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

Property Update (04/10/2026):

Sale Process Update:

ROC document filed April 6, 2026

Sale process advancing toward proposed $120,000 MLS disposition

Property status: Active sale with ECO Systems managing transition

ECO Operating Cash: $-8,962.00 (as of April 6, 2026)

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: $-17,092.03

Lofty Operating Cash: $-4,172.90

ECO Operating Cash: $-8,962.00

Outstanding Liabilities (Unpaid Bills): $0.00

DAO Net Cash (Capital Call): $-33,474.41

Estimated Owners' Equity: $177,953.00

DAO Estimated NAV Per Token: $32.53

DAO Tokens: 4442

Current PM: ECO (Selling)

Property Update (08/19/2025):

Governance Results for 12028 Wade Park Ave:

The Governance Voting results are back for the owner-proposed vote to change property managers.

The winning vote is:

Yes – Approve the transition of property management to ECO Systems, LLC under the same terms

This option received 1,563 / 1,809 token votes, which is equal to 86% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3177763475

Property Update (08/19/2025):

Governance Results for 12028 Wade Park Ave:

The Governance Voting results are back for the owner-proposed vote to change property managers.

The winning vote is:

Yes - Approve the transition of property management to ECO Systems, LLC under the same terms

This option received 1,563 / 1,809 token votes, which is equal to 86% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3177763475

Property Update (08/12/2025):

Owner-Proposed Governance Vote for 12028 Wade Park Ave:

The current property manager, Whalec Property Management with the following wallet address, 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.

Governance Vote: Transition of Property Management – 12028 Wade Park Ave, Cleveland, OH 44106

TL;DR:

Authorize the transition of property management for 12028 Wade Park Ave, Cleveland, OH, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Cleveland market connections, on-the-ground presence, and is positioned to manage the property more effectively.

Proposal Details

As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl brings valuable relationships in the Cleveland area and a boots-on-the-ground approach that will enable faster response times and better oversight.

Key Reasons for Transition:

Local Connections: Established Cleveland-area contractor and vendor network.

On-the-Ground Alignment: Immediate presence to handle property issues efficiently.

Operational Continuity: Management to continue under the same terms currently in place.

Voting Options:

YES – Approve the transition of property management to ECO Systems, LLC under the same terms.

NO – Keep Whalec Property Management LLC as the property manager for this property.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

Property Update (08/12/2025):

Owner-Proposed Governance Vote for 12028 Wade Park Ave:

The current property manager, Whalec Property Management with the following wallet address, 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.

Governance Vote: Transition of Property Management - 12028 Wade Park Ave, Cleveland, OH 44106

TL;DR:

Authorize the transition of property management for 12028 Wade Park Ave, Cleveland, OH, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Cleveland market connections, on-the-ground presence, and is positioned to manage the property more effectively.

Proposal Details

As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl brings valuable relationships in the Cleveland area and a boots-on-the-ground approach that will enable faster response times and better oversight.

Key Reasons for Transition:

Local Connections: Established Cleveland-area contractor and vendor network.

On-the-Ground Alignment: Immediate presence to handle property issues efficiently.

Operational Continuity: Management to continue under the same terms currently in place.

Voting Options:

YES - Approve the transition of property management to ECO Systems, LLC under the same terms.

NO - Keep Whalec Property Management LLC as the property manager for this property.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

Property Update (05/05/2025):

Governance Results for 12028 Wade Park 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 Whalec Property Management]

This option received 961 / 1,562 token votes, which is equal to 61.5% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2974617139

Property Update (04/28/2025):

An owner of this property has put together a proposal.

This is in response to the previous governance vote sent out on 4/28, which can be viewed on the property page.

If you have already voted, and would like to change your vote, click the button below, or at the end of this email.

The owner who pmade the proposal owns 50 tokens in this property, and their wallet can be viewed here.

The owner's counter-proposal 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.

Evening all,

Last month we voted strongly that we weren’t going to give equity to yhome and weren’t willing to pay Cal the exploitative 25% fee. I now truly personally thank everyone for voting like this.

Since this vote, there has been no negotiation from Cal and so we need to find a new Property Manager. I recommend we accept Alec’s proposal below but encourage you all to jump into discord and chat to him yourself directly so you all feel comfortable.

