Property Update (12/15/2025):

Governance Results for 2337 Greenvale Rd:

The Governance Voting results are back for the owner-proposed votes.

The winning vote is:

Accept the offer

This option received 531 / 534 token votes, which is equal to 99% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3369571595

The winning vote is:

Authorize Earl Vanze Co to negotiate and sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.

This option received 331 / 534 token votes, which is equal to 62% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3369573361

Property Update (12/12/2025):

Owner-Proposed Governance Vote for 2337 Greenvale Rd:

The property manager, ECO Systems LLC 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.

Fellow owners,

The buyer’s offer price was adjusted to $89k post-inspection. This replaces the existing sale proposal. Close by Monday, 12/15/25.

The items they cited as biggest concerns:

There is a tree on the back of the property that is falling over, currently resting on the house/gutters will need to removed.

The attic has no insulation. This is an issue, because the water lines run in the attic

There is evidence of past critters (mice & racoons) in the attic as well.

Please review and verify the Financial Summary below (subject to change):

Sale proceeds: $80,217.56 after 2025 taxes, broker fees, and closing costs

Due to Evernest: ($4188.80)

Due to Lofty: ($1,663.19) (unverified)

Due FROM Yhome: $3,072.16

Transaction Coordination Fee Due TO ECO Systems, payable strictly from funds recovered from Yhome: ($3,072.16)

Aligned Operating Cash: $750

ECO Systems Operating Cash: $6,130.70

DAO Projected Net Cash: ~$81,246.27

Tokens in Circulation: 1959

Estimated Net Asset Value Per Share: ~$43.61

Owners may choose to approve the offer and authorize a representative before 12/15/2025 at 12 PM EST.

Vote 1:

a) Accept the offer

b) Decline the offer

Vote 2 (if offer accepted):

a) Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.

b) Authorize Lofty AI Inc. to sign closing documents as Authorized Representative on behalf of the DAO, settle all debts, and distribute net proceeds via token redemption.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, December 15th, once the voting period ends.

Property Update (12/10/2025):

Owner-Proposed Governance Vote for 2337 Greenvale Rd:

The property manager, ECO Systems LLC 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.

Fellow owners,

We received an offer for $95k cash, close by 12/17/25. Please review and verify the Financial Summary below (subject to change):

Sale proceeds: ~$89,300 (Assuming 6% closing costs)

Due to Evernest: ($4188.80)

Due to Lofty: ($1,663.19) (unverified)

Due FROM Yhome: $3,072.16

Transaction Coordination Fee Due TO ECO Systems, payable out of funds recovered from Yhome: ($3,072.16)

Aligned Operating Cash: $750

ECO Systems Operating Cash: $6,130.70

DAO Projected Net Cash: ~$90,328.71

Tokens in Circulation: 1959

Estimated Net Asset Value Per Share: ~$48.25

Owners may choose to accept/decline the offer and authorize a representative for closing by voting before 12/16/2025 at 5 PM EST.

Vote 1:

a) Accept the offer

b) Decline the offer

Vote 2 (upon closing):

a) Authorize Earl Vanze Co to negotiate and sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.

b) Authorize Lofty AI Inc. to negotiate and sign closing documents as Authorized Representative on behalf of the DAO, settle all debts, and distribute net proceeds via token redemption.

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

Property Update (10/07/2025):

Governance Results for 2337 Greenvale Rd:

The Governance Voting results are back for the owner-proposed vote.

The winning vote is:

Yes, list for sale

This option received 640 / 680 token votes, which is equal to 94% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3248337799

Property Update (10/01/2025):

Owner-Proposed Governance Vote for 2337 Greenvale Rd:

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

This owner holds 110 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 and the tenant lease has just ended in August.

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 (09/09/2025):

Governance Results for 2337 Greenvale Rd:

The Governance Voting results are back for the owner-proposed votes.

The first winning vote is:

1. Approve lending $3,100 at 12% APR via EARLDAO

This option received 377 / 440 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: 3205596599

The second winning vote is:

1. Keep PM fee at 15% until LAIC secured, then reduce to 10% + 5% OR contribution under Hemlane

This option received 443 / 499 token votes, which is equal to 88.7% of the total votes.

The voting results can be found on chain here or by searching the application ID: 3205597045

Property Update (09/02/2025):

Owner-Proposed Governance Vote for 2337 Greenvale Rd:

The property manager, ECO Systems LLC 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.

Please circulate attached governance proposal for a vote.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, September 9th, once the voting period ends.

Property Update (04/29/2025):

The current property manager, Yhome Nursing LLC, has put together a counter-proposal.

This is in response to the governance vote to change managers, sent out on 4/29, 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.

Yhome owns 0 tokens in this property and their wallet address can be viewed here.

Their 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.

