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 (04/06/2026):

Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):

Yhome Net Due TO DAO: $-9,633.29

Lofty Operating Cash: $-11,936.64

ECO Operating Cash: $-5,482.82

Outstanding Liabilities (Unpaid Bills): $-5,410.50

DAO Net Cash (Capital Call): $-38,250.48

Estimated Owners' Equity: $127,840.00

DAO Estimated NAV Per Token: $26.87

DAO Tokens: 3334

Current PM: ECO (Selling)

Property Update (12/18/2025):

A new 8-month lease (12/29/2025-08/31/2026) for Apt 2 has been signed at $745/month.

The DAO currently owes $29,075.48 between Yhome, Aligned, ECO Systems, Lofty, and unpaid taxes. All financial statements are in the the Financials subfolder in Dropbox.

With a projected net cashflow of $823/month, it will take almost 4 years at 12% interest rate amortized to zero out this $29k debt.

NAV is ~$47.95/share at a $201k AVM per LoftyAssist. This estimate has not been evaluated by a licensed broker.

At this point, a vote for a capital call to raise funds (requiring a lender to fund a loan or dilutive equity), refinance via non-recourse/DSCR loan (requiring a DAO member to volunteer as borrower), or sale of the property on the MLS is required.

A governance proposal to determine the next steps will follow this update. Owners may also submit their own proposal(s) to Lofty for a vote.

Property Update (07/15/2025):

Governance Results for 3850 W 17th St:

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

The winning vote is:

Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee

This voting option received 1,016 / 1,031 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: 3120229247

Property Update (07/07/2025):

Owner-Proposed Governance Vote for 3850 W 17th St:

The current property manager, M1 Homes LLC with the following wallet address, is proposing a governance vote.

M1 Homes LLC holds 50 tokens in this property.

The property manager's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.

PROPOSAL: Transition Property Management to ECO Systems LLC

Background:

When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes’ intended role. Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.

Recommendation:

We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property’s financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.

Key Points Supporting This Proposal:

Original Agreement Integrity: M1 Homes’ proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.

Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.

Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.

Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.

Property Management Transition (If Property is Retained):

Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification

ECO Systems may initiate capital calls post-transition

Option 2 – Reject Vote #2 and Remain with M1 Homes LLC

M1 Homes remains as manager

No changes to current structure

Financial obligations remain unresolved under the existing framework

The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

Property Update (07/07/2025):

Owner-Proposed Governance Vote for 3850 W 17th St:

The current property manager, M1 Homes LLC with the following wallet address, is proposing a governance vote.

M1 Homes LLC holds 50 tokens in this property.

The property manager's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.

PROPOSAL: Transition Property Management to ECO Systems LLC

Background:

When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes' intended role. Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.

Recommendation:

We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property's financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.

Key Points Supporting This Proposal:

Original Agreement Integrity: M1 Homes' proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.

Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.

Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.

Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.

Property Management Transition (If Property is Retained):

Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification

ECO Systems may initiate capital calls post-transition

Option 2 - Reject Vote #2 and Remain with M1 Homes LLC

M1 Homes remains as manager

No changes to current structure

Financial obligations remain unresolved under the existing framework

The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

Property Update (04/28/2025):

Governance Results:

The Governance Voting results are back for the owner proposed vote to change property managers to M1 Homes LLC.

The winning vote is:

Yes [switch property managers to M1 Homes LLC]

This voting option received 1,010 / 1,109 token votes, which is equal to 91% of the total votes.

The voting results can be found on chain here or by searching the application ID: 2960277958

Property Update (04/25/2025):

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 4/25, 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 27 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.

Hi everyone,

I want to start by saying I truly appreciate seeing more community members stepping up—that kind of engagement is commendable and valuable. However, it's also important to recognize that much of the recent momentum isn’t due to Yhome's failure to perform, but rather a desire by some to prevent Yhome from being fairly compensated for the work it has done.

Yes, Yhome will receive compensation—as an asset manager or co-owner—but it's worth noting that the proposed alternative is essentially a return to a structure that already failed these properties in the past.

Yhome’s current system has proven itself. We are no longer fire-selling properties. All past evictions have been successfully handled across the Cleveland portfolio. No one can credibly accuse Yhome of neglect or inaction. The work has been done, and the results speak for themselves.

While I can’t compare Yhome to Earl, Alex or M1 directly—because we offer different services and use different strategies—what I can say is that shifting away from - Yhome may come with significant risks: possible capital calls, delays in repairs, and a lack of a local team with on-the-ground experience in this market. Sure, you may get a basic property management structure, but it won’t come with the same focus on long-term value, stability, and a “profit-first” approach that Yhome offers.

Let’s be clear—many of the loudest critics on Discord are traders looking for quick flips, not long-term investors. If that’s your strategy, that’s your choice. But if you’re in this for stable returns and peace of mind, I encourage you to recognize the value Yhome brings and vote to stay the course.

Thank you.

Property Update (04/25/2025):

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 4/25, 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 27 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.

Hi everyone,

I want to start by saying I truly appreciate seeing more community members stepping up-that kind of engagement is commendable and valuable. However, it's also important to recognize that much of the recent momentum isn't due to Yhome's failure to perform, but rather a desire by some to prevent Yhome from being fairly compensated for the work it has done.

Yes, Yhome will receive compensation-as an asset manager or co-owner-but it's worth noting that the proposed alternative is essentially a return to a structure that already failed these properties in the past.

Yhome's current system has proven itself. We are no longer fire-selling properties. All past evictions have been successfully handled across the Cleveland portfolio. No one can credibly accuse Yhome of neglect or inaction. The work has been done, and the results speak for themselves.

