UPDATES.md

# Property Updates

## 2026-04-13

- **Property Update (04/13/2026):**
- We are actively monitoring sale/disposition-related file activity for this property.
- Transaction and documentation review is in progress.
- A follow-up owner update will be sent with any material changes to status, timeline, or economics.
- Confirmed transaction stage
- Any owner actions required
- Reconciliation/distribution notes if closing occurs

## 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: $844.42
- Lofty Operating Cash: $-2,015.58
- ECO Operating Cash: $-2,505.75
- Outstanding Liabilities (Unpaid Bills): $-1,421.24
- DAO Net Cash (Capital Call): $-13,848.15
- Estimated Owners' Equity: $120,628.00
- DAO Estimated NAV Per Token: $43.34
- DAO Tokens: 2464
- Current PM: ECO (Sold)

## 2026-04-05

- **Property Update (04/05/2026):**
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 7411 Elton Ave, Cleveland, OH 44102 flagged as **ECO (Sold)**.
- Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2026-04-03

- **Property Update (04/03/2026):**
The sale of 7411 Elton Ave closed on March 16, 2026. Gross sale price was $42,000.00. Cash to seller (wire to Lofty) was $33,985.57. DAO net cash is $30,938.16, resulting in a NAV of $12.56 per token across 2,464 tokens. ECO's 1.5% transaction coordinator fee was $630.00, and EARLDAO accrued interest was $2.83. We are waiting for the insurance claim to complete before fully closing out the DAO.

## 2026-01-06

- **Property Update (01/06/2026):**
- This property received an insurance refund check totaling $424.71, which will be added to its Operating Reserve.

## 2025-07-15

- **Property Update (07/15/2025):**
- Governance Results for 7411 Elton Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee
- This option received 747 / 762 token votes, which is equal to 98% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3120230111) or by searching the application ID: 3120230111

## 2025-07-07

- **Property Update (07/07/2025):**
- Owner-Proposed Governance Vote for 7411 Elton Ave:
- The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes LLC holds 50 tokens in this property.
- The property manager'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.
- PROPOSAL: Transition Property Management to ECO Systems LLC
- Background:
- When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes’ intended role.
Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
- Recommendation:
- We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property’s financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
Key Points Supporting This Proposal:
- Original Agreement Integrity: M1 Homes’ proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
- Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
- Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
- Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
- Property Management Transition (If Property is Retained):
- Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
- ECO Systems may initiate capital calls post-transition
- Option 2 – Reject Vote #2 and Remain with M1 Homes LLC
- M1 Homes remains as manager
- No changes to current structure
- Financial obligations remain unresolved under the existing framework
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.


- **Property Update (07/07/2025):**
- Owner-Proposed Governance Vote for 7411 Elton Ave:
- The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes LLC holds 50 tokens in this property.
- The property manager'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.
- PROPOSAL: Transition Property Management to ECO Systems LLC
- Background:
- When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes' intended role.
Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
- Recommendation:
- We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property's financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
Key Points Supporting This Proposal:
- Original Agreement Integrity: M1 Homes' proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
- Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
- Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
- Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
- Property Management Transition (If Property is Retained):
- Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
- ECO Systems may initiate capital calls post-transition
- Option 2 - Reject Vote #2 and Remain with M1 Homes LLC
- M1 Homes remains as manager
- No changes to current structure
- Financial obligations remain unresolved under the existing framework
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

## 2025-05-05

- **Property Update (05/05/2025):**
- Governance Results for 7411 Elton Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes [Change property managers to M1 Homes LLC]
- This option received 685 / 784 token votes, which is equal to 87.3% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974615543) or by searching the application ID: 2974615543

## 2025-04-28

- **Property Update (04/28/2025):**
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/XNOBCIR3APDNVJZOKVPFDF2RMVI2TWZEFYNX7GOSJ3JXQ5SZAPZY7GM2XA) is proposing a governance vote to change property managers from Yhome Nursing LLC to M1 Homes LLC.
- This owner holds 50 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.
- I recommend that we transition management of 7411 Elton Ave Cleveland Ohio 44102 to M1 Homes LLC, effective April 30th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City area, as well as another 2 Cleveland homes on Lofty.
- This home is currently being managed by Yhome Nursing LLC. If there are any outstanding or unknown loans to Yhome Nursing LLC or Calixte Duffaut, M1 Homes will have the choice to accept management, propose another vote, or withdraw. I am not going to go into detail on why changing Property Management from Yhome Nursing LLC to M1 Homes would be beneficial to owners. M1 Homes already has current management in place who reside in the Cleveland Area.
- M1 Homes is an active participant on Lofty and in the Lofty Discord (M1), offering consistent communication and being readily available to answer any questions from investors. M1 Homes' management fees are 10% of gross rent. First month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- The owner making the proposal is the owner of M1 Homes, the property management company being proposed for the transition.
- The results will be determined by a 60% Supermajority and sent to all owners on Monday, May 5th once the voting period ends.


- **Property Update (04/28/2025):**
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/XNOBCIR3APDNVJZOKVPFDF2RMVI2TWZEFYNX7GOSJ3JXQ5SZAPZY7GM2XA) is proposing a governance vote to change property managers from Yhome Nursing LLC to M1 Homes LLC.
- This owner holds 50 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.
- I recommend that we transition management of 7411 Elton Ave Cleveland Ohio 44102 to M1 Homes LLC, effective April 30th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City ar