Vote With Fairness and Facts — Don't Punish 10 Months of Hard Work

Let’s cut through the noise.

The claim that this is an “immediate giveaway” of 5% equity distorts the reality: Yhome has already invested over 10 months of time, energy, and personal capital into stabilizing and improving these asset. This is not about a handout. It's about recognizing work already performed.

The equity stake was not unilaterally imposed. It was part of a broader proposal, transparently shared and voted on by DAO members.

Let’s also consider the message being sent: If we default on promises and retroactively deny compensation after work is done, how do we expect talented, capable operators to trust and serve DAOs in the future?

Regarding the refusal to accept a vesting schedule—Yhome has already vested their time and results. The property's performance, upkeep, and responsiveness to issues were not managed in theory; they were actively handled month after month.

Switching to another manager like ECO Systems might be viable in the future, but doing so now, as a way to avoid honoring our obligations, undermines our integrity as a community.

Vote to honor the work done. Vote to keep building trust. Don’t let this become a race to the bottom.

Property Update (04/29/2025):

Governance Results for 2337 Greenvale Rd:

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 and NOT give away 5% equity to Yhome.

This option received 443 / 499 token votes, which is equal to 88.7% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2974589514

Property Update (04/29/2025):

Owner-Proposed Governance Vote:

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

This owner holds 221 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 and AVOID an immediate 5% (over $5,000) dilutive equity giveaway to our current property manager (Yhome).

Longer story:

If we take no action in the next three weeks, our current property manager (Yhome) will be granted an immediate 5% dilutive equity stake in this DAO, worth over $5,000. This giveaway is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.

Although I think in some rare cases, equity stakes can be an effective way to align a property manager's incentives with co-owners, I strongly object to one that vests immediately and which the manager can keep even if they decide to stop managing our property right after the grant, or even if they perform poorly. Yhome was asked to agree to a vesting schedule and refused, which is a red flag that they do not have our long-term interests in mind.

I urge you to vote against this by transitioning management of 2337 Greenvale Rd 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 and NOT give away 5% of equity to Yhome.

Option 2: Vote to retain Yhome as property manager, giving them an immediate 5% dilutive equity grant, which they can keep or sell regardless of performance.

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 (12/20/2024):

Governance Results:

The Governance Voting results are back for the governance vote to determine the next steps for the property.

The winning vote is:

Continue renting the property and obtain a loan from Yhome at 6% interest to pay off the unpaid bill balance of $5,425.

This voting option was declared the winner in Round 3 with 287 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 2622937724

Property Update (12/17/2024):

Owner-Proposed Governance Vote:

Calixte Duffaut, the owner of the new owner-elected property manager for this property, Yhome Nursing LLC, is proposing a governance vote to determine the next steps for this property.

Cal holds 128 tokens in this property and his wallet address can be viewed here.

Cal is available in this property's specific Discord channel to answer questions from investors.

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.

We are pleased to report that the property at 2337 Greenvale has reached a stabilized state, allowing us to proceed to the next phase of our plan. This phase offers all investors the option to either exit their investment or continue to grow under Yhome management.

Key Updates:

The first rent payment was received on October 30, 2024, and the Profit First system will commence on January 28, 2025.

Starting January 28, 2025, all investors will receive $1,125 ($ 1,125/12 will be paid out according to yhome profit first system).

The property will continue to follow the 70/30 profit-sharing model for the upcoming quarter.

While the property currently has no outstanding taxes, it also lacks reserves for future tax and insurance payments. Additionally, there is a $1,500 risk assessment fee mandated by the Cleveland authority ( we will apply for a grant for $750 and we will keep you posted, the risk assessment allows us to get our rental registration to be compliant). It is important to note that while the property is stable now, it is not self-sufficient without a loan from Yhome.

Looking Ahead: Proposed Strategies

1. Refinance with Yhome:

Yhome will secure a loan and act as the new guarantor. A $5,000 fee will be charged. Yhome will provide 5k to establish a liquidity pool, facilitating investor trading.

Proceeds from the refinance will be allocated to another property. Yhome will also secure this new property, with the DAO covering all fees. Yhome will retain 10% of the new property's launch, and investors will receive tokens corresponding to their ownership shares, reflecting both their initial investment and any value accrued during property improvements. Yhome will provide regular updates on any improvements made.

2. $60,000 Cash Offer:

An investor has made a cash offer of $60,000 to buy out all investors, covering all closing costs. ( if this option is accepted, the property will go through a normal sale process)

3. Token Sale to Yhome at $30 Each:

Yhome will purchase all tokens, with trading ceasing upon acceptance of the offer.

Investors will need to send their tokens to Lofty, which will issue a quitclaim deed to Yhome ($450 the price for the quit claim deed and the dao will pay this).

A temporary owner financing contract will be established, allowing Yhome to pay off the loan within 90 days, thus cashing out all investors at $30 per token.

