UPDATES.md

# Property Updates

## 2026-05-19

- **Property Update (05/19/2026):**
- Governance Results for 8708 Willard Ave:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Yes [sell shares back at $32/share]
- This option received 531/633 votes which is equal to 83.88% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3564635948) or by searching the application ID: 3564635948

## 2026-05-14

- **Property Update (05/14/2026):**
- Owner-Proposed Governance Vote for 8708 Willard Ave:
- An owner with the following [wallet address](https://allo.info/account/Q7UOTUHR5WBGLAWTDBIIQN7A7Q37S7CCIH3M4KJFF4KXYQY4DZZWZSVMSA) is proposing a governance vote.
- This owner holds 230 shares.
- 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.
- Hello Fellow Owners,
- I am offering to buy out all other owners of tokens in the property at 8708 Willard Ave, Cleveland, OH, 44102. I have accumulated a sizeable stake in the property thus far, and I believe that I can create a win/win by creating liquidity for everyone through this buyout.
- Specifically, I am offering to:
- pay off all debt currently associated with the DAO (about $12,500)
- pay any and all closing costs associated with the transaction
- pay a net amount of $32 per token to all tokenholders (all holders will receive this amount upon redemption), which is a 57% premium over the current token price of $20.36 as of this writing
- buy out the property as-is, where-is, with all faults
I believe this is a win for the tokenholders for a variety of reasons, including:
- the ~$12,500 debt that the DAO owes and is paying off out of rent/NOI will make it impossible or irresponsible to pay out a rental yield to investors for many months or years into the future considering current income levels and factoring in expected routine repairs, etc.
- the roof on the property is in bad shape, and will require replacing in the near future at a cost of $15,000+ or so
- this transaction will avoid all realtor costs and repair costs normally incurred by the DAO to get the property ready to list and sold on the MLS
- Thank you for your consideration.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 19th, once the voting period ends.

## 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.

## 2025-11-05

- **Property Update (11/05/2025):**
- From your PM, ECO Systems, LLC:
- Tenant is paid up and current on rents in Hemlane. Property is stable but has ongoing pest issues being resolved. Yield will remain zero until all debts are settled, and a DAO member proposes a new maintenance reserve balance and decides on custody.
- DAO Cash by Lofty: $891.89 (not sure if this is net of the $632.63 owed to Evernest after the $6,511 in non-existent repairs was disputed, awaiting verification from Lofty)
- EARLDAO Balance Owed: ($11,000) (out of $20,000 initially borrowed)
- DAO Cash held by ECO Systems: $413.88
- DAO Estimated NAV: $47.74/share
- [View Complete Financial Reconciliation](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=scd9dt8dr37nuiw2rmuwbt6es&st=au2ec7l6&dl=0)

## 2025-07-15

- **Property Update (07/15/2025):**
- Governance Results for 8708 Willard Ave:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Option 1 – Approve Revised Payments
- This option received 450/550 token votes which is equal to 82% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3120230586) or by searching the application ID: 3120230586


- **Property Update (07/15/2025):**
- Governance Results for 8708 Willard Ave:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Option 1 - Approve Revised Payments
- This option received 450/550 token votes which is equal to 82% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3120230586) or by searching the application ID: 3120230586

## 2025-07-12

- **Property Update (07/12/2025):**
- Owner-Proposed Governance Vote for 8708 Willard Ave:
- The new owner-elected property manager, Earl Co with ECO Systems LLC, is proposing a governance vote.
- This owner holds 1 token in this property and has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM)
- 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.
- Dear Fellow Investors,
- [Here is a summary](https://www.dropbox.com/scl/fi/puda8aigoqwtojqldto65/2025-07-11-Financial-Update-and-Proposal.docx?rlkey=jntqzcf6t6i6pgmj26ggvd9v8&e=1&dl=0) of the current financial position for 8708 Willard Ave (Parcel #005-29-006), managed by ECO Systems LLC c/o Aligned Properties Group. Please review and vote in the following proposal to determine how the DAO should address the incomplete $6,000 “entire exterior vinyl siding install" expense paid by Yhome Nursing LLC without prior DAO approval. This work was actually [completed by Gruzmarg Interiors on 4/21/2025](https://www.dropbox.com/scl/fi/lr30n087iv2y8q3y48xwr/Siding-Repairs-8708-Willard-Ave-Cleveland-OH-44102.pdf?rlkey=t9pm4o07ggznc081fdysav0rh&e=1&dl=0) at a cost of [$15,000](https://next.waveapps.com/a/invoices/c3846150-b8a2-4d7c-abab-75112fbf7952/public/2241263349163625891/a58fff9901a14655ae574a6174785843).
- [Yhome Transition Reconciliation Balance Sheet](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=4rurmo3m2swur63oxq0hafr01&e=1&dl=0)
- I am available to answer any questions on Discord or via email to ecosystemspm@gmail.com. Thank you for your prompt attention and participation.
- Earl Co
- Manager, ECO Systems LLC
- Member, Lofty Holding 8708 Willard Avenue DAO LLC
- 1. Background & Occupancy
- Expense: $6,000 paid by Yhome on 12/05/2024 for vinyl siding replacement
- Context: No governance vote or budget allocation was in place for this work
- Impact: As a result, the DAO’s net cash position fell into a –$7,614.22 shortfall; rejecting this charge would restore a small positive balance of +$194.96
- Occupancy: 1 of 1 units occupied
- 2. Operating Reserve Activity
- Tax payment (5/27/25): –$1,842.94 (paid by Lofty from OR bank account)
- OR draw: –$4,000.00 (loan to EarlDAO)
- Accounts payable (Evernest): $7,143.63 (separate liability; not an OR expense)
- Resulting OR cash balance: –$7,614.22
- 3. Major Disbursements
- Yhome → Vendors: $15,162.94
- Yhome → I&R Realty and Construction via Aligned: $6,000.00 on 12/5/2024 for Install vinyl to entire exterior of house - [PHOTOS](https://www.dropbox.com/scl/fi/6bnim90x0ikvqfhy3so66/34.jpg?rlkey=z1l2tpzr929gwhydrxytjwade&e=1&dl=0) REVEAL THIS WAS NOT DONE
- DAO PM fees accrued to Yhome: $164.69
- Yhome Net Due to DAO: $21,327.63
- 4. Cash & Reserve Balances
- Aligned Operating Cash: $1,415.60
- Aligned Property Reserve: $0.00
- ECO Operating Cash: $126.21
- No outstanding unpaid bills in the Aligned account
- 5. Outstanding Obligations & Capital Calls
- Capital Call due to Yhome: $19,732.63
- Capital Call due to Lofty and Evernest: $7,614.22
- Net Borrowed from EarlDAO: $16,000.00
- DAO Net Cash Position (Capital Call Required): –$5,805.05
- 6. Voting Options (Ranked Choice)
- Option 1 – Reject Expense
- Vote to reject the incomplete $6,000 vinyl exterior replacement expense. Yhome Nursing LLC will be required to reimburse the DAO’s Operating Reserve in full.
- Outcome: DAO Net Cash → $194.96
- Option 2 – Negotiate Settlement
- Authorize ECO Systems LLC to negotiate a goodwill settlement with Yhome Nursing LLC for partial reimbursement (e.g. 50–75% of the $6,000 cost). Any agreed-upon amount will be reimbursed to the DAO’s Operating Reserve.
- Option 3 – Approve Expense
- Vote to approve the incomplete $6,000 vinyl exterior replacement expense. Yhome Nursing LLC will be reimbursed in full out of the pre-authorized EARLDAO loan.
- Outcome: DAO Net Cash → ($5,805.05)
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, July 15th, once the voting period ends.