For me, even if Cal presented a counter proposal or negotiated today, there would be nothing he could say that would justify us listening.

Over the weekend, it came to light that yhome wanted us to “pay a 15% mark up plus fees”. He hadn’t shared this with us openly, and still hasn’t uploaded the document into Dropbox for everyone to see (despite being asked). What makes the mark-up worse is that the monthly payments suggested are predatory as they are greater than what’s affordable through rental income. Additionally, during this period of time $5,290 appears to have been transferred from the OR to yhome. Cal has confirmed he received these funds but I can not find evidence of what they have been used for or that they have been factored in prior to the proposed mark-up being added.

We have requested fully itemised invoices from yhome and expect a full understanding of where and how this OR balance was used.

Alec’s PM proposal below is fair and with a need to find a new property manager I suggest we move forward with him sooner rather than later.

Let’s vote for Whalec.

Property Update (04/28/2025):

An owner of this property has put together a proposal.

This is in response to the previous governance vote sent out on 4/28, which can be viewed on the property page.

If you have already voted, and would like to change your vote, click the button below, or at the end of this email.

The owner who pmade the proposal owns 50 tokens in this property, and their wallet can be viewed here.

The owner's counter-proposal 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.

Evening all,

Last month we voted strongly that we weren't going to give equity to yhome and weren't willing to pay Cal the exploitative 25% fee. I now truly personally thank everyone for voting like this.

Since this vote, there has been no negotiation from Cal and so we need to find a new Property Manager. I recommend we accept Alec's proposal below but encourage you all to jump into discord and chat to him yourself directly so you all feel comfortable.

For me, even if Cal presented a counter proposal or negotiated today, there would be nothing he could say that would justify us listening.

Over the weekend, it came to light that yhome wanted us to "pay a 15% mark up plus fees". He hadn't shared this with us openly, and still hasn't uploaded the document into Dropbox for everyone to see (despite being asked). What makes the mark-up worse is that the monthly payments suggested are predatory as they are greater than what's affordable through rental income. Additionally, during this period of time $5,290 appears to have been transferred from the OR to yhome. Cal has confirmed he received these funds but I can not find evidence of what they have been used for or that they have been factored in prior to the proposed mark-up being added.

We have requested fully itemised invoices from yhome and expect a full understanding of where and how this OR balance was used.

Alec's PM proposal below is fair and with a need to find a new property manager I suggest we move forward with him sooner rather than later.

Let's vote for Whalec.

Property Update (04/28/2025):

Owner-Proposed Governance Vote:

An Owner with the following wallet address 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.

I am submitting this vote for 12028 Wade Park Ave Cleveland, OH 44106:

To approve the transition of property management services from Yhome to Whalec Property Management

Proposed Property Manager:

Whalec Property Management

Key Terms:

Management Fee: 15% of Gross Monthly Rent

Tenant Placement Fee: Equal to First Month’s Rent (only when a new tenant is placed)

No Renewal Fees: $0 for lease renewals or re-leasing to existing tenants

No Maintenance Upcharge: All maintenance costs are billed at actual cost with no markup directly on Hemlane (All invoices and repairs will be shared transparently in the discord)

Maintenance Threshold: The maintenance threshold will be set during the transition for emergency and non-emergency repairs (Ex. $500 threshold for emergency repairs and $150 threshold for non-emergency repairs) (If these thresholds are not met the repairs will be made automatically)

The owner submitting the governance vote is the owner of Whalec Property Management, and is the co-owner and property manager of the following properties on the Lofty marketplace:

440 Louden Ave

1580 Andover Dr

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to 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 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.

I am submitting this vote for 12028 Wade Park Ave Cleveland, OH 44106:

To approve the transition of property management services from Yhome to Whalec Property Management

Proposed Property Manager:

Whalec Property Management

Key Terms:

Management Fee: 15% of Gross Monthly Rent

Tenant Placement Fee: Equal to First Month's Rent (only when a new tenant is placed)

No Renewal Fees: $0 for lease renewals or re-leasing to existing tenants

No Maintenance Upcharge: All maintenance costs are billed at actual cost with no markup directly on Hemlane (All invoices and repairs will be shared transparently in the discord)

Maintenance Threshold: The maintenance threshold will be set during the transition for emergency and non-emergency repairs (Ex. $500 threshold for emergency repairs and $150 threshold for non-emergency repairs) (If these thresholds are not met the repairs will be made automatically)

The owner submitting the governance vote is the owner of Whalec Property Management, and is the co-owner and property manager of the following properties on the Lofty marketplace:

440 Louden Ave

1580 Andover Dr

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

Property Update (04/04/2025):

A new tenant was approved and moved in on 3/25/25.