While I can't compare Yhome to Earl, Alex or M1 directly-because we offer different services and use different strategies-what I can say is that shifting away from - Yhome may come with significant risks: possible capital calls, delays in repairs, and a lack of a local team with on-the-ground experience in this market. Sure, you may get a basic property management structure, but it won't come with the same focus on long-term value, stability, and a "profit-first" approach that Yhome offers.

Let's be clear-many of the loudest critics on Discord are traders looking for quick flips, not long-term investors. If that's your strategy, that's your choice. But if you're in this for stable returns and peace of mind, I encourage you to recognize the value Yhome brings and vote to stay the course.

Thank you.

Property Update (04/25/2025):

Owner-Proposed Governance Vote:

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

This owner holds 50 tokens in this property.

The owner's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.

I recommend that we transition management of 3850 W 17th St Cleveland Ohio 44109 to M1 Homes LLC, effective April 30th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City area, as well as another 2 Cleveland homes on Lofty.

This home is currently being managed by Yhome Nursing LLC. If there are any outstanding or unknown loans to Yhome Nursing LLC or Calixte Duffaut, M1 Homes will have the choice to accept management, propose another vote, or withdraw. I am not going to go into detail on why changing Property Management from Yhome Nursing LLC to M1 Homes would be beneficial to owners. M1 Homes already has current management in place who reside in the Cleveland Area.

M1 Homes is an active participant on Lofty and in the Lofty Discord (M1), offering consistent communication and being readily available to answer any questions from investors. M1 Homes' management fees are 10% of gross rent. First month rent to place a tenant. No fees for re-lease and no maintenance upcharge.

The owner making the proposal is the owner of M1 Homes, the property management company being proposed for the transition.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, April 28th, once the voting period ends.

Property Update (04/25/2025):

Owner-Proposed Governance Vote:

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

This owner holds 50 tokens in this property.

The owner's reasoning is below, word-for-word:

*Because this is an owner proposed vote, Lofty cannot change the content. It's up to owners to verify the accuracy of the claims below.

I recommend that we transition management of 3850 W 17th St Cleveland Ohio 44109 to M1 Homes LLC, effective April 30th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City area, as well as another 2 Cleveland homes on Lofty.

This home is currently being managed by Yhome Nursing LLC. If there are any outstanding or unknown loans to Yhome Nursing LLC or Calixte Duffaut, M1 Homes will have the choice to accept management, propose another vote, or withdraw. I am not going to go into detail on why changing Property Management from Yhome Nursing LLC to M1 Homes would be beneficial to owners. M1 Homes already has current management in place who reside in the Cleveland Area.

M1 Homes is an active participant on Lofty and in the Lofty Discord (M1), offering consistent communication and being readily available to answer any questions from investors. M1 Homes' management fees are 10% of gross rent. First month rent to place a tenant. No fees for re-lease and no maintenance upcharge.

The owner making the proposal is the owner of M1 Homes, the property management company being proposed for the transition.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, April 28th, once the voting period ends.

Property Update (02/15/2025):

Lower Unit:

A new tenant has been approved and will move in on 3/1/25.

The tenant signed a 12-month lease at $745/month.

The lease term is from 3/1/25 - 2/28/26.

The tenant paid a deposit of $745.

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 uploaded to the property's Dropbox folder once the redaction is complete.

Once the tenant moves in, this duplex will be fully occupied with paying tenants.

Property Update (01/11/2025):

Upper Unit:

A new tenant has been approved and will move in on 2/1/25.

The tenant signed a 12-month lease at $795.

The lease term is from 2/1/25 - 1/31/26.

The tenant paid a deposit of $795.

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

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

Property Update (12/22/2024):

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

"The tenant has made her payment and will be moving into the upper unit on 2/1/25. We will keep the current listing active."

Property Update (12/09/2024):

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

"In regards to 3850 w 17th Unit 2. We have had more struggles than expected on the property. Between the electric and fire damage needing to be inspected, we were caught off guard. After placing a tenant, we have mutually agreed to end her lease, and refund payment in full.

We will be correcting the issues, and preparing the listing for a new listing. Any paid out leasing/management fees will be reversed."

Abandoned Lease Letter

Property Update (11/24/2024):

Upper Unit:

The property manager, Yhome Nursing LLC, confirmed the tenant moved in as scheduled.

The tenant paid a security deposit of $795 and is paying $795/month in rent.

Lease Agreement

Property Update (10/12/2024):

Upper Unit:

A new tenant signed a 1 year lease at $795/mo

The lease term is 11/16/2024 - 11/15/2025.

The tenant paid a security deposit of $795.

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

Lease Agreement

Property Update (09/28/2024):

Upper Unit:

The newly elected property manager, Yhome Nursing LLC, advised that a new tenant has been found and will move in next month.

More details on the new lease will be provided shortly.

A TPP (Tenant Protection Plan) claim was filed for lost rent.

The insurance carrier has approved the claim for one month's skip of rents, amounting to $850.

Property Update (09/28/2024):

Lower Unit:

The newly elected property manager, Cal with Yhome Nursing LLC, confirmed the turn repairs have started.

The turn repair estimate and an estimated completion date will be shared promptly.

Upper Unit:

Cal confirmed the unit has been listed for rent at $795/month.

Property Listing

Property Update (09/07/2024):

Owners voted to delist the property for sale and change management to Yhome Nursing LLC.

Calixte Duffaut, the owner of Yhome Nursing LLC, completed a walk-through for Unit 2 and will provide an update on any needed repairs in order to list the unit for rent.

