UPDATES.md

# Property Updates

## 2026-04-13

- **Property Update (04/13/2026):**
- We are issuing a proactive owner communication to keep update cadence consistent.
- Property operations and file review are in progress.
- A fuller operational/financial update will follow after manager file reconciliation.

## 2026-04-06

- **Property Update (04/06/2026):**
- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
- Yhome Net Due TO DAO: $0.00
- Lofty Operating Cash: $-8,964.92
- ECO Operating Cash: $-916.86
- Outstanding Liabilities (Unpaid Bills): $0.00
- DAO Net Cash (Capital Call): $-19,191.01
- Estimated Owners' Equity: $70,500.00
- DAO Estimated NAV Per Token: $20.52
- DAO Tokens: 2501
- Current PM: ECO (Selling)

## 2026-03-11

- **Property Update (03/11/2026):**
- This property received an insurance refund check of $799.01, which will be added to its Operating Reserve.

## 2026-01-06

- **Property Update (01/06/2026):**
- This property received an insurance refund check of $1,065.72, which will be added to its Operating Reserve.

## 2025-12-02

- **Property Update (12/02/2025):**
- Governance Results for 10724 Gooding Ave:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Approve borrowing a $5,000 bridge loan from the ULD (recommended)
- This option received 1,089 / 1,110 token votes, which is equal to 98% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3350355531) or by searching the application ID: 3350355531

## 2025-11-25

- **Property Update (11/25/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- The property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Property: 10724 Gooding Ave, Cleveland, OH 44108 (LFTY0131) Proposal Date: November 24, 2025 Supermajority Required: 60% Proposal Summary The DAO is in critical financial distress (net cash –$10,592, unpaid taxes, insurance, and vendor bills) and has already voted 98% on October 7, 2025 to list the property for sale. To facilitate an orderly sale process and avoid immediate tax liens or insurance lapse, the DAO requires a bridge loan of net $5,000.00 from the Universal Lending DAO to settle urgent obligations (insurance $749.10 + PM debt to Earl Co $3,988.93 + minor contingencies). Proposed Loan Terms Principal (net to DAO): $5,000.00 Origination Fee: 3% ($150.00) Total Loan Amount: $5,150.00 Interest Rate: 13.5% per annum, compounded monthly Term: 3 years Early Call / Liquidation Trigger: If any scheduled payment is missed during the first 18 months (50% of term), the ULD may immediately call the full balance and exercise first-lien rights to force liquidation/sale. Repayment Priority: 100% of net rental income (if any) applied to the loan until fully repaid; OR replenishment waived due to sale mandate.
Voting Options Option A – Approve borrowing a $5,000 bridge loan from the ULD (recommended) Option B – Decline the loan (property risks tax lien, insurance cancellation, and accelerated forced sale at lower value) Rationale for Approval This short-term, high-priority bridge loan aligns with the DAO’s existing 98% mandate to sell, clears immediate liabilities, protects asset value during marketing, Thank you,
- Earl Co
- Manager, ECO Systems LLC
- Member, Lofty Holding 10724 Gooding Avenue DAO LLC
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, December 2nd, once the voting period ends.


- **Property Update (11/25/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- The property manager, ECO Systems LLC with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.
- Property: 10724 Gooding Ave, Cleveland, OH 44108 (LFTY0131) Proposal Date: November 24, 2025 Supermajority Required: 60% Proposal Summary The DAO is in critical financial distress (net cash -$10,592, unpaid taxes, insurance, and vendor bills) and has already voted 98% on October 7, 2025 to list the property for sale. To facilitate an orderly sale process and avoid immediate tax liens or insurance lapse, the DAO requires a bridge loan of net $5,000.00 from the Universal Lending DAO to settle urgent obligations (insurance $749.10 + PM debt to Earl Co $3,988.93 + minor contingencies). Proposed Loan Terms Principal (net to DAO): $5,000.00 Origination Fee: 3% ($150.00) Total Loan Amount: $5,150.00 Interest Rate: 13.5% per annum, compounded monthly Term: 3 years Early Call / Liquidation Trigger: If any scheduled payment is missed during the first 18 months (50% of term), the ULD may immediately call the full balance and exercise first-lien rights to force liquidation/sale. Repayment Priority: 100% of net rental income (if any) applied to the loan until fully repaid; OR replenishment waived due to sale mandate.
Voting Options Option A - Approve borrowing a $5,000 bridge loan from the ULD (recommended) Option B - Decline the loan (property risks tax lien, insurance cancellation, and accelerated forced sale at lower value) Rationale for Approval This short-term, high-priority bridge loan aligns with the DAO's existing 98% mandate to sell, clears immediate liabilities, protects asset value during marketing, Thank you,
- Earl Co
- Manager, ECO Systems LLC
- Member, Lofty Holding 10724 Gooding Avenue DAO LLC
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, December 2nd, once the voting period ends.

## 2025-10-07

- **Property Update (10/07/2025):**
- Governance Results for 10724 Gooding Ave:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Yes, list for sale
- This option received 772 / 784 token votes, which is equal to 98% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3248336800) or by searching the application ID: 3248336800

## 2025-10-01

- **Property Update (10/01/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- An owner with the following [wallet address](https://allo.info/account/QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM) is proposing a governance vote.
- This owner holds 142 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- My Wallet Address: QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM
- I am recommending we list this property for sale as the financials put us very far away from cash flowing:
- Vote:
- List Property for sale?
- 1) Yes
- 2) No
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, October 7th, once the voting period ends.


- **Property Update (10/01/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- An owner with the following [wallet address](https://allo.info/account/QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM) is proposing a governance vote.
- This owner holds 142 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.
- My Wallet Address: QDTN5SITNPO4AMXPTOAFJDE2NSOHGKQE4LUHD2MUEWBJKHEPAHYEYBO6VM
- I am recommending we list this property for sale as the financials put us very far away from cash flowing:
- Vote:
- List Property for sale?
- 1) Yes
- 2) No
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, October 7th, once the voting period ends.

## 2025-07-14

- **Property Update (07/14/2025):**
- The owner-elected Property Manager, ECO Systems LLC, has provided the following update:
- Unpaid Taxes: $2,702.99
- Insurance Paid and Due to Lofty: $1265.48
- Unpaid Bills Due to Evernest/Lofty: $7,883.75
- DAO Net Cash: -$10,592.53
- Tenant Status: Unknown
- Financial Status: Unknown
- Evernest has confirmed this property has not been under their management for over four months.
- The previous PM, Yhome Nursing LLC, has not yet provided any information regarding this property. It was never previously under Aligned as anticipated.
- Full transaction history has been requested from both Evernest and Yhome.

## 2025-05-12

- **Property Update (05/12/2025):**
- Governance Results for 10724 Gooding Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Vote to change to ECO Systems property management
- This option received 685 / 685 token votes, which is equal to 100% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2990307462) or by searching the application ID: 2990307462

## 2025-05-06

- **Property Update (05/06/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 69 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager.
- Longer story:
- We have wisely voted to stop using our current property manager (Yhome) after they tried to impose onerous new terms on us -- but we have not yet voted on a new property manager, and now must do so.
- I propose we transition management of 10724 Gooding Ave to ECO Systems, effective May 15th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).
- ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- Option 1: Vote to change to ECO Systems property management.
- Option 2: Do not change to ECO Systems property management and leave 10724 Gooding Ave with no property manager for now.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 12th, once the voting period ends.


- **Property Update (05/06/2025):**
- Owner-Proposed Governance Vote for 10724 Gooding Ave:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 69 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.
- Short story:
- Please vote now to switch to ECO Sys