The tenant signed a 8-month lease at $1,548, a $258 increase from the previous lease.

EDEN will be responsible for 100% of the monthly rent.

The lease term is from 3/25/25 - 11/30/25.

The tenant will pay a deposit of $1,548.

The property manager charges a leasing commission of first month's rent, which will be deducted from March's rent.

The lease agreement is currently being redacted and will be added to the property page once the redaction is complete.

Property Update (03/07/2025):

The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:

"Dear Investors, I wanted to inform you that we have submitted the necessary packet to Section 8. We are now awaiting the next steps, which will include a scheduled inspection. If the property passes the inspection, the tenant will be able to move in soon after.

I will keep you updated as we progress through this process.

Best regards,

Yhome Team"

Property Update (01/25/2025):

The new owner-elected property manager, Cal with Yhome Nursing LLC, advised the property is now rent-ready, and has been listed for rent to Section 8 tenants.

Listing Link

Property Photos

Property Update (01/11/2025):

The new owner-elected property manager, Yhome Nursing LLC, shared the following photos of the property's condition.

Link to photos

Property Update (12/30/2024):

Governance Vote:

Calixte Duffaut, owner of Yhome Nursing LLC and current Property Manager, is proposing a governance vote to secure a loan at 10% interest for turn repairs and the addition of a fourth bedroom to enable Section 8 rentals.

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 Investors,

I hope this message finds you well. I would like to propose a renovation of the Wade property, with the intention of converting it into a Section 8 rental. As part of this plan, we will be adding an extra room to enhance the property's rental potential. Please find the estimate for the renovation attached below.

Currently, Yhome's initial loan has been fully utilized. To facilitate the renovation, I have identified a short-term loan option with a 10% interest rate for a six-month term. This financing will provide us with the necessary time to complete the renovations, prepare the property for rent, and secure tenants. Following a market analysis, we can then decide whether to sell the property or pay off the loan.

By adding an extra room, we will significantly increase the rental income from a Section 8 tenant, making this a strategic move for our investment.

Best regards, Cal

Based on Cal's analysis, he projects $3,000 to add the additional bedroom. This line item is already included in the total repair estimate of $20,500, which can be viewed here.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, January 2nd, once the voting period ends.

Property Update (12/30/2024):

Governance Vote:

Calixte Duffaut, owner of Yhome Nursing LLC and current Property Manager, is proposing a governance vote to secure a loan at 10% interest for turn repairs and the addition of a fourth bedroom to enable Section 8 rentals.

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 Investors,

I hope this message finds you well. I would like to propose a renovation of the Wade property, with the intention of converting it into a Section 8 rental. As part of this plan, we will be adding an extra room to enhance the property's rental potential. Please find the estimate for the renovation attached below.

Currently, Yhome's initial loan has been fully utilized. To facilitate the renovation, I have identified a short-term loan option with a 10% interest rate for a six-month term. This financing will provide us with the necessary time to complete the renovations, prepare the property for rent, and secure tenants. Following a market analysis, we can then decide whether to sell the property or pay off the loan.

By adding an extra room, we will significantly increase the rental income from a Section 8 tenant, making this a strategic move for our investment.

Best regards, Cal

Based on Cal's analysis, he projects $3,000 to add the additional bedroom. This line item is already included in the total repair estimate of $20,500, which can be viewed here.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, January 2nd, once the voting period ends.

Property Update (12/16/2024):

Owner-Proposed Governance Results:

The Governance Voting results are back for the owner-proposed governance vote to to change property managers to Yhome Nursing LLC.

The winning vote is:

Yes [Change property managers to Yhome Nursing LLC]

This voting option received 1,723/2,083 token votes, which is equal to 82.7% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2608671604

The property management migration process to Yhome Nursing LLC will begin right away.