The previous property manager, HomeRiver Group, will continue working on the eviction for Unit 1 until the set-out has been completed. This unit is already on its third eviction case. Changing management in the middle of an eviction would risk the Courts requiring Owners to start the eviction process over from the beginning.

Calixte will take over management once the set-out is completed.

The property manager confirmed the set-out date has not yet been received.

Property Update (09/02/2024):

Governance Results:

The Governance Voting results are back for the owner-proposed governance vote to delist the property and change property management companies to Yhome Nursing, LLC.

The winning vote is:

Get a competent property manager to rent the place out. Calixte Duffaut operates YHOME and he also operates a few of the successful co-ownership properties that are listed on the lofty marketplace.

This voting option was declared the winner in Round 1 with 1,126 token votes via the Ranked Choice Voting method.

The voting results can be found on chain here or by searching the application ID: 2275606039

The other voting results were eliminated in Round 1:

Drop the price to 85k

7 token votes

Do nothing and get the same result as we have been for the past 2 and 1/2 months

21 token votes

The property will delisted and the migration to the new Property Manager, Yhome Nursing, LLC, will commence this week. Further updates about the migration process will be provided promptly.

Property Update (08/24/2024):

The property continues to be waitlisted until the eviction set-out is complete and the property is cleaned.

Property Listing

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

The tenant's balance of $9,370 will be sent to a collections agency to attempt to recoup the funds.

A TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (08/03/2024):

The property had 0 showings in the last 7 days.

There is 1 showings scheduled for today, 8/3.

The Listing Agent will follow up with the Buyer's Agent after their showing tomorrow.

The listing agent recommends reducing the price by $5k if the buyer is not interested in submitting an offer.

Property Listing

With the addition of August's rent, the tenant owes an unpaid rent balance of $9,370.

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

The tenant's balance will be sent to a collections agency to attempt to recoup the funds.

A TPP (Tenant Protection Plan) claim will also be filed for lost rent.

Property Update (07/27/2024):

The PM received judgement for possession on Unit 1.

A trash out and/or cleaning will most likely be needed once the set-out is completed for the tenant.

The Listing Agent will schedule their vendor to get an estimate once it's confirmed that the tenant has vacated.

The property had 2 showings in the last 7 days.

The prospects provided feedback that the property required too much work for the price.

The listing agent recommends to reduce the listing price to $144,900.

Property Listing

Property Update (07/14/2024):

The property has had a total of 2 showings since listing the property and 0 showings in the last 7 days.

The listing agent recommends to reduce the listing price to $149,900 due to the limited showings for the property.

The agent was informed that there was a lot of people going in and out of Unit 1. With them being under eviction, that may be a challenge to getting an offer.

The PM is currently waiting on a court date for the eviction case.

Property Listing

Property Update (06/03/2024):

Governance Results:

The Governance Voting results are back for the vote on which price to list the property for.

The winning vote is:

List the property for $160,000 (Listing agent's recommendation)

This option was declared the winner in Round 1 with 699 token votes via the Ranked Choice Voting method.

The other voting options were eliminated in Round 1:

List the property for $155,000

434 token votes

List the property for $145,000

22 token votes

List the property for $150,000

2 token votes

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 (05/31/2024):

Governance Vote:

The governance results are back for the governance vote to sell the property.

The winning vote is:

Sell the property.

This voting option received 394 / 770 of the token votes, which is equal to 51.1% of the total votes.

Per the previous governance vote email - because the property owes unpaid bills to the property manager, HomeRiver Group,, the property will be listed for sale by default because the Capital Call option did not reach a Supermajority of 60%+.

The property was originally purchased on 03/09/2022 for $147,000. The HouseCanary Valuation as of March, 2024 is $156,919. HouseCanary is less accurate for 2+ unit properties, like this property.

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

I would recommend selling 3850 W 17th Street at $155k. I pulled a bunch of comps and about 80 came up so I had to redefine my criteria. Duplex 4 bedroom 2 bath built in 1918, living area between 1800-2000. Highest selling property was for $168k but that home was a side by side and NOT an Up and Down duplex. But the one comp that concerns me is 2907 Denison which was listed for $160k and has been on the market for 43 days now. They just reduced it to $157k.

The winning vote for the listing price will be determined by a Supermajority of 60%+ and the results will be sent to all investors on Monday, June 3rd once the voting period ends.

Property Update (05/27/2024):

Governance Vote:

Per the Operating Reserve Replenishment section of the property page, this property has a negative Operating Reserve balance due to unpaid bills owed to the Property Manager, HomeRiver Group.

HomeRiver Group recently sent over an updated list of the unpaid bills and has asked for these bills to be paid asap. They advised they are unable to accept future rent as payment for the unpaid bills.

The property owes $5,433.72 in unpaid bills to the Property Manager, HomeRiver Group, which can be viewed here. Also included in the spreadsheet is the trash-out estimate of $1,175 for Unit 1, upcoming property taxes for $1,282.01, and insurance payments of $363.27.

The PM is currently waiting on the hearing results from the attorney for Unit 2. Once the tenant in Unit 2 moves out, a Tenant Protection Plan (TPP) claim will be filed for lost rent, which can be used towards the trash-out for Unit 1 in order to list the unit for rent again. The PM advised the previous TPP claim was used to pay off previous unpaid bills, and they were able to get a lower estimate for the trash-out for $1,175, compared to the original bid of $1,500.

Owners now have the option to do a Capital Call for $8,750 and pay the unpaid bills plus have a cushion for future insurance and property tax payments. Owners can also choose to sell the property outright and use a portion of the funds from the sale to pay for the unpaid bills.

The property was originally purchased on 03/09/2022 for $147,000. The HouseCanary Valuation as of March, 2024 is $156,919. HouseCanary is less accurate for 2+ unit properties, like this property.