We look forward to your feedback on these proposals and the next steps for our investment strategy.

Owners can also vote on continuing to rent the property and securing a loan from Yhome at 6% interest to cover the $5,425 balance owed to the previous property manager.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Friday, December 20th, once the voting period ends.

Property Update (10/14/2024):

Governance Results:

The Governance Voting results are back for the owner proposed governance vote to use Yhome's repair structure instead of getting a loan from the Universal Lending DAO.

The winning vote is:

Take the property off the market and change management to Yhome Nursing, LLC

This voting option received 365 / 525 token votes, which is equal to 69.5% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2352345956

The Yhome Nursing LLC management terms, provided by the owner, Calixte Duffaut, can be viewed here.

Per the management terms, Yhome will pay for the cost of repairs, and collect a portion of the cash flow to get paid back + 6% interest.

There will be no Operating Reserves for properties managed by Yhome, so owners will begin receiving a portion of the daily rent as soon as positive cash flow comes in. Any future repairs/expenses that come up will simply be paid for by Yhome + 6% interest.

Property Update (10/08/2024):

Owner-Proposed Governance Vote:

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

This owner holds 84 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 would like to send a small followup proposal to use YHome funds for any repairs if possible, rather than Universal Lending DAO funds, in order to take advantage of YHome's 6% interest rate (vs. 13.5% for the Universal Lending DAO).

The Yhome Nursing LLC management terms and loan structure, provided by the owner, Calixte Duffaut, can be viewed here.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, October 14th, once the voting period ends.

Property Update (10/08/2024):

Governance Results:

The governance results are back for the vote to take the property off the market, get a loan, and rent the property again.

The winning vote is:

Take this property off the market, get a loan from the Universal Lending DAO sufficient to perform any additional maintenance expenses needed to rent the property and refill the operating reserve to 50%, and then ask Yhome to manage it going forward.

This voting option received 161 / 294 of the votes, which is equal to 54.7% of the total votes.

Because the vote did not reach a Supermajority, the property will continue being listed for sale.

The voting results can be found on chain here or by searching the application ID: 2345914373

Property Update (10/06/2024):

DOM: 15 days

The property has had 0 showings in the last 7 days.

Note from agent: "We received a sight unseen cash offer on this property last week but were unable to agree to the terms. That being said, we have not had any showings or calls about this property (as of yet) and it has now been listed for slightly over two weeks. I think it’s time for us to begin lowering the price. I would suggest we lower to $102,900".

The property is listed for $104,900.

Property listing

Property Update (10/02/2024):

An owner of this property has put together a counter-proposal.

This is in response to the previous governance vote sent out on 9/30, which can be viewed on the property page in the "Property Updates" section.

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 proposed the counter-proposal owns 84 tokens in this property, and his 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.

I would urge everyone to vote "No" on this low-ball offer.

Furthermore, if this vote fails, which I hope it does, I would like to propose that we take this property off the market, get a loan from the Universal Lending DAO sufficient to perform any additional maintenance expenses needed to rent the property and refill the operating reserve to 50%, and then ask Yhome to manage it going forward, so that we can eventually become cash-flowing again, rather than sell at an unnecessarily staggering loss on our original investment.

Property Update (10/02/2024):

Owner-Proposed Governance Vote:

The governance results are back for the vote to accept or deny the buyer's offer of $89,165.

The winning vote is:

No, do not accept the offer.

This voting option received 439 / 783 of the votes, which is equal to 56% of the total votes. The offer will be denied, because the option to accept the offer did not receive a 60%+ Supermajority.

The property will now be re-listed for sale.

The voting results can be found on chain here or by searching the application ID: 2324675724

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

This owner holds 84 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 would like to propose that we take this property off the market, get a loan from the Universal Lending DAO sufficient to perform any additional maintenance expenses needed to rent the property and refill the operating reserve to 50%, and then ask Yhome to manage it going forward, so that we can eventually become cash-flowing again, rather than sell at an unnecessarily staggering loss on our original investment.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, October 7th, once the voting period ends.

Property Update (09/30/2024):

Governance Vote:

The governance results are back for the vote to accept, counter, or deny the offer of $89,165.

The winning vote is:

Counter the offer at $98k (Listing agent's recommendation)

This voting option was declared the winner in Round 1 with 325 token votes.

The voting results can be found on chain here or by searching the application ID: 2330256041

The buyer advised they can not come up at all, and will be sticking to their offer of $89,165.

Owners will now have a final opportunity to vote to accept or deny this offer.

The property is currently listed for $104,900.

The property was originally purchased on 07/28/2021 for $87,500. The HouseCanary Valuation as of May, 2024 is $97,225.

