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08 - Repairs & Maintenance - Renovations & Updates - 12028 Wade Park Ave, Cleveland, OH 44.md

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Property Updates ## 2026-04-10 - **Sale Process Update:** - ROC document filed April 6, 2026 - Sale process advancing toward proposed $120,000 MLS disposition - Property status: Active sale with ECO Systems managing transition - ECO Operating Cash: $-8,962.00 (as of April 6, 2026) ## 2026-04-06 - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx): · Field · Value · · ------- · ------- · · Yhome Net Due TO DAO · $-17,092.03 · · Lofty Operating Cash

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# Property Updates

## 2026-04-10

- **Sale Process Update:**
- ROC document filed April 6, 2026
- Sale process advancing toward proposed $120,000 MLS disposition
- Property status: Active sale with ECO Systems managing transition
- ECO Operating Cash: $-8,962.00 (as of April 6, 2026)


## 2026-04-06

- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $-17,092.03 |
| Lofty Operating Cash | $-4,172.90 |
| ECO Operating Cash | $-8,962.00 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-33,474.41 |
| Estimated Owners' Equity | $177,953.00 |
| DAO Estimated NAV Per Token | $32.53 |
| DAO Tokens | 4442 |
| Current PM | ECO (Selling) |

# Property Updates

## 2025-08-19

- Property Update (08/19/2025):
- Governance Results for 12028 Wade Park Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes – Approve the transition of property management to ECO Systems, LLC under the same terms
- This option received 1,563 / 1,809 token votes, which is equal to 86% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3177763475) or by searching the application ID: 3177763475

## 2025-08-12

- Property Update (08/12/2025):
- Owner-Proposed Governance Vote for 12028 Wade Park Ave:
- The current property manager, Whalec Property Management with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ), is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Governance Vote: Transition of Property Management – 12028 Wade Park Ave, Cleveland, OH 44106
- TL;DR:
- Authorize the transition of property management for 12028 Wade Park Ave, Cleveland, OH, from Whalec Property Management LLC to ECO Systems, LLC under the same terms. Earl, of ECO Systems, LLC, has stronger Cleveland market connections, on-the-ground presence, and is positioned to manage the property more effectively.
- Proposal Details
- As your property manager, I recommend transitioning management of this property to ECO Systems, LLC. Earl brings valuable relationships in the Cleveland area and a boots-on-the-ground approach that will enable faster response times and better oversight.
- Key Reasons for Transition:
- Local Connections: Established Cleveland-area contractor and vendor network.
- On-the-Ground Alignment: Immediate presence to handle property issues efficiently.
- Operational Continuity: Management to continue under the same terms currently in place.
- Voting Options:
- YES – Approve the transition of property management to ECO Systems, LLC under the same terms.
- NO – Keep Whalec Property Management LLC as the property manager for this property.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, August 19th, once the voting period ends.

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 12028 Wade Park Ave:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Yes [Change property managers to Whalec Property Management]
- This option received 961 / 1,562 token votes, which is equal to 61.5% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974617139) or by searching the application ID: 2974617139

## 2025-04-28

- Property Update (04/28/2025):
- An owner of this property has put together a proposal.
- This is in response to the previous governance vote sent out on 4/28, which can be viewed on the property page.
- If you have already voted, and would like to change your vote, click the button below, or at the end of this email.
- The owner who pmade the proposal owns 50 tokens in this property, and their wallet can be viewed [here](https://allo.info/account/NKCGAJML3X56QQMQLAXJFT6JDYRZEABKVO42FLBYLXBEOJHYIS6ES4XLUI).
- The owner's counter-proposal is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Evening all,
- Last month we voted strongly that we weren’t going to give equity to yhome and weren’t willing to pay Cal the exploitative 25% fee. I now truly personally thank everyone for voting like this.
- Since this vote, there has been no negotiation from Cal and so we need to find a new Property Manager. I recommend we accept Alec’s proposal below but encourage you all to jump into discord and chat to him yourself directly so you all feel comfortable.
- For me, even if Cal presented a counter proposal or negotiated today, there would be nothing he could say that would justify us listening.
- Over the weekend, it came to light that yhome wanted us to “pay a 15% mark up plus fees”. He hadn’t shared this with us openly, and still hasn’t uploaded the document into Dropbox for everyone to see (despite being asked). What makes the mark-up worse is that the monthly payments suggested are predatory as they are greater than what’s affordable through rental income. Additionally, during this period of time $5,290 appears to have been transferred from the OR to yhome. Cal has confirmed he received these funds but I can not find evidence of what they have been used for or that they have been factored in prior to the proposed mark-up being added.
- We have requested fully itemised invoices from yhome and expect a full understanding of where and how this OR balance was used.
- Alec’s PM proposal below is fair and with a need to find a new property manager I suggest we move forward with him sooner rather than later.
- Let’s vote for Whalec.