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

I would recommend selling 3850 W 17th Street at $155k. I pulled a bunch of comps and about 80 came up so I had to redefine my criteria. Duplex 4 bedroom 2 bath built in 1918, living area between 1800-2000. Highest selling property was for $168k but that home was a side by side and NOT an Up and Down duplex. But the one comp that concerns me is 2907 Denison which was listed for $160k and has been on the market for 43 days now. They just reduced it to $157k.

If the Capital Call option is chosen, an owner of the property must be willing buy any unsold tokens if the Capital Call does not fully fund within the 15 day funding period. If an owner does not back the Capital Call within one week of this option being chosen, then the property will be listed for sale. If you are interested in backing the Capital Call, simply respond to this email.

The terms of past Capital Calls are as follows:

The interest rate paid to owners contributing funds to the capital call will be 13.5%.

When the Operating Reserve is <50% full, half of all net rental income should go to the Operating Reserve, and half to pay off the loan; when the Operating Reserve is >=50% full, 100% of net rental income should be used to pay off the loan.

4 year repayment period

The capital call offer is open for 15 days.

The owner will back any unsold tokens from the capital call.

If a Supermajority is not reached to do a Capital Call, then the property, by default, will be listed for sale on the open market in order to pay for the unpaid bills. If this occurs, a separate vote will also be sent to owners to determine the listing price. After the property is listed for sale, owners are still able to propose a governance vote to do a Capital Call and de-list the property for sale if they are willing to back it themselves.

The winning vote will be determined by a Supermajority of 60%+ using the Ranked Choice Voting method and the results will be sent to all investors on Friday, May 31st once the voting period ends.

Property Update (03/23/2024):

Upper Unit:

The PM noted that a trash out totaling $1,500 is required due to the large amount of trash in the home.

The PM explained that it will require a dumpster and large dump fee.

A Tenant Protection Plan (TPP) claim was filed for lost rent, and the insurance carrier approved the claim for one month's skip of rents, amounting to $800.

The funds from the TPP claims for both units will be used to pay for the required trash out.

Once the trash out is complete, the unit will be listed for rent.

Lower Unit:

With the addition of March's rent, the tenant owes an unpaid rent balance of $5,120.

The PM confirmed the eviction hearing took place on 3/18 and will provide an update ASAP on next steps.

If the tenant is evicted, their balance of $5,016 will be sent to a collections agency to attempt to recoup the funds.

The tenant paid a security deposit of $850 which will go towards the turn repairs and past-due rent.

A Tenant Protection Plan (TPP) claim was filed for lost rent, and the insurance carrier has approved the claim for one month's skip of rents, amounting to $850.

Property Update (02/23/2024):

Upper Unit:

The PM confirmed all of the turn repairs have been completed and they are now working to complete the final cleaning.

Once the final cleaning is complete, the unit will be listed for rent.

Lower Unit:

The PM confirmed a hearing date has not yet been received.

If the tenant is evicted, their balance of $5,016 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be filed to recoup lost rent and tenant damages.

The tenant paid a security deposit of $850 which will go towards the turn repairs and past-due rent.

This tenant was placed by the previous Property Manager before the new owner-elected PM, HomeRiver Group, took over management.

Property Update (01/27/2024):

Upper Unit:

The PM confirmed they are waiting for an estimated completion date (ECD) from the vendor for the turn repairs, and they will follow up once they've received one.

Lower Unit:

The PM confirmed the Rental Registration has been finalized and sent to the attorney.

The attorney will follow up with a court date.

If the tenant is evicted, their balance of $5,016 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be filed to recoup lost rent and tenant damages.

The tenant paid a security deposit of $850 which will go towards the turn repairs and past-due rent.

This tenant was placed by the previous Property Manager before the new owner-elected PM, HomeRiver Group, took over management.

Property Update (01/20/2024):

Lower Unit:

The PM confirmed the court date is pending the city finalizing the Rental Registration form.

The tenant paid a security deposit of $850 which will go towards the turn repairs and past-due rent.

If the tenant is evicted, their balance of $5,016 will be sent to a collections agency to attempt to recoup the funds.

A Tenant Protection Plan (TPP) claim will also be filed to recoup lost rent.

Property Update (01/10/2024):

Upper Unit:

The PM provided a revised estimate amounting to $2,535, and confirmed the repairs have started.

Repair Invoice

The maintenance manager was able to work with the vendor to minimize the amount of repairs needed for this unit to be rent-ready, due to the low Operating Reserve balance.

The two estimates received previously were for $13,341.05 and $10,167.50

The tenant had a security deposit of $800 which will go towards the turn repairs.

Lower Unit:

With the addition of January's rent, the tenant owes a balance of $5,016.

The PM confirmed a hearing date has not yet been received and they are waiting on an update from the attorney.

The tenant had a security deposit of $850 which will go towards the turn repairs and past-due rent.

If the tenant is evicted, their balance will be sent to a collections agency to attempt to recoup the funds.

Property Update (12/23/2023):

Upper Unit:

The PM confirmed the maintenance manager is working with the vendor to try and minimize the amount of repairs needed for this unit, due to the low Operating Reserve balance.

The unit was only occupied for a month, however the PM noted that the unit was trashed in that short time-frame.

This tenant was placed by the previous PM, Northpoint Asset Management.

The PM will provide an update once more information is received on the minimal cost they provide to get this unit back to rent-ready condition.

The two estimates received so far are for $13,341.05 and $10,167.50

The tenant had a security deposit of $800 which will go towards the turn repairs.

