← 1090 Diagonal Rd, Akron, Ohio 44320 · All properties

DAO Investor Letter - Yhome Equity Sale Vote and Debt Obligations - 1090 Diagonal Rd - 1090 Diagonal Rd, Akron, Ohio 44320.pdf

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

Dear Investors, It has been a privilege to be part of these investments and to witness Yhome’s commitment to transforming the Cleveland market. We have demonstrated tangible progress, fulfilling our mission to turn the market around, and I am proud to say that we have achieved this goal. As many of you are aware, there was a previous vote to grant Yhome a 3.5% equity stake, which was successfully passed. Since then, despite some ongoing accusations from other investors, the facts remain clear an

Text Preview

Dear Investors,
It has been a privilege to be part of these investments and to witness Yhome’s
commitment to transforming the Cleveland market. We have demonstrated tangible
progress, fulfilling our mission to turn the market around, and I am proud to say that we
have achieved this goal.
As many of you are aware, there was a previous vote to grant Yhome a 3.5% equity stake,
which was successfully passed. Since then, despite some ongoing accusations from other
investors, the facts remain clear and transparent—those looking past the noise will see the
truth of our efforts and accomplishments.
Here is the latest update on the property:
This property was voted to be sold, with the primary goal of guaranteeing a minimum token
sale price of $30 per token, based on the bill at the time of the vote ($29,442.81). It was
also agreed that any future bills related to the property would be the responsibility of the
DAO. Yhome cannot cover the DAO’s debt obligations.
To maximize profit for the DAO, the property was sold directly to another LLC at a marketappropriate price of $90,000—a strategic move for the best possible outcome. This was a
direct sale, but ownership transfer has not yet been completed, and the account was
frozen due to certain investors contacting my lender and bank.
Current Financial & Property Status:
•

Debt: Approximately $29,442.81, including unpaid bills and a Yhome loan of
$13,753.55 (excluding interest).

•

Original Purchase Price: $78,000 (purchased on March 17, 2022, by the DAO)

•

Market Time: The property was on the market for 156 days during the last sale
attempt (before Yhome).
This property was flipped by Yhome with an increase equity value of 98k ( see the
appraisal)

•

Next Steps & Recommendations:
1. Sell the property:
a. Minimum token price: $30 (please note that any additional bills, such as
water or sewer, will be the responsibility of the DAO upon closing). This was
part of the governance vote.
b. Estimated financials:
i. Sale amount: $90,000
ii. Less: $11,406.65 (closing fees)
iii. Net to DAO: $78,593.35
iv. Plus:
1. $13,753.55 (Yhome loan)
2. $2,985 (three months’ rent)
3. $3,430 (3.5% equity position)
v. Total to send to the DAO: approximately $58,424.80
c. Currently, $57,000 has been transferred to Yhome, which will settle fees and
transfer the property back to the DAO.
2. Alternative Options:
a. Keep the property on the platform, with Yhome continuing to manage it and
activate their profit-first system.
At this stage, due to ongoing complications regarding ownership transfer, the investor has
expressed hesitance to take back the property. We will continue to work towards resolving
these issues and maximizing value for the DAO.
Thank you for your continued trust and support. We remain committed to transparency
and to achieving the best possible outcomes for our investors.
The vote is : Turn the property to yhome and follow the governance vote and yhome will
meet the minimum token price of 30$ with the total bill of $29,442.81( this is what was
voted on by the DAO, so a total $58,424.8 will be sent to the DAO)
Vote to keep the property and use the proceeds to pay yhome and lofty, this option means
that yhome will send the DAO whatever is left ( after paying lofty and yhome)and we will
have 6 months of mortgage kept in yhome account for reserve and yhome will continue to
manage the property. The rest of the funds can be kept in lofty reserves or send for
quarterly distribution or invest elsewhere. The property will be then relaunched under
yhome relaunch protocol with the 5% equity added on top. The deed will not be able to
transfer, but the DAO will have an executory contract giving the DAO total control of the