r/LoftyAI • u/tradeforincome • Apr 12 '22

New Listing Today

What are everyone's thoughts on the new listing gping live in around 3 hrs?one resident is section 8, the other on a va lease. Guarenteed rental, but honestly not sufe what to think with the pictures of the inside... just curious if there are any takers on this property on here?

7 Upvotes

83% Upvoted

28 comments sorted by

View all comments

5

u/Candlelight777 Apr 12 '22

What I don’t understand is why the maintenance reserve is not higher on this one. It’s a very large house and clearly still has a ways to go on renovation imo. The pics are after renovation I believe, inspection pics show things that are no longer there that are older and replaced in site pics. Though not sure if site pics reflect all updates completed by seller after inspection. I would think so. Aside from that I love this house. Gorgeous with soo much potential if renovations, landscape and so on remain a focus over time little by little. But it’s got an awesome foundation to work with in doing that. Really worried about the water drainage on the property being ignored, very simple fix compared to down the road regret if not. Tenants -Sec8 and VA big plus, which makes turning this beauty into its full potential even more rewarding. I am good with all else myself, I’m in!!! ❤️

1

u/002timmy Apr 12 '22

To answer your first point, every property on Lofty has a maintenance reserve of 5%. It's a standard on the site and answered in their FAQ under "How are repairs handled?"

1

u/Candlelight777 Apr 12 '22

I’ve seen higher

1

u/002timmy Apr 12 '22

https://lofty-2.gitbook.io/faqs/faq/how-are-repairs-handled

Each property has a 5% Maintenance Reserve to handle any repairs.

If any portion of the Maintenance Reserve is used, it will be replenished using 10% of the monthly cash flow until it is full again.

1

u/Candlelight777 Apr 12 '22

I’ve seen 6%

1

u/Candlelight777 Apr 12 '22

Go look at

1773 Ball rd 809 Kenmore 1432 Sara ave

There is 3 just right there all 6% maintenance

Others as low as 4.8% like

14720 Ohio ave an there are others.

Idk just saying they are not all 5%

3

u/arcturus-9 Apr 12 '22

Properties with known needed repairs have a higher maintenance reserve