- **Property Update (07/12/2025):**
- Owner-Proposed Governance Vote for 8708 Willard Ave:
- The new owner-elected property manager, Earl Co with ECO Systems LLC, is proposing a governance vote.
- This owner holds 1 token in this property and has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM)
- 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.
- Dear Fellow Investors,
- [Here is a summary](https://www.dropbox.com/scl/fi/puda8aigoqwtojqldto65/2025-07-11-Financial-Update-and-Proposal.docx?rlkey=jntqzcf6t6i6pgmj26ggvd9v8&e=1&dl=0) of the current financial position for 8708 Willard Ave (Parcel #005-29-006), managed by ECO Systems LLC â„
Aligned Properties Group. Please review and vote in the following proposal to determine how the DAO should address the incomplete $6,000 "entire exterior vinyl siding install" expense paid by Yhome Nursing LLC without prior DAO approval. This work was actually [completed by Gruzmarg Interiors on 4/21/2025](https://www.dropbox.com/scl/fi/lr30n087iv2y8q3y48xwr/Siding-Repairs-8708-Willard-Ave-Cleveland-OH-44102.pdf?rlkey=t9pm4o07ggznc081fdysav0rh&e=1&dl=0) at a cost of [$15,000](https://next.waveapps.com/a/invoices/c3846150-b8a2-4d7c-abab-75112fbf7952/public/2241263349163625891/a58fff9901a14655ae574a6174785843).
- [Yhome Transition Reconciliation Balance Sheet](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=4rurmo3m2swur63oxq0hafr01&e=1&dl=0)
- I am available to answer any questions on Discord or via email to ecosystemspm@gmail.com. Thank you for your prompt attention and participation.
- Earl Co
- Manager, ECO Systems LLC
- Member, Lofty Holding 8708 Willard Avenue DAO LLC
- 1. Background & Occupancy
- Expense: $6,000 paid by Yhome on 12/05/2024 for vinyl siding replacement
- Context: No governance vote or budget allocation was in place for this work
- Impact: As a result, the DAO's net cash position fell into a -$7,614.22 shortfall; rejecting this charge would restore a small positive balance of +$194.96
- Occupancy: 1 of 1 units occupied
- 2. Operating Reserve Activity
- Tax payment (5/27/25): -$1,842.94 (paid by Lofty from OR bank account)
- OR draw: -$4,000.00 (loan to EarlDAO)
- Accounts payable (Evernest): $7,143.63 (separate liability; not an OR expense)
- Resulting OR cash balance: -$7,614.22
- 3. Major Disbursements
- Yhome → Vendors: $15,162.94
- Yhome → I&R Realty and Construction via Aligned: $6,000.00 on 12/5/2024 for Install vinyl to entire exterior of house - [PHOTOS](https://www.dropbox.com/scl/fi/6bnim90x0ikvqfhy3so66/34.jpg?rlkey=z1l2tpzr929gwhydrxytjwade&e=1&dl=0) REVEAL THIS WAS NOT DONE
- DAO PM fees accrued to Yhome: $164.69
- Yhome Net Due to DAO: $21,327.63
- 4. Cash & Reserve Balances
- Aligned Operating Cash: $1,415.60
- Aligned Property Reserve: $0.00
- ECO Operating Cash: $126.21
- No outstanding unpaid bills in the Aligned account
- 5. Outstanding Obligations & Capital Calls
- Capital Call due to Yhome: $19,732.63
- Capital Call due to Lofty and Evernest: $7,614.22
- Net Borrowed from EarlDAO: $16,000.00