← 2094 W 34th Place, Cleveland, OH 44113 · All properties

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Property Updates ## 2025-09-09 - Property Update (09/09/2025): - Governance Results for 2094 W 34th Place: - The Governance Voting results are back for the owner proposed vote. - The winning vote is: - Option A: let EarlCo try and sell this property - This voting option received 1809 / 1941 token votes, which is equal to 93% of the total votes. - The voting results can be found on chain [here](https://allo.info/application/3205596387) or by searching the application ID: 3205596387 ## 2025-09-0

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# Property Updates

## 2025-09-09

- Property Update (09/09/2025):
- Governance Results for 2094 W 34th Place:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - Option A: let EarlCo try and sell this property
    - This voting option received 1809 / 1941 token votes, which is equal to 93% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3205596387) or by searching the application ID: 3205596387

## 2025-09-03

- Property Update (09/03/2025):
- Owner-Proposed Governance Vote for 2094 W 34th Place:
    - An Owner with the following [wallet address](https://allo.info/account/OHS4Z4R2YOE5435ERSGLGBA2R7IWONWLWHLSMAPWVVIUIJ4J4TGQJ5RUKI) is proposing a governance vote.
    - This owner holds 125 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - I propose we give EarlCo authority to sell this property. Unfortunately after the legacy tenant left, our property managers couldn't get this property to a condition where it could be rented again. We approved a capital call to raise money to fix the water issue but getting that funding is nowhere close to happening and we continue to accrue holding costs like taxes, insurance, etc. Right now, I don't see a path forward other than selling and locking