## 2025-04-28

- Property Update (04/28/2025):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ) is proposing a governance vote.
- This owner holds 1 token in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- I am submitting this vote for 12028 Wade Park Ave Cleveland, OH 44106:
- To approve the transition of property management services from Yhome to Whalec Property Management
- Proposed Property Manager:
- Whalec Property Management
- Key Terms:
- Management Fee: 15% of Gross Monthly Rent
- Tenant Placement Fee: Equal to First Month’s Rent (only when a new tenant is placed)
- No Renewal Fees: $0 for lease renewals or re-leasing to existing tenants
- No Maintenance Upcharge: All maintenance costs are billed at actual cost with no markup directly on Hemlane (All invoices and repairs will be shared transparently in the discord)
- Maintenance Threshold: The maintenance threshold will be set during the transition for emergency and non-emergency repairs (Ex. $500 threshold for emergency repairs and $150 threshold for non-emergency repairs) (If these thresholds are not met the repairs will be made automatically)
- The owner submitting the governance vote is the owner of Whalec Property Management, and is the co-owner and property manager of the following properties on the Lofty marketplace:
- 440 Louden Ave
- 1580 Andover Dr
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

## 2025-04-04

- Property Update (04/04/2025):
- A new tenant was approved and moved in on 3/25/25.
- The tenant signed a 8-month lease at $1,548, a $258 increase from the previous lease.
- EDEN will be responsible for 100% of the monthly rent.
- The lease term is from 3/25/25 - 11/30/25.
- The tenant will pay a deposit of $1,548.
- The property manager charges a leasing commission of first month's rent, which will be deducted from March's rent.
- The lease agreement is currently being redacted and will be added to the property page once the redaction is complete.

## 2025-03-07

- Property Update (03/07/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, provided the following update:
- "Dear Investors, I wanted to inform you that we have submitted the necessary packet to Section 8. We are now awaiting the next steps, which will include a scheduled inspection. If the property passes the inspection, the tenant will be able to move in soon after.
- I will keep you updated as we progress through this process.
- Best regards,
- Yhome Team"

## 2025-01-25

- Property Update (01/25/2025):
- The new owner-elected property manager, Cal with Yhome Nursing LLC, advised the property is now rent-ready, and has been listed for rent to Section 8 tenants.
- [Listing Link](https://www.affordablehousing.com/cleveland-oh/12028-wade-park-ave-797264/)
- [Property Photos](https://www.dropbox.com/scl/fo/5o4kfb5uzb2cyujzy6zrf/AHysrbqm1WWBJ0MTGVpwRtE?rlkey=g2x2xvxnej04w5800ft7rvfa1&st=zyqusofq&dl=0)

## 2025-01-11

- Property Update (01/11/2025):
- The new owner-elected property manager, Yhome Nursing LLC, shared the following photos of the property's condition.
- [Link to photos](https://www.dropbox.com/scl/fo/z1e1cacteflz2hf0z4atn/ALt8XE1TZpmLX_3JS0ERms0?rlkey=9ejj1igw4h3fwvp1d2xaep0nq&st=d686kslh&dl=0)

## 2024-12-30

- Property Update (12/30/2024):
- *Governance Vote:*
- Calixte Duffaut, owner of Yhome Nursing LLC and current Property Manager, is proposing a governance vote to secure a loan at 10% interest for turn repairs and the addition of a fourth bedroom to enable Section 8 rentals.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Dear Investors,
- I hope this message finds you well. I would like to propose a renovation of the Wade property, with the intention of converting it into a Section 8 rental. As part of this plan, we will be adding an extra room to enhance the property's rental potential. Please find the estimate for the renovation attached below.
- Currently, Yhome's initial loan has been fully utilized. To facilitate the renovation, I have identified a short-term loan option with a 10% interest rate for a six-month term. This financing will provide us with the necessary time to complete the renovations, prepare the property for rent, and secure tenants. Following a market analysis, we can then decide whether to sell the property or pay off the loan.
- By adding an extra room, we will significantly increase the rental income from a Section 8 tenant, making this a strategic move for our investment.
- Best regards, Cal
- Based on Cal's analysis, he projects $3,000 to add the additional bedroom. This line item is already included in the total repair estimate of $20,500, which can be viewed [here](https://www.dropbox.com/scl/fi/6aik5u2pmztwmtvehtv07/Yhome-Repair-Estimate-12028-Wade-Park-Ave-Cleveland-OH-44106.pdf?rlkey=rdtno5gdx1yyhesec1gysghzh&e=1&st=sr28y477&dl=0).
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, January 2nd, once the voting period ends.

## 2024-12-16

- Property Update (12/16/2024):
- *Owner-Proposed Governance Results:*
- The Governance Voting results are back for the owner-proposed governance vote to to change property managers to Yhome Nursing LLC.
- The winning vote is:
- Yes [Change property managers to Yhome Nursing LLC]
- This voting option received 1,723/2,083 token votes, which is equal to 82.7% of the total votes.
- The voting results can be found on chain [h