The estimated token price based on a sale price of $89,165 is:

Offer price: $89,165

Commission (5%): $4,458.25

Closing costs: $2,674.95

Unpaid bills: $7,887

Estimated sales price: $74,144.80

The estimated token price based on a total token amount of 1,959 is $37.84/token.

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 Wednesday, October 2nd, once the voting is complete.

Property Update (09/28/2024):

Governance Vote:

The property received a sight unseen cash offer for $89,165.

Buyers Name: Hometown Buyers Club (Auth Sig, Scott Levine)

Purchase price: $89,165

EMD: $1,000 - after inspections

Title Company: First Title Services

Financing: Cash

Closing date: Within 3 weeks

The property is listed for $104,900.

The listing agent provided the following recommendation:

I would counter back at $98K. Probably settle at $95k but who knows, they might bite at $98k?

The property was originally purchased on 07/28/2021 for $87,500. The HouseCanary Valuation as of May, 2024 is $97,225.

The estimated token price based on a sale price of $89,165 is:

Offer price: $89,165

Commission (5%): $4,458.25

Closing costs: $2,674.95

Unpaid bills: $7,887

Estimated sales price: $74,144.80

The estimated token price based on a total token amount of 1,959 is $37.84/token.

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 Monday, September 30th, once the voting is complete.

Property Update (09/23/2024):

Governance Results:

The Governance Voting results are back for the governance vote to determine the listing price.

The winning vote is:

List for $104,900 (Listing agent's recommendation)

This voting option was declared the winner in Round 1 with 524 token votes.

The voting results can be found on chain here or by searching the application ID: 2316821928

The other voting options were eliminated in Round 1:

List for $109,900

20 token votes

List for $114,900

29 token votes

List for $89,900

128 token votes

List for $99,900

1 token vote

Property Update (09/17/2024):

Governance Vote:

The listing agent has provided feedback on the property, and owners will now have the ability to vote on the listing price.

The property was originally purchased on 07/28/2021 for $87,500. The HouseCanary Valuation as of May, 2024 is $97,225.

Alex Johnson, a Roofstock partner with Real Estate Quest, Inc., recommends the following:

I pulled some comps for Greenvale. The owners purchased this property a few years back for $87,500.00 and I'd like to setup the listing so they can retrieve their money back so i'd like to list the property for $104,900 which is a little on the higher side seeing as no 2 bedroom 1 bath ranches have sold in that area in the past 180 days. We currently have two properties on the market listed at 1998 Green Road for $59,900 and another at 2471 Greenvale Road that was originally listed for $129,900 but has been lowered to $118k but if you look at this house, it was renovated very nicely! Anyways, I feel a good starting point for this property is $104,900 especially considering how much rent is being brought in each month. Please let me know your thoughts, and I'll prepare paperwork up as soon as we determine a preferred sales price.

The winning vote for the listing price will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Monday, September 23rd once the voting period ends.

Property Update (09/02/2024):

Governance Results:

The Governance Voting results are back for the owner-proposed governance vote to sell the property.

The winning vote is:

Yes [list the property for sale]

This voting option received 659/907 votes which is equal to 72.6% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2275611074

The listing agent will default to be listed on Roofstock with their partner agent, Alex Johnson with Real Estate Quest, Inc., which provides exposure both on Roofstock and the MLS.

Owners can propose a vote to choose another listing agent at any time. If an offer is received, owners will have the ability to vote to accept, deny, or counter the offer.

Property Update (08/24/2024):

The tenant reported a break-in at the property while they were at work on 8/12.

The property manager assigned their in-house technician to access the property on 8/15, per the tenant's availability, and they provided an estimate amounting to $340 to replace the side door .

The property manager will share the estimated completion date once it has been received from the vendor.

Repair Invoice

Photos

Property Update (08/23/2024):

An owner of this property has put together a counter-proposal.

This is in response to the previous governance vote sent out on 8/23, which can be viewed on the property page in the "Property Updates" section.

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 proposed the counter-proposal owns 84 tokens in this property, and his 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.

This owner is literally spamming multiple listings with the same boilerplate text proposing a fire sale. In fact, many of the properties do not even have each of the specific problems the owner is describing in the proposal.

For this property specifically, the low end of HouseCanary's estimated range is $67k, and most Lofty properties have in fact been selling for very close to the HC low, so this is a solid estimate of what we could get. After the $9k OR deficit, 6% agent fees, and ~$5k closing costs, owners would most likely net <$25 token in the open market.

This property is much more valuable as a long-term rental investment, even if it will take quite a while to refill the OR. I suggest we not sell at a 50% haircut for no good reason just because one owner wants a quick exit.

Property Update (08/23/2024):

Owner-Proposed Governance Vote:

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

This owner holds 23 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.