Lower Unit:

The PM confirmed a hearing date has not yet been received.

The tenant owes a balance of $2,570. If the tenant does not pay off their balance, it will be sent to a collections agency in order to attempt to recoup the funds.

The tenant had a security deposit of $850 which will go towards the turn repairs and past-due rent.

Property Update (11/13/2023):

Governance Results:

The Governance Voting results are back for the Owner-proposed vote to list the property for sale on the open market.

The winning vote is:

Do not list the property for sale

This voting option received 1,928 out of 2,115 votes, which is equal to 91.1% of the total votes.

Property Update (11/07/2023):

Governance Vote:

An owner with the following wallet address has proposed a governance vote to sell 3850 W 17th St on the open market.

The owner proposing this vote holds 3 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.

Can you please put this property up for a vote to sell the property?

the reason:

No income for the investors.

If owners vote to sell, there will be a separate governance vote to determine the price the property will be listed for.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Monday, November 13th once the voting period ends.

Property Update (11/07/2023):

Governance Vote:

An owner with the following wallet address has proposed a governance vote to sell 3850 W 17th St on the open market.

The owner proposing this vote holds 3 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.

Can you please put this property up for a vote to sell the property?

the reason:

No income for the investors.

If owners vote to sell, there will be a separate governance vote to determine the price the property will be listed for.

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Monday, November 13th once the voting period ends.

Property Update (11/04/2023):

Lower Unit:

The new owner-elected Property Manager, HomeRiver Group, advised that the tenant owes a balance of $1,720 as of 11/4.

The tenant promised to pay on 10/26, however, a payment has not been received.

The PM has proceeded with an eviction.

The tenant reported that the unit is having the following plumbing related issues:

The floor is loose near the toilet, the bathroom sink is clogged and leaking water, and the basement drain is clogged and water is flooding.

The PM provided an estimate for the repairs totaling $902.50.

The scope of work includes plumbing the main drain, toilet, and sink.

Upper Unit:

The new owner-elected Property Manager, HomeRiver Group, advised that the tenant vacated the property.

The property was inspected and a move-out inspection can be viewed below. The PM advised that there are multiple issues that will need to be remedied in order for the unit to be rented again.

Move-out Inspection

Move-out Photos

The tenant had a security deposit of $800 which will be applied towards the turn repairs.

An estimate for the repairs has been received totaling $13,341.05.

Repair Estimate

A second estimate has been received totaling $10,167.50.

Repair Estimate

The scope of work includes:

Dining Room: Replace Smoke Detector, Change Outlets, Replace Window Covering, Address Missing Screens.

Stairs/Hallway: Address Missing Door, Fix Sag in Flooring, Replace Light Fixture, Repaint Railing, Replace Smoke Detectors.

Kitchen: Address Water Damage on Cabinets, Refinish Counter, Fix Backwards Installed Faucet, Address Gaps in Flooring, Replace Outlets, Deep Clean Refrigerator, Replace Window Coverings.

Living Room: Replace Outlets, Replace Window Coverings.

Backyard: Address Damaged Siding, Update Light Fixture.

Electrical: Replace Breaker Box Punchouts.

Painting: Patch and Paint Walls throughout the Property.

Lawncare: Perform Front and Back Yard Maintenance.

The PM is working to obtain a third estimate.

Property Update (08/21/2023):

Owners voted to change Property Managers from Northpoint Asset Management to HomeRiver Group Institutional Services.

Property Update (08/12/2023):

Lower Unit:

The tenant paid first month's rent and took possession of the unit on 8/5.

The tenant signed a 1 year lease at $850.

The lease term is 08/01/2023 - 07/31/2024.

The tenant paid a deposit of $850.

The leasing fee is $425 and will be deducted from August's rent.

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

Property Update (07/22/2023):

Upper Unit:

The plumbing repairs from the 7/5 service call involved addressing a spillage issue at the draft hood of the Hot Water Tank.

A section of the venting was removed and cleaned to ensure proper ventilation.

A 2X2 foot access hole was created to remove a cabinet from the wall, allowing access to the shut-off valves inside.

A single-handle Delta cartridge was replaced, and a new handle was installed.

No leaks were found, and the PM confirmed the overall condition is satisfactory.

The total cost of repairs is $806.65 ($733.32 + 10% PM markup).

The PM confirmed that this concludes all repairs for this Unit.

Per the previous update, the new tenant moved in on 7/5.

Lower Unit:

The listing had 16 leads, 2 prequalified, and 4 showings in the last 14 days.

The PM offered a 48-hour special of reduced rent at $850 for the showings from the weekend, and has approved an application.

The tenant will sign a 1 year lease at $850. The target move in date is 8/1.

The PM is waiting for the tenant to execute the lease.

The PM received estimates of $600 and $750 from two vendors to complete the final paint repairs for the unit.

Both vendors are swamped at the moment and the PM will award work to the vendor who can complete the job the quickest, in order for the unit to be ready for move-in on 8/1.

Property Update (07/08/2023):

Upper Unit:

The tenant moved in on 7/5 at $800/month.

The tenant scheduled for the gas utilities to be connected and the gas company tagged the hot water tank.

The PM had a vendor assess the HWT and they were able to repair a drip on the hot water tank for less than $200.

The PM completed a QC inspection prior to the move-in and found that the shower & tub did not have running water.

The plumber was re-called and they advised that a new shower cartridge/valve may be needed. The repair was completed, but it did not resolve the issue of no running water for the shower & tub.

The plumber advised that they would need to open the walls to locate where the line is disconnected to complete the repairs.

Due to the scope of work, the repairs could not be completed before the tenant move in on 7/1. As a result, the move-in was rescheduled for 7/5.

