update 7/28/2022: The eviction court date for this property is set for 8/1. We will know more details next week on the next steps once a judgement is received for this property. Once evictions have closed, this property will migrate over to the new PM, HomeRiver Group, who will handle any turn repairs as well as listing the property on the market for rent.
Update 8/4/2022: The eviction has started and is currently pending a court date. The tenant has made small partial payments towards the balance owed and the delinquency balance is currently at $1,564.33, which includes August rent ($975). The Property Manager recommends not to cancel the eviction at this time as the legal charges have been paid for, and to instead wait until next week to give the tenant time to catch up with his remaining balance.
Update 8/15/2022: The tenant made an additional payment and brought their balance down to $1,271.83. The tenant advised that they will make a payment of $700 this week and will pay off the rest of their balance with their next paycheck. The eviction case is still active and is scheduled on 8/22. The Property Manager will be waiting to see if the tenant pays off their balance in full by the end of this month before cancelling the eviction.
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 8/18/2022: The tenant made an additional payment of $700 yesterday and brought their balance down to $571.83. The tenant advised that they will pay off the remainder of their balance on their next paycheck at the end of this month. The eviction case is still active and is scheduled on 8/22. The Property Manager will be waiting to see if the tenant pays off their balance in full by the end of this month before cancelling the eviction. Once the tenant pays their full rent balance, you will receive rent back-pay from 6/21 until the day the balance is paid in full. Even if the balance is not paid in full, you will still receive partial rent back-pay shortly as the tenant has paid off a portion of their balance.
Update 8/26/2022: The tenant has paid off their full past due balance. You will be receiving rent back-pay from 6/21 until today, as well as daily rental income moving forward. The tenant has also submitted a money order for September's rent and partial October's rent. The Property Manager has dropped the eviction case as a result.