Hi, Due to performance, financial, and illiquidity reasons, I am proposing to call a vote to sell on the following properties: 2337 Greenvale Rd, Cleveland, OH 44121

Reasoning:

Multiple costly repairs eating into cash flow

Vacancies, tenant refusing to pay rent, evictions all eating into cash flow and operating reserve Illiquidity

Due to above reasons, tokens are selling in very small quantities at far below the market price for the above residential properties.

For all of these reasons, I believe it is in my best interest and the interests of my fellow investors to sell the property as a whole at fair market value.

The results will be determined by a 60% Supermajority using the Ranked Choice Voting method and sent to all owners on Monday, September 2nd once the voting period ends.

Property Update (08/10/2024):

The living room window repairs have been completed.

View Completion Photos

Additionally, the property manager confirmed the items flagged on the move-in inspection were general repairs and they were completed for a total of $183.75.

Per the previous update, a new tenant moved in on 8/1 for a 12-month lease at $1,125, a $75 increase from the previous lease of $1,050.

Property Update (08/03/2024):

The PM confirmed the tenant moved in successfully on 8/1.

The tenant signed a 12-month lease at $1,125, a $75 increase from the previous lease of $1,050.

The tenant paid a security deposit of $1,125.

The lease term is 08/01/2024 - 08/02/2025.

The leasing fee is $562.50 and will be paid with July's rent.

The tenant will be responsible for all utilities.

Lease Agreement

The PM confirmed the living room window repairs have been completed.

Additionally, the PM noted that there were a few flagged items in the move-in inspection that were completed as well.

The PM will follow up on which repairs were completed, as well as the cost.

Property Update (07/27/2024):

A new tenant has been approved and will move in on 08/01/2024.

The tenant signed a 12-month lease at $1,125, a $75 increase from the previous lease of $1,050.

The tenant will pay a security deposit of $1,125.

The lease term is 08/01/2024 - 08/02/2025.

The leasing fee is $562.50 and will be paid with July's rent.

The tenant will be responsible for all utilities.

The lease agreement is currently being redacted and will be uploaded to the property's Dropbox folder once the redaction is complete.

The vendor is currently waiting for the window to be ready to be picked up so it can be installed before the tenant moves in.

The vendor is currently waiting for

Property Update (07/20/2024):

Update 1:

The property has had 31 showings, 2 pending applications, 6 approved section 8 applications, and 6 denied applications in the last 14 days.

The PM is currently awaiting a reply from the housing authority to schedule inspections for the Section 8 tenants.

The property is currently listed at $1,125.

Property Listing

Update 2:

The vendor accepted the work order and the PM is waiting for the vendor to confirm that the window repairs have been completed.

Property Update (07/05/2024):

Update 1:

The property has had 15 showings, 1 pending application, 2 approved Section 8 applications, and 4 denied applications in the last 7 days.

The PM noted that the market applicant did not end up moving forward.

The PM is currently awaiting a reply from the housing authority to schedule inspections for the Section 8 tenants.

The property is currently listed at $1,125.

Property Listing

Update 2:

The PM mentioned that the vendor has not yet accepted the work order for the window replacement, and their visit has not yet been scheduled.

The PM also noted that the vendor was quite busy this past week, but they have sent a notification to the vendor to accept and schedule the service request.

Property Update (06/29/2024):

Update 1:

The property has had 9 showings, 3 pending applications, 1 approved Section 8 application, and 5 denied applications in the last 7 days.

The PM noted that they have not heard back from the housing authority regarding the approved Section 8 applicant.

The property is currently listed at $1,125, with a leasing special of 1 month free with a signed lease before 6/30.

Additionally, the PM reported that they had a denied market applicant who marginally missed out on being approved to rent the property.

To be made eligible, the current rent price would need to be decreased by $94 to $1,031.

The PM recommends this price reduction in order to lease the property right away.

The PM will share further updates if the applicant decides to proceed.

Property Listing

Update 2:

The PM recommended to no longer proceed with fixing the window cracks because it is not a guaranteed fix.

The PM confirmed the following two estimates for replacement are still valid.

Estimate 1: Ramos - $3,500

Estimate 2: Vella - $950

PM notes regarding Vella's estimate "The vendor did state this was for the front window. If their bid is approved, we will be able to confirm that the window is the same quoted for by the other vendor, Ramos. Their notes specified front window so they will confirm this is specifically the living room before any work is started and this will save on an additional trip fee."

The PM recommends Estimate 2 for $950.

The PM will share the estimated completion date once it has been received from the vendor.

Property Update (06/22/2024):

The PM provided an estimate of $950 to replace the LVP flooring and complete a deep clean at the property.

The repairs have been confirmed completed and photos of the completed work can be viewed here.

Additionally, the PM is working to obtain an additional replacement estimate for the window.

The PM confirmed the property was re-listed for rent at $1,125 on 6/18.

The PM will follow up on the status of the Section 8 applications.