Property Update (12/14/2024):

While waiting for the inspection report to sync, the property manager dispatched a vendor to assess the heating at the property, as the inspector noted the home was difficult to inspect due to freezing temperatures.

The property manager indicated that a second inspection would be required after the furnace and thermostat have been assessed and repaired.

Note from PM:

"The vendor visited the property and reported that there was no gas supply to the furnace at the time of their visit. Our team has contacted the gas provider to request an inspection, as service was established in our name on 11/27/2024. The vendor will return for a second visit once the provider sends a technician to address the issue.

In the meantime, I have requested a rent-ready estimate from one of our renovation vendors. They are reviewing the request and will confirm on Friday when they can visit the property. We aim to have the initial estimate by the end of next week. (12/16/24 - 12/20/24)"

Once the vendor confirms they have visited the property and an estimate is provided, owners will receive an update.

Property Update (12/11/2024):

Owner-Proposed Governance Vote:

An Owner with the following wallet address is proposing a governance vote.

This owner holds 9 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 propose that we change from Evernest Institutional Property Management to Yhome Nursing LLC. Many of the homes that have switched have revealed many issues that Evernest has not notified us about, including vandalism. The before & after contrast of homes that Yhome has taken over show a stark difference and show that the team is able to turn these properties around and actually be present. Evernest has shown to let problems linger and don't take matters in their own hands.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, December 16th, once the voting period ends.

Property Update (12/11/2024):

Owner-Proposed Governance Vote:

An Owner with the following wallet address is proposing a governance vote.

This owner holds 9 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 propose that we change from Evernest Institutional Property Management to Yhome Nursing LLC. Many of the homes that have switched have revealed many issues that Evernest has not notified us about, including vandalism. The before & after contrast of homes that Yhome has taken over show a stark difference and show that the team is able to turn these properties around and actually be present. Evernest has shown to let problems linger and don't take matters in their own hands.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, December 16th, once the voting period ends.

Property Update (12/07/2024):

The property manager confirmed that the move out inspection was completed on 12/2, however the report had not yet fully synced on their end.

Additional note from PM:

"While we await the report sync, I have dispatched a vendor to assess the heating at the property per the notes from what is visible in the screen capture sent in my previous message. I checked in with our technician and they reported that the property was difficult to inspect due to the freezing temperatures (most initial walks average between (an hour and a half to two hours). With that note, we will need a second walk after the furnace and thermostat are assessed and repaired. We've asked the vendor to be at the property tomorrow afternoon, 12/6/24."

Property Update (11/29/2024):

The Property Manager, Evernest, provided the following update:

"Please see the completion photos submitted by the vendor. They were able to complete the job over the weekend. The initial walk has been scheduled for Monday, December 2nd as our office is closed on Thursday and Friday and our Tech is already booked up to Wednesday."

Property Update (11/24/2024):

The vendor informed the property manager that the trash-out will be completed by the end of the day on Monday, 11/25/24.

Once the trash-out is completed, the PM will perform a move-out inspection and will provide turn estimates for repairs.

Property Update (11/16/2024):

The property manager noted that an extensive trash-out is needed at the property before the move-out inspection can take place.

Photos of Debris

The property manager has provided the following two estimates for the trash-out:

Estimate 1: New Castle Field Service - $1,750

Estimate 2: Ramos - $1,650

The property manager recommends to proceed with the estimate from New Castle, and will provide an update once the trash-out has been completed.

Property Update (11/10/2024):

The property manager, Evernest, advised that their technician was unable to complete the move-out inspection due to extensive debris left by the previous tenant.

A trash-out and pest control service are required before the inspection can proceed, and the property manager is currently still working to obtain estimates.

Property Update (10/26/2024):

The property manager, Evernest, advised that they are facing challenges with their vendors not being interested in completing trash-outs in this market.

They are still working to assign a few vendors to provide estimates.

In the meantime, they will send their technician to the property to attempt a move-out inspection.

The property manager will share additional details once an estimate is received or once their technician has completed the visit to the property.

Property Update (10/19/2024):

The property manager advised that the tenant left behind a lot of debris and a trash-out is needed before a move out inspection can be completed.

The property manager is now working to obtain estimates for the trash-out.

Property Update (10/12/2024):

The property manager noted that during the occupancy inspection, the property appeared to be vacant.

