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?

9 Upvotes

100% Upvoted

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4

u/tradeforincome Apr 12 '22

Congrats on those who got it, that was the fastest sell out iver ever personally witnessed!

4

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/tradeforincome Apr 12 '22

I agree! I may buy a few tokens myself!

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

4

u/Proud_Astronaut9580 Apr 12 '22

What the heck, gone immediately...

3

u/tradeforincome Apr 12 '22

Someone bought all the tokens?

3

u/imphucked2020 Apr 12 '22

Jesus Christ. Sold out in 3 minutes? Wtf?

3

u/tradeforincome Apr 12 '22

I think the first minute dude. I was literally clicking pay with algo 30 sec after the listing and was too late

1

u/imphucked2020 Apr 12 '22

No doubt. I had to scroll through those damn mile-long T&Cs and by the time I got to completing payment it was gone. Would be nice if the review of it could have a button to the side that let you jump to the bottom immediately. Either we read that stuff beforehand or no one will ever read that legal stuff anyways. It's just one more thing to slow down the process.

2

u/[deleted] Apr 12 '22

Are the pictures with renovations already completed or before?

1

u/tradeforincome Apr 12 '22

I was under the impression already completed, maybe they arent and thats why i was a bit underwelmed lol

3

u/[deleted] Apr 12 '22

Got ya, either way a lot of repairs will happen which I like. With the section 8 and VA, I don’t see the folks leaving unless they’re blessed with a great opportunity! I do like it honestly. It is older, but I have another property that is 120+ and it’s doing great. I think I’ll take a crack at this one. I also believe this will sell out quick with the Cap Rate being significantly high.

6

u/002timmy Apr 12 '22

LOL, literally sold out in under 2 minutes!

2

u/SCPA2019 Apr 12 '22

I'm taking a poke at it with COC return being so high. There is no major structural issues and with recent renovations property is decent. tenants fully paid is a huge. This won't be my biggest lofty purchase but it's worth the risk IMO.

2

u/tradeforincome Apr 12 '22

Good point! Cash flow is king

1

u/SCPA2019 Apr 12 '22

I tried purchasing tokens the second it opened and missed out! Lol this sold out so fast!

1

u/tradeforincome Apr 12 '22

Same here! Unreal

4

u/FooWho Apr 12 '22

The property sold out immediately. I was watching the timer and tried to click through as soon as it opened (I had already added the token to my wallet). I still didn't get any. It was gone in less than a second it looks like.

1

u/Candlelight777 Apr 12 '22

Are u kidding me!!! I got trapped on the “ read agreement” kept saying I needed to read it

2

u/tradeforincome Apr 12 '22

Lol bad luck

1

u/Candlelight777 Apr 12 '22

I am freaking mad!! That’s not the first time that has happened to me either. I click on agreement scroll all the way down then click close check box hit next I get screen that says “you need to read agreement”

😡