Property Listing

Property Update (06/08/2024):

The PM has now reported that the front window cranks are broken and require repairs or possible replacement (3 pane window in the living room).

The vendor provided an estimate with two options:

$500 - special order cranks (not guaranteed to work)

$3,500 - window replacement (6-8 week turn around)

The PM is working to clarify if the window requires replacement or can be repaired using the special order cranks.

As a result of the remaining repairs not being able to be completed by the tenant's move in due to delays in receiving the parts, the tenant has advised that they are not willing to wait and would like to cancel the move-in.

The PM advised that they have 3 Section 8 approvals at this time, and are in the process of marketing the property to another market tenant as well.

Property Update (05/25/2024):

A new tenant has been approved and will move-in on June 3rd.

The tenant signed a 1 year lease at $1,125.

The tenant will pay a prorated rent amount of $1,050 for June before their move in date.

The tenant will pay a security deposit of $2,250.

The lease term is 06/03/2024 - 06/02/2025.

The leasing fee is $562.50 and will be paid with June's rent.

The tenant will be responsible for all utilities.

The PM advised that in order to pass the occupancy inspection, a window replacement is necessary due to the the window frame being broken and the vendors being unable to obtain the specific cranks needed to repair the window.

The PM received two estimates for $880 and $800, and recommends the lower estimate because it is more cost efficient.

Property Update (05/11/2024):

The PM confirmed an application has been approved and the applicant paid a security deposit of $2,250.

The lease is pending signing with a start date of June 3rd.

The PM will share the lease once it has been executed.

The PM advised that in order to pass the occupancy inspection, a window replacement is necessary due to the the window frame being broken and the vendors being unable to obtain the specific cranks needed to repair the window.

The PM received two estimates for $880 and $800, and recommends the lower estimate because it is more cost efficient.

Property Update (04/20/2024):

The property had 23 showings, 2 approved applications, and 3 denied applications in the last 7 days.

The PM will follow up on the status of the approved applications and a projected move-in date.

Property Listing

Property Update (04/20/2024):

The property had 22 showings and 2 pending applications in the last 7 days.

The property is listed at $1,125/month.

The PM recommends holding the price at $1,125 due to the pending applications.

Property Listing

Property Update (04/13/2024):

The PM advised that the vendor attempted to color match the paint three times, however they were unable to get the correct color, and the touch up paint work is noticeable.

The PM recommends to list the property without completing the full house paint, and readdressing the situation if the it is brought up by applicants.

Additionally, the PM is working with their team to confirm the completion of two remaining line items. The window frame is also broken and must be replaced.

The PM provided an estimate totaling $750.

The PM advised that they are in the midst of interviewing new vendors in this market in person, as they have had various issues with their initial vendors since expanding their operations to Cleveland.

The property was listed for rent on 4/10 at $1,125.

Property Listing

Property Update (03/09/2024):

The PM provided a second estimate for the plumbing repair and window replacement totaling $500, which the PM recommends.

Additionally, the PM confirmed the remaining turn items have been assigned to a new vendor & are expected to be completed by Monday, 3/11.

After the repairs are completed, a QC inspection will take place and the property will be listed for rent if there are no call-back items.

Property Update (03/03/2024):

The QC inspection revealed that the turn repairs were not completed sufficiently. The PM advised the vendor to return to the property and complete the repairs.

The PM will follow up with an estimated completion date (ECD) and is in the process of onboarding new vendors in this market.

Regarding the additional required repairs mentioned in the original estimate, the PM confirmed the only additional repairs needed are a plumbing repair and window replacement.

The PM provided an estimate totaling $875 for these additional repairs.

The PM is currently working to obtain a second estimate.

Property Update (02/17/2024):

The vendor confirmed the repairs have been completed.

The PM completed a QC inspection and follow up if there are any call-back items.

If there are no call-back items, the property will be listed for rent right away.

Property Update (01/13/2024):

The PM's maintenance manager was able to reduce the total turn repair cost from $6,772.72 to $3,944.68, while still ensuring the property is rentable and will likely pass a city inspection.

Revised Repair Invoice

The PM will provide an estimated completion date (ECD) asap.

Additional estimates are needed for the addition of an AC unit, repair/replacing the stove, and flooring.

The tenant had a security deposit of $2,100 which will go towards the turn repairs.

Property Update (12/23/2023):

The PM provided a turn estimate totaling $6,772.72.

The PM advised there were significant delays in obtaining repair estimates from vendors in Cleveland over this past month.

Required Repairs: $6,079.27

Estimate includes securing and clearing gutters, replacing locks, landscaping, door repairs/replacement, replacing furnace filter, paint and patch walls, repairing an active leak, replacing a window lock, and minor bathroom and kitchen repairs.

