August 2021: Maintenance and Deliquency

August faced more challenges than expected though nothing significant. These include rodent remediation, lingering insurance transfer and late rent. Rodent remediation has been working and the property is seeing significant improvement. Evidence still exists so a recommendation to repair / replace cellar entrance door and full removal of remaining "finished basement" walls was suggested. Cellar door entrance was an identified expected repair from the purchase so no surprise there. Additional suggestion to remove remaining finished basement walls was approved to proceed. With removal of these walls we may find issues / concerns that were not seen during the home inspection. Insurance inspection items were repaired and reports sent to the underwriting company. No response or status received yet though servicer is looking into it.

Unit 1 was delinquent on payment for August. Property Management has been in communication and reasons was job loss that has allegedly be remedied. As a reminder, Unit 1 is an original tenant during purchase and that unit has not yet been through rehab because it has not yet been vacant.

Tenant Update

• First floor: $0 collected
• Second Floor: $1,295 collected
• Third floor: $1,250 collected

Major Costs Summary

• None

Activities / Milestones

• None

Next / Todo

• Finalize property insurance transfer
• Insurance inspection remediation
• Transfer mortgage bill pay to property management
• Note: We may retain facilitation until a larger reserve has been accumulated