Company Description
This property is an occupied, recently renovated 4br/2ba single family home located in a trending neighborhood of Memphis.
The following renovations have been completed: New roof, new driveway, interior and exterior paint, laminate flooring, and carpet in the master bedroom.
This property is currently vacant.
Updates:
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%. Because of this, you will see an increase in your Cash on Cash return starting today. This is reflected in the Assets Overview section of your Lofty account.
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 9/23/2022: The tenant currently owes September's rent. Based on the governance survey on how to handle tenant delinquencies, the winning vote for this property is to offer a payment plan. The Property Manager will work with the tenant on a payment plan. Once the tenant has paid their balance off, you will receive rent back-pay for this property as well as daily rental income moving forward.
Update 10/12/2022: The tenant owes rent for September and October. They advised the Property Manager that September's rent was paid to the previous management company. However, the previous PM has confirmed that they have not received September's rent from the tenant. The current PM has posted a notice via email and mail. They will post a notice on the door this week.
Update 10/21/2022: The tenant voluntarily vacated the property after receiving the 3-day notice posted on the door. They owed rent for September and October and had been claiming they sent payments to the previous Property Manager. This was confirmed to be false. The tenant made a security deposit of $1,500 which will be forfeited for breach of contract. The Property Manager will complete a move-out inspection and write up a scope of work for the turn services. The leasing team will also provide a target rent shortly.