Recommended Repairs: $693.45

Estimate includes installing door stoppers, replacing blinds and window screens,

Additional estimates are needed for the addition of an AC unit, repair/replacing the stove, and flooring.

Repair Estimate & Move-out Inspection

The tenant had a security deposit of $2,100 which will go towards the turn repairs.

The PM confirmed the maintenance manager is working with the vendor to try and minimize the amount of repairs needed for this property.

Evernest recently assigned a Senior Property Manager to properties on Lofty in order to increase efficiency and performance, which includes completing repairs faster & renting units in less time.

This Senior PM will be the one point of contact, and will manage & assign tasks to other members of the institutional team including turn & listing coordinators.

All properties managed by Evernest are now managed by a single Senior Asset Manager, whose one and only job at Evernest is managing properties on Lofty.

Property Update (11/18/2023):

The PM noted they are working as quickly as they can to provide an estimate for the needed repairs, however, their resources are limited as their vendors are backed up given the large volume of vacancies across the market. They are working on obtaining additional vendors.

The PM has bumped this estimate request again and has requested to receive by the end of next week at the latest.

The tenant had a Security Deposit of $2,100 which will go towards the turn repairs.

Property Update (10/27/2023):

Evernest has completed a move-out inspection at the property and it revealed several areas of the home that require attention.

Move-out Inspection

The PM is working to obtain an estimate for the needed repairs.

The tenant had a Security Deposit of $2,100 which will go towards the turn repairs.

Property Update (10/13/2023):

Evernest has taken over management of the property and has scheduled the move-out inspection (MOI) to be completed next week.

After the move-out inspection is completed, multiple turn estimates will be provided.

The tenant had a Security Deposit of $2,100 which will go towards the turn repairs.

Property Update (10/04/2023):

The tenant successfully moved out yesterday, 10/3.

The new Property Manager, Evernest, will perform a move-out inspection and provide a turn estimate for repairs.

Property Update (09/22/2023):

The PM confirmed the payments were not submitted per the court arrangement.

A court date was held on 9/14, and the eviction was granted.

The PM confirmed a move-out date has not yet been set.

Property Update (09/21/2023):

The tenant owes a balance for September's rent including a late fee and a partial balance for August.

The tenant has just been approved for $3,670 in rental assistance to pay for rent arrears and future rent payments.

The Property Manager is currently waiting for the award to be distributed.

Property Update (09/19/2023):

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

Property Update (09/02/2023):

The PM confirmed the court date took place as scheduled, and a payment plan was agreed upon

The tenant submitted a partial payment of $1,000 on 8/26.

The tenant now owes a balance of $2,285.

The PM confirmed a follow-up hearing was held on 8/29

The tenant had a promise-to-pay (PTP) $750 on 8/30. We are waiting to hear from the PM on if these funds were received.

The remaining balance & September's rent are to be paid on 9/13.

Property Update (08/04/2023):

The PM has confirmed the eviction hearing date has been rescheduled to 8/10.

Property Update (07/22/2023):

The tenant owes a balance of $2,340.

The PM confirmed the eviction hearing date has been scheduled for 8/3.

The eviction will be cancelled if the tenant pays their balance in full.

The PM confirmed they have received the Lead Safe Certificate.

The Lead Safe Certificate expires 06/14/2025.

Lead Safe Certificate

Property Update (07/15/2023):

The tenant owes a balance of $2,340.

The PM confirmed the eviction process has been started.

The PM is still waiting for a hearing date to be scheduled.

If the tenant pays off their balance in full, the eviction will be cancelled.

Property Update (06/28/2023):

The tenant currently has an outstanding balance of $1,145.

Despite repeated attempts by the Property Manager to communicate, the tenant has been ignoring all contact.

The PM posted a 3-day notice to inform the tenant of their overdue balance.

The tenant did not pay their balance and the PM is still unable to reach them. The PM received the rental registration certificate & has started the eviction process.

If the tenant pays off their balance in full, the eviction will be cancelled.

Property Update (06/02/2023):

The PM confirmed the repairs have been completed.

The PM is submitting the ODH form 7731 with pictures to the city.

It will take 45-60 days to receive lead clearance from the city.

Property Update (05/25/2023):

The PM confirmed the repairs will be completed by 5/31.

Following repair completion, the PM will submit the ODH form 7731, along with accompanying pictures, to the City.

The City will then schedule the re-inspection within 45-60 days.

Property Update (05/22/2023):

The PM completed the Lead Safe Certification process per Cleveland's Rental Registration requirements.

The City reviewed the report and noted that the following deficiencies were observed:

There is a significant amount of bare soil in the rear of the home that needs addressed.

The repairs for the lead clearance includes seed and straw dirt areas.

The total cost of repairs is $126 ($120 + 5% PM markup).

Repair Invoice

Cleveland Rental Registration Inspection

Once the soil repairs are completed, the lead inspector will complete the lead inspection again and complete the ODH Form 7731, required per the City.

