Company Description
This property is a recently renovated 3 bedroom ranch located in a trending neighborhood on the outskirts of Detroit. This property has a new kitchen with an eat-in area, a new bathroom, laminate floors throughout, a laundry room off the kitchen, and a 1 car detached garage in fenced backyard.
The tenant is on a 1 year lease starting on 10/2/2022 and is paying $1,100/month with a deposit of $1,650.
Updates:
Update 6/21/2022: The Property Manager has just notified us that this tenant had already moved out of the property and there are repairs that need to be made. The PM has completed move-out and compliance inspections and has found that the tenant has left the property in poor condition. The unit turn will require two techs to make 3 days worth of repairs totaling $6,363.64. There have been issues with this PM in Michigan before, and because they waited over a month to inform us about this vacancy and repairs, (they stated the PM managing this property was "unavailable" for the past few months) there will soon be a governance vote to switch Lofty PM's in Michigan. They have waived their administrative fee for the repairs because of this. Because this current PM was never voted on by token holders, Lofty will be providing the LLC with $1,514 as the current maintenance reserve of $4,850 is not enough to cover the total repair cost of $6,363.64. The maintenance reserve will be depleted and will be replenished via 10% of the monthly cash flow once the property is leased again.
Update 7/27/2022: The repairs have been completed and the Property Manager is in the process of scheduling the final cleaning. The PM will then walk the property to confirm is is ready to be marketed for rent, and will provide a target rent at this time.
Update 8/9/2022: The Property Manager has completed the final cleaning and started marketing the property for rent. The target rent for a new tenant is $1,100/month. This is a 12.8% increase from the previous rent of $975/month.
Update 9/8/2022: The Property Manager has received several applications and has had 3 in-person viewings of the property so far. One of the prospects did not like the area of the property, one could not verify income, and one did not respond to calls/emails. The leasing team is working on two leads at the moment, one with a target move in date of 10/1 and the other on 11/1.
Update 9/19/2022: The Property Manager has approved a rental application for a new tenant who wants to move in as soon as possible. The rent will be $1,100/month. This is a 12.8% increase from the previous rent of $975/month. We are waiting to confirm the lease term is 12 months as well as the specific move-in date.
Update 10/11/2022: The tenant signed a 12-month lease at $1,100, a $125 increase from the previous rent. The new lease started on 10/2. The Property Manager has confirmed the tenant has moved in, paid first months rent, and made a deposit of $1,650. You will receive rent back-pay from 10/2 to 10/10 and your daily rental income will begin again today. We are currently investigating the reason for the delay on this update by the PM.
Update 10/19/2022: There was an incident at the property involving vandalism and a broken window. The tenant filed a police report and the maintenance team has secured the window with boards. The tenant is responsible for the damages and has renters insurance. The Property Manager is working on getting a proposal for the repairs and will file a claim with the tenant's renters insurance.