The plumber returned on 7/5 and found that the line was disconnected between the kitchen and the shower. The repair was completed and the shower now has running water.

The PM advised that the additional cost for plumbing repairs is around $800. However, the PM is working on disputing the charges or getting a discount with the vendor due to the miscommunication between the office and field at the plumbing company.

The total for the drain repair is $1,100 ($1,000 + 10% PM markup), instead of the original approved quote of $2,321.35 ($2,110.03 + 10% PM markup).

Repair Invoice

The PM gave the tenant a credit of 4-days of rent (7/1 - 7/4) due to the move-in delay.

The Operating Reserve balance after the repairs is $1,414.44. This does not include the plumbing repairs of around $800 that the PM is currently disputing.

Lease Agreement

Lower Unit:

The PM is scheduling a vendor to completed the drywall repair now that the plumbing repairs for the Upstairs unit have been resolved.

The PM had showings scheduled last weekend, which were rescheduled for this weekend due to the Fourth of July Holiday.

The PM has 4 confirmed showings for today.

The PM is marketing the unit for rent at $900, a $50 increase from the previous lease of $850, because the interior finishes in the Lower unit are superior to those in the Upper unit.

The PM will reduce the rent to $850 if no applications are received over the weekend.

Property Update (06/27/2023):

Upper Unit: The tenant did not connect the utilities in their name in time and changed their move-in date to 7/1.

The new lease term will be 07/01/2023 - 06/30/2024 at $800/month.

The leasing fee is $400 and will be deducted from July's rent.

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

Property Update (06/19/2023):

The Governance Voting results are back for the owner-proposed governance vote to list this property for sale on the open market.

The winning decision based on a Supermajority of 60%+ is: Do not sell the property

Governance vote results:

Do not sell the property

1,494/1,958 token votes (76%)

Sell the property

464/1,958 token votes (24%)

Property Update (06/19/2023):

Upper Unit: The PM received the deposit of $800 from the applicant and they are scheduled to move in on 6/26.

The new lease is for 1 year at $800/month.

The PM has sent the lease to the tenant and is waiting for them to execute the lease.

The leasing fee is $400 and will be deducted from first month's rent.

The tenant will pay first month's rent on 6/26 and June's prorated rent will be due July 1st.

Lower Unit: The PM has starting working on leads for the lower unit by reaching out to all the prospects from the listing for the upper unit.

The PM had showings scheduled throughout the week from the be-backs.

The PM deactivated the listing for the upper unit and reposted the listing for the lower unit yesterday. The system can take up to 48 hours to repost the listing for the unit.

The total cost for the make ready cleaning is $330.

Repair Invoice

The cost for the lock change is $291.06 ($264.60 + 10% PM markup).

Repair Invoice

The remaining repair for the make ready is the drywall repair in the ceiling by the tub in the upstairs bathroom.

The PM estimates the drywall repair to be less than $200.

The previous tenant had a deposit of $800 and the total deposit will be applied towards the repairs.

Property Update (06/17/2023):

Upper Unit: The listing had 10 leads, 0 prequalified, and 0 showings in the last 7 days.

The rental application from last week has been approved with a move in date of 6/26.

The lease will be for 12 months at $800.

The PM received an additional estimate from another plumber to install a new drain for the bathtub and toilet for $2,321.35 ($2,110.32 + 10% markup).

Repair Estimate

The PM recommends to approve this estimate as they have experience with this vendor doing quality work on other properties previously.

They can also start on the job on Monday, 6/19 and complete the work in 2 days, in time for the new move in on 6/26.

Lower Unit: The PM completed a walk through and advised that the turn services require a deep cleaning and drywall repairs caused by the drain repairs.

The PM advised that the housekeeper has completed the cleaning and is waiting on their invoice.

The PM estimates the drywall work and housekeeping should come in around $500.

The property has been listed for rent at $850, a $0 change from the previous lease of $850.

The PM is hosting an open rental showing this weekend and has 6 confirmed viewings.

The PM advised that the unit may lease quickly because the unit has new LVP flooring.

Property Listing

Property Update (06/15/2023):

Governance Vote for 3850 W 17th St:

An Owner in this property has proposed a Governance Vote to sell 3850 W 17th St on the open market.

Their exact reasoning is below:

I am writing to propose a motion for selling the property located at 3850 W 17th St, Cleveland, Ohio 44109, within the Lofty platform. After careful consideration of the property's current status and evaluating the financial projections, I firmly believe that selling the property is the most prudent course of action for maximizing the return on our investment.

I would like to bring to your attention the following key details concerning the property:

Operating Reserve Balance: The Operating Reserve balance currently stands at $3,548, which is below half full. This indicates a potential risk in maintaining sufficient reserves to cover unforeseen expenses.

Cash Flow Allocation: Owners have voted to apply 100% of cash flow to replenish the reserve until it reaches half full, estimated at $3,675. Subsequently, 50% of cash flow will be directed towards the reserve until it reaches full capacity ($7,350).

Projected Cash Flow: Based on the projected monthly cash flow of $1,290.05, assuming the Upper Unit is rented for $850 and the Lower Unit is rented for $850, it will take 6 to 10 months at best to reach full capacity.

Considering the current occupancy status of the property, it is evident that the projected cash flow will not be generated for at least 6 months. The Upper Unit is vacant, and the Lower Unit tenant is delinquent with a balance of $5,100. While eviction proceedings have resumed, the tenant has indicated their intention to vacate on 6/5. With the uncertain timeframe for finding new tenants and the existing outstanding balance, it is clear that it would be more advantageous to liquidate our investment and allocate the funds to more profitable ventures.

