Company Description
This fully renovated property is a 3 bedroom 2 bathroom single family home located in a trending neighborhood of Memphis. The following renovations have been completed: New A/C unit, new water heater, new roof, interior and exterior paint, new floors and carpets, new windows, upgraded kitchen, new electrical, new plumbing, and new concrete driveways.
This property is currently on the market for rent.
Updates:
Update 3/11/2022 - The tenant has abruptly moved out and the property is now vacant. The Property Manager (PM) has walked the unit and has found issues that need to be repaired in order for the property to be marketed for rent again. The amount of repairs to be done has been put up for a governance vote which will conclude on March 15th. This page will be updated then.
Update 3/14/2022: A security deposit made by the tenant for $1,350 will be used for the repairs needed to get the property ready to rent again.
Update 3/15/2022: Investors have voted to complete the required repairs and recommended repairs totaling $3,494.98. There is a security deposit on this property of $1,350 which will go directly towards these repairs. The remaining $2,145 will come out of the maintenance reserve. The Property Manager has been notified of the LLC's decision and will be acting immediately.
Update 4/19/2022: The repairs and final inspection for 1380 Kimball Cv have been completed and the property has been listed for rent at $1,350/month as determined by the Property Manager. Per the original governance survey, token holders voted to defer to the PM to determine how much a property/unit should be rented for. This is the same rental rate as before, so if a tenant is found at this rate, the Cap rate will remain the same. Once we receive an update from the PM, we will update all investors immediately.
Update 5/31/2022: The Property Manager has been unable to successfully rent this property at the previous rental rate of $1,350/month, so they have dropped the monthly rent to $1,300/month. Over the past week, they have received 7 leads, have 3 showings scheduled, and have had one in-person showing so far. Once we receive another update from the PM, you will be notified immediately.
Update 7/7/2022: This property has officially migrated over to the new Property Manager, HomeRiver Group, based on the results of the prior 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 marketing of this property for rent. Once an update is available on the the leasing status, you will be notified immediately.
Update 8/10/2022: This property is currently on the market for rent at $1,250/month and the new Property Manager, HomeRiver Group, expects to find a tenant within the next month. Because of the extensive delay in finding a new tenant for this property due to the transition from the previous PM to the new PM, Lofty will be providing a full rental credit at $1,250/month until a new tenant is found. You will begin receiving daily rental income for this property starting today.
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 9/28/2022: 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 1,372 out of 1,579 tokens which is equal to 86.9% of the total votes. This new insurance policy will go into effect on 9/31/2022, once the current insurance policy ends.
Update 10/12/2022: The realtor stopped by the property and reported that the property was broken into. Appliances were stolen and the outside AC unit is missing. The Property Manager had a vendor assess the situation and they also found that the 220v wiring is missing from outside the property. This will need be replaced in order to install the AC unit and test the system. The property has been secured, but repairs are required before the property can be presentable for showings. The property had a total of 42 leads and 5 showings since listing. The leasing broker recommends to lower the target rent to $1000 due to recent break ins and zero rental applications. The PM obtained competitive proposals to install a new 3.0T 14 seer 410 a condensing unit and reinstall the cage over the AC unit. The PM is recommending the lower estimate of $3,600 compared to the higher estimate of $4,700. The difference between the two estimates is the manufacturer of the AC unit. The PM has experience with less expensive unit and has not had issues with it. The PM is currently getting estimates from an electrician to replace the 220v wiring.
Update 10/19/2022: The Property Manager will be replacing the stolen refrigerator and stove. The cost to install a new black stove and refrigerator set will be around $1,750. We are currently waiting to receive a repair invoice for these appliances. The PM is also working on getting estimates to install a new fence around the AC unit and new security doors because the property is located in a cove with duplexes that are not well-kept. The new fence will minimize the direct view of the AC unit.