The property manager is now working to schedule a lock change and will perform a move-out inspection.

Property Update (09/28/2024):

The property manager confirmed the tenant's Section 8 rent payment of $1,290 was received on 9/17.

The tenant now owes a balance of $1,350 for their security deposit.

The last communication the property manager received from the tenant was that they planned to vacate by the end of September.

The tenant is no longer responding to the property manager.

An occupancy check is scheduled to be completed early next week.

Property Update (09/06/2024):

The property manager confirmed that the Section 8 rent totaling $1,290 was received for August.

The tenant now owes a balance of $1,350 for their security deposit.

The tenant still intends on moving sometime in September.

Property Update (08/17/2024):

The tenant advised the PM that Section 8 will not pay August's rent since the tenant informed them that their lease wasn't renewed.

The tenant noted that they will be moving sometime in September.

The tenant is aware that they are responsible for August's rent, however they are neglecting to acknowledge/comment on it.

The property manager recommends to proceed with eviction.

With the addition of August's rent, the tenant owes a balance of $2,640 for August's rent and their $1,300 security deposit.

Property Update (08/10/2024):

The property manager noted that the tenant did not vacate and stated that they needed another month.

The property manager recommends to proceed with eviction if the tenant's Section 8 rent is not received. However, if Section 8 rent is received, then the property manager recommends giving the tenant the extra month.

The property manager also reminded the tenant of their unpaid security deposit amounting to $1,350 and asked for the balance to be paid.

The property manager noted it could take until mid-month to receive the Section 8 rent.

Property Update (07/27/2024):

The PM has been trying to schedule a property check with the tenant, per the results of the prior governance vote, however they are being uncooperative.

The PM confirmed they will continue their efforts.

Property Update (07/15/2024):

Governance Results:

The Governance Voting results are back for the vote on whether to provide the tenant with a notice-to-vacate (NTV), or allow them to continue living in the property and offer a lease renewal.

The winning vote is:

Provide the tenant a notice-to-vacate (NTV) at the end of their lease on 07/31/2024 (Property Manager's recommendation)

This voting option received 2,252 / 2,501 votes, which is equal to 90% of the total votes.

The PM will provide the tenant with a NTV on 7/31.

Property Update (07/05/2024):

Governance Vote:

Per a previous update, the neighbors have expressed concerns regarding multiple issues with the the tenant including large gatherings, law enforcement interventions, and bonfires taking place on the premises.

The PM has discussed this matter with the tenant, however, it has been determined that there are limited options available, as the situation currently involves conflicting accounts from the tenant and neighbors.

Due to the delinquency and issues with the neighbors, the PM recommends pursuing a non-renewal/notice to vacate (NTV) at the end of their lease. The tenant's lease ends on 07/31/2024.

The PM ran a comp report and advised that the current market rent for the area is between $1,700 and $2,000. This could change depending on the condition of the property and rental rates in the area at the time the property is listed for rent.

However, the PM noted that during the annual inspection, completed in February 2024, the property was still in good condition.

The property is currently rented at $1,290/month, and 100% of the tenant's rent is paid for by CMHA. The tenant owes a past due balance of $1,350 for their security deposit, which was not correctly obtained by the previous PM, B2B Realty.

Owners will now have the opportunity to provide the tenant with a notice-to-vacate, or allow them to continue living in the property and offering a lease renewal. If the vote to offer a NTV does not pass, the tenant will remain in the property by default.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to owners on Friday, July 15th, once the voting is complete.

Property Update (04/20/2024):

The PM advised that the tenant reached out seeking a payment plan for their past due security deposit balance of $1,350, since their rental assistance application was just denied.

The PM will make attempts to arrange the payment plan with the tenant.

Per the previous update, the PM confirmed they received four rent payments on 4/5, totaling $5,160, from the Housing Authority (CMHA) for past-due rent from November through January, and April rent.

Property Update (04/13/2024):

The PM confirmed they received four rent payments on 4/5, totaling $5,160, from the Housing Authority (CMHA) for past-due rent from November through January, and April rent.

The tenant owes a past due balance of $1,350 for their security deposit, which was not correctly obtained by the previous PM, B2B Realty.

The PM is following up with the tenant regarding their balance.

Property Update (03/16/2024):

The PM confirmed March's rent payment of $1,290 was received from the Housing Authority (CMHA).