The cost of the lead inspection was $420 ($400 + 5% markup) and will be paid once the inspection is complete.

The Property Manager also advised that they were able to successfully repair the refrigerator for $246.75, instead of replacing the unit for $840, per a previous update.

As a result, $593 will be added back to the Operating Reserve.

The Operating Reserve balance after the repairs is $1,987.25.

Property Update (03/17/2023):

The tenant reported that the toilet handle is broken and they are not able to flush the toilet.

The tenant also submitted repair requests for minor items including a beeping smoke detector, the living room window not opening, living room screen door is broken, and a hole in the bedroom door from the doorknobs.

The PM reviewed the requests and had the turn vendor return to complete the repairs for the doors and smoke detector under warranty.

The additional items of repair outside of the warranty includes replacing the toilet tank valve, repairing the window crank, and replacing a couple of burnt lightbulbs.

The total cost of repairs is $297.14.

The Operating Reserve balance after the repairs and unpaid bills of $78 for rental registration is $1,708.84.

The Operating Reserve is below 50% full. Owners voted to apply 50% of cash flow to replenish the reserve until it reaches 50% full ($2,500), and then apply 10% of cash flow until the reserve is 100% full ($5,000).

Repair Invoice

Property Update (03/17/2023):

A new tenant has been placed and moved in on 3/16.

The tenant signed a 1 year lease lease at $1,050, a $200 increase from the previous lease of $850.

The lease term is 03/16/2023 - 03/31/2024.

The tenant paid a security deposit of $2,100.

The tenant placement fee is $1,050 and will be deducted from the 1st month's rent the tenant pays on 3/16.

The tenant will pay March's prorated rent in April.

Lease Agreement

Property Update (03/09/2023):

The listing received 2 rental applications with a voucher from EDEN.

The PM is working to verify the vouchers with EDEN for both applicants.

The target rent is $1,050, a $200 increase from the previous lease of $850.

Property Update (02/28/2023):

The Property Manager completed a QC inspection and sent the vendor back to the property to fix minor issues with the previous turn repair in order to attract a new tenant.

These repairs are now completed and the leasing team has marketed the property for rent at $1,050, a $200 increase from the previous lease of $850.

Property Update (12/12/2022):

Tenant has moved out and move-out inspection is completed by Property Manager.

Target rent for new tenant is $1,000 - $1,100, which is $150 - $250 higher than the previous lease rent of $850.

Turn services required include full paint and drywall repairs, tightening kitchen faucet, replacing lock on storm door, repairing siding on corner of house, raking leaves, installing 5 new blinds, servicing 4 smoke detectors, installing locks on 2 windows, and a full unit clean.

The total cost for the turn services is $2,841.30.

Click to view Repair Invoice.

Click to view Move-out Inspection Pictures.

Property Update (11/03/2022):

The tenant gave the Property Manager notice to move out and will be vacating on 11/30.

The target rent for a new tenant is $1,000 - $1,100. This is a $150 - $250 increase (17% - 29%) from the current lease of $850.

The Property Manager will complete a move-out inspection and provide a turn-estimate after the tenant moves out at the end of this month.

Property Update (10/29/2022):

Tenant reported refrigerator not cold and water leaking.

Vendor had previously repaired refrigerator but now compressor needs replacement.

Vendor recommends replacing refrigerator instead of additional repairs.

Property Manager also recommends replacing the refrigerator.

Estimated cost to remove old refrigerator and install a new one is $840.

Property Update (08/25/2022):

Tenant had balance for August and partial July rent.

Tenant made a partial payment of $500, reducing their balance to $637.08.

Tenant's rental assistance application is in final review stages.

Property Manager should be notified of approval status soon.

PM advised that approval is very likely as a caseworker has been assigned to the case.

Daily rental income for the property will stop until the application is approved.

Once approved, owners will receive rent back-pay and daily rental income will resume moving forward.

Property Update (08/13/2022):

A tenant has been found and the lease will be starting on August 24th.

Owners will begin receiving daily rental income starting that same day. trigger-refresh-1775513410895

Property Update (08/08/2022):

Governance voting results are back for the landlord insurance renewal vote.

Two options were Actual Cash Value insurance or Replacement Cost insurance.

Winning vote is for Replacement Cost Coverage at $689 annually.

612 out of 804 tokens voted, equal to 76.1% of total votes.

New insurance policy will go into effect on 9/20/2022, once current policy ends.

Property Update (05/18/2022):

This property has officially migrated over to the new Property Manager, B2B Realty, based on the results of the prior governance vote.

Because B2B Realty only charges an 8% of Gross Rents Property Management fee compared to the previous 10% fee, the Annual Cash Flow of this property has increased from $6,283 to $6,487.