The Trade volume for the last 4 weeks has been $120. Which would mean that in order to make a 20,000-investment liquid we would have to wait around 166 months.

Given these circumstances, I kindly request your assistance in initiating the necessary steps to facilitate the sale of the property located at 3850 W 17th St, Cleveland, Ohio 44109. I understand that there may be associated costs or fees, and I am willing to cooperate to ensure a smooth and efficient transition.

Owners will have the opportunity to vote to sell the property. If owners vote to sell the property, multiple local brokers will be consulted to provide their suggested listing price.

Owners will then have the opportunity to vote on the listing price of the property. There will also be an option at this time to not sell the property, based on newly available information about the suggested listing price.

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

Property Update (06/11/2023):

Upper Unit: The listing had 19 leads, 4 pre-qualified, and 4 showings in the last 7 days at $800/month.

All 4 of the prospects did not apply for the house because they had concerns with their children getting hurt from the heating system, as it is easily accessible.

The PM is looking into ways to address this concern in order to place a tenant faster.

The PM had another tour during the week and the prospect submitted an application.

The PM is waiting on the prospect to verify their income.

If approved, the lease will be for 1 year at $800, and the tenant can move in right away after the plumbing repairs are completed.

Property Listing

The PM had one plumber open the ceiling from the 1st floor unit to investigate the bathtub drain issue.

The cost for the service call was $247.50 ($225 + 10% PM markup).

The repair estimate involves removing the toilet and vanity, cutting open the wall to adjust the vent and toilet bend, and removing a portion of the vent.

Further work involves re-piping the drain lines of the tub, shower, toilet, and vanity, all connecting to the main stack.

After the plumbing work, the toilet and vanity will be re-installed.

The total estimate for the repairs is $4,287 and does not cover any drywall repairs.

The PM is working on getting additional estimates from the plumber and their General Contractor.

Plumbing Photos

Lower Unit: The PM confirmed that the tenant moved out on 6/5.

The PM advised that the property was left in fairly good condition.

The PM is soliciting turn estimates and expects to have them ready by 6/15.

The tenant had a Security Deposit of $800 which will be applied towards the turn repairs.

Property Update (06/03/2023):

Upper Unit: The listing had 10 leads, 2 pre-qualified, and 0 showings in the last 7 days.

The PM had an open rental showing on 6/2 with 12 confirmed showings, and will send an update on the outcome early next week.

The PM does not recommend to lower the rent from $800 as the price is competitive for a 3 bedroom unit.

View Property Listing

The PM had one plumber asses the unit and they suspect that the tub does not have a drain.

However, the plumber will need to open the ceiling from Unit 1 to confirm if this is the case.

The plumber gave a verbal estimate of $1,500 if they have to install an entirely new drain line for the tub.

The PM has 2 other plumbers scheduled to visit the property next week after the tenant in the lower unit moves out.

Lower Unit: The tenant has promised to move out on 6/5.

The PM has an appointment with the tenant on 6/5 to collect keys for the unit.

The PM will complete the move out inspection at that time and will solicit vendors for turn estimates.

The tenant has a Security Deposit of $800 which will be applied towards the turn repairs.

Property Update (05/26/2023):

The Property Management company managing this property, Northpoint Asset Management, recently assigned a new Property Management team to all Lofty properties due to the delays in turning the properties and leasing up vacant units. All properties are now under institutional services, instead of retail services.

Institutional services includes a weekly and monthly financial reporting cadence, additional tools to streamline turn and repair processes, centralized SOPs with a local presence, additional local vendor contacts, and a specialized team in both Cleveland and Akron focused on leasing properties more efficiently.

Upper Unit: The listing had 15 leads, 3 pre-qualified, and 1 showing in the last 7 days.

The target rent has been lowered to $800 due to no applications being received from last weekend.

View Property Listing

One plumber has been by the property to assess the plumbing issue.

The PM is waiting for the summary and estimate from the plumber.

The PM advised that the plumbing vendor's estimates are usually on the high end.

The PM is still working on getting additional vendors to assess the plumbing issue for comparative analysis.

It will also be easier for the vendors to assess the plumbing issue once the Downstairs tenant moves out.

The PM will continue to show the unit in the meantime.

In addition, the PM is awaiting cost estimates for addressing the mildew issue in the basement.

Lower Unit: The tenant changed their move out date to 6/5.

The PM has an appointment with the tenant on 6/5 to collect keys for the unit.

The PM will complete the move out inspection at that time and will solicit vendors for turn estimates.

The tenant has a Security Deposit of $800 which will be applied towards the turn repairs.

Property Update (05/09/2023):

Upper Unit: The PM is waiting on an estimate from a vendor to clean up the mildew in the basement.

There is no visible mold or mildew in the first floor unit or the second floor unit.

The PM advised that it is not necessary to open up walls or further investigate since there's no signs of mold or mildew in the units.

The unit is ready for move in and the PM will continue to market the unit for rent.

The PM has a showing scheduled for 5/11.

The PM is also waiting on 4 additional leads to confirm a showing date.

The PM will reassess pricing after the showings on Thursday.

The target is rent $850, a $50 increase from the previous lease of $800.

View Property Listing

Property Update (05/09/2023):

Upper Unit: The listing had 15 leads, 3 pre-qualified, and 6 showings scheduled in the last 7 days.

5 of the 6 confirmed showings did not show up and the other prospect rescheduled their showing for next week.

The PM also has 2 additional showings scheduled for this weekend.

The PM will reduce the rent from $850 to $800 on 5/22 if the weekend's viewings do not show or if no applications are received.