CMHA now owes a past due subsidy balance of $3,870.

CMHA told the PM they sent a physical check for the past due subsidy balance to the PM's corporate office.

The PM confirmed the check has not yet been received.

The tenant owes a past due balance of $1,350 for their security deposit, which was not correctly obtained by the previous PM, B2B Realty.

Property Update (03/02/2024):

The PM confirmed February's rent payment of $1,290 was received from the Housing Authority (CMHA) on 2/21.

The PM is following up with CMHA regarding the missing payments from November through January.

With the addition of March's rent, CMHA now owes a past due subsidy balance of $5,160.

The tenant owes a past due balance of $1,350 for their security deposit, which was not correctly obtained by the previous PM, B2B Realty.

Property Update (01/13/2024):

The housing authority (CMHA) completed their Annual Re-examination, which is a regularly scheduled review of family income/composition.

The PM confirmed their has been no change in the tenant's rent & CMHA will continue paying 100% of the tenants rent moving forward.

The PM is waiting for CMHA to send over the owed past due subsidy balance of $3,870.

The tenant owes a past due balance of $1,350 for their security deposit, which was not correctly obtained by the previous PM, B2B Realty.

Neighbors have expressed concerns regarding multiple issues with the the tenant including large gatherings, law enforcement interventions, and bonfires taking place on the premises.

The PM has discussed this matter with the tenant, however, it has been determined that there are limited options available, as the situation currently involves conflicting accounts from the tenant and neighbors.

Due to the delinquency and issues with the neighbors, the PM recommends pursuing a non-renewal/notice to vacate (NTV) and aims to have the property vacant and ready in the summer months to get a higher rent-rate in a faster time-frame.

The PM believes market rent to be around $1,700. This will be reevaluated when the property is rent ready.

Property Update (01/02/2024):

Governance Results:

The Governance Voting results are back for the governance votes to secure a loan at 10% interest for turn repairs and the addition of a fourth bedroom to enable Section 8 rentals.

The winning votes are:

Yes [Get a loan at 10% interest for turn repairs]

This voting option received 1,466/2,027 token votes, which is equal to 72.3% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2656587775

Yes [Add a fourth bedroom to enable Section 8 rentals]

This voting option received 1,488/2,027 token votes, which is equal to 73.4% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2656594776

Cal, with Yhome Nursing LLC, will secure the loan and begin the renovations right away.

Property Update (12/16/2023):

The PM is waiting on the housing authority (CMHA) to send over $3,930 in rent.

CMHA is currently paying 100% of the tenant's rent.

Because property managers were changed, this required a change form to be filed with CMHA. This form was filed right when management was changed.

CMHA advised everything should be finalized this month, but that there may be a re-inspection of the property before the funds can be issued.

Property Update (09/19/2023):

Owners voted to change Property Managers from B2B Realty to Evernest Institutional Services.

Property Update (08/22/2023):

The property was approved for a Lead Incentive Grant of $750.

These funds have been deposited into the property's bank account and are available immediately for any unexpected repairs.

The Operating Reserve balance will be updated to reflect these additional funds on September 14th, once August's cash flow begins being paid out.

Property Update (12/01/2022):

Tenant has moved out as promised

Property Manager will conduct move-out inspection and provide estimate for turn services and target rent

Tenant requested to apply $1,900 security deposit to November's rent, but PM notified them they are still responsible for November's rent

Tenant promised to pay soon, but if they do not pay November rent, debt will be sent to collections

Property Update (11/16/2022):

Tenant is late on November's rent but has not missed a payment before

Tenant texted Property Manager they will be moving out at end of next week and requested to apply deposit to November's rent

Deposit on hand is $1,900 and lease expires on 11/30/2022

Tenant is required to give 30-day notice to vacate per lease contract and is rent responsible until 12/11/2022

If tenant does not pay November rent, debt will be sent to collections

Owners will continue to receive daily rental income until 11/30 via the $1,900 deposit, which is equal to 1 month's ren

Property Update (06/09/2022):

Property has officially migrated to new Property Manager, B2B Realty, based on prior governance vote

B2B Realty charges 8% of gross rents Property Management fee instead of previous 10% fee

Annual Cash Flow of property has increased from $18,412 to $18,748