The PM tested the bathtub and found that running water was not working, even though it was working for the kitchen and bathroom sinks.

The PM attempted to locate a shut-off valve for the tub and the rest of the unit without success.

The PM contacted their plumbing service providers to expedite the assessment of the plumbing issue.

In addition, the PM is awaiting cost estimates for addressing the mildew issue in the basement.

Lower Unit: The tenant owes a balance of $5,100.

The PM informed that the tenant that they have resumed eviction.

The tenant responded to the PM and advised that they will vacate on 6/1.

The PM will continue the eviction process due to the tenant changing their move out date twice already, and the tenant stalling to move out amicably.

The eviction case can be dismissed if the tenant vacates before the hearing date, reducing the eviction expenses.

Property Update (05/06/2023):

Lower Unit: The tenant has informed the PM that they do not want to move, but they also do not want to pay rent while there's mold in the basement of the property.

The PM is working to find new housing for the tenant, ideally at another Lofty property, and the tenant has been cooperative so far.

The PM recommends to vacate the non-paying tenant rather than paying the fees for Cash for Keys or eviction, and that even after the mold is remediated, the tenant will still not likely pay.

Upper Unit: The PM confirmed that there is visible mold in the basement, and will be following up with the next steps.

There is no visible mold in the first floor unit or the second floor unit.

While preparing this unit for showing, the PM found that one of the tubs is not working.

The PM is having a plumber assess the issue and has scheduled them to visit the property next week.

The unit is still being listed for rent while the plumbing issue is being addressed.

The listing has had 15 leads, 3 qualified, and 1 showing so far.

The target is rent $850, a $50 increase from the previous lease of $800.

Property Update (04/26/2023):

Lower Unit: The tenant has informed the PM that they are no longer moving because their new housing arrangements fell through.

Given the tenant's previous claims of mold and health issues, the PM wants to try and build rapport with the tenant and assist them with finding new housing that is not with Lofty.

The PM does not recommend Cash for Keys since the tenant has accepted and rescinded twice.

The PM recommends eviction as the next step if the tenant does not want to cooperate and move out amicably.

Upper Unit: The PM has concerns with leasing the unit with the open mold issues reported by the downstairs tenant.

The PM has contacted two vendors to scope the walls to confirm if there is a mold hazard at the property before re-listing it for rent.

The PM estimates the scope to be around $250-$300 and will have a confirmation on the mold by Friday, 4/28.

Property Update (04/17/2023):

Lower Unit: The tenant has now changed their move out date to 4/30.

They stated that they do not have enough time to look for a new place and schedule movers.

Because the tenant did not move out by 4/15, the Cash for Keys offer has been reduced from $1,000 to $500.

Property Update (03/29/2023):

Lower Unit: The delinquent tenant has accepted a Cash for Keys offer of $1,000 with a move-out date of 4/15.

Property Update (03/22/2023):

The PM received a notice from the City regarding mold for the property.

The PM believes that the Downstairs tenant reported the issue to the city, but at the same time refused entry for the vendors when they arrived to assess the complaint.

The PM is enlisting assistance with legal to handle the mold complaint and eviction for the tenant.

Property Update (03/20/2023):

Upstairs Unit: The vendor painted the entire unit, repaired patches in the ceiling, and cleaned the walls.

The total cost of repair is $1,838.

The Operating Reserve balance after the repairs is $3,813.17.

Repair Invoice

This unit will be marketed for $850/month, a $50 increase from the previous lease.

Downstairs Unit: The PM has been reaching out to the tenant to collect rent for December-March.

The tenant owes a balance of $3,400 as of 3/17 for December-March rent.

The tenant has promised to pay and said that they were having issues with paying rent through the portal in previous months.

The tenant is now complaining about mold in the unit and is refusing to pay rent until the repairs are completed.

The PM send a vendor to assess the repair complaint, but the tenant did not allow the vendors in to get an estimate for repairs.

The PM has advised the tenant that they will have to move if they don't pay rent.

The PM recommends to start eviction on this tenant.

The PM advised that the tenant is not a good candidate for Cash for Keys because they have not been consistent with their reasons for not paying rent.

Property Update (01/30/2023):

Lower Unit: The tenant has failed to make their rent payment and owes a balance of $1,700 for December and January rent.

The PM reached out to tenant and they informed the PM that they are having issues with the payment portal.

The PM has confirmed that the tenant is registered on the payment portal and has made multiple attempts to collect the rent.

The PM will work with the tenant to pay down their balance

Owners will continue to receive daily rent from the Vacancy Reserve for this unit.

Upper Unit: The Property Manager is currently waiting on multiple vendors to provide quotes to handle the turn repairs before the unit can be marketed for rent.

Owners will continue to receive daily rent from the Vacancy Reserve for this unit.

Property Update (12/21/2022):

New property manager, Northpoint Asset Management, has taken over turn services and marketing for the property

Exterior of the property has been inspected and trash violations have been addressed

Leak and small patch of mold need to be repaired

Property manager is working with vendors to get an estimate for repairs, change the locks, and provide a target rent for the property

Property Update (12/02/2022):

This property has migrated to the new Property Manager, Northpoint Asset Management, based on the previous governance vote.

The Property Management fee has been reduced from 8% to 7% of Annual Gross Rents and investors will see an increase in their daily rental income starting today.

Property Update (09/28/2022):

Tenant of the upstairs unit moved out without notice and left trash on the exterior of the property

Property was cited with violations by the city

Property manager is working on an estimate for repairs and targeting a rent of $900-$1,000 for the unit, a 12.5%-25% increase from the previous lease

The unit is expected to be listed by 10/15 and daily rental income will continue to be received through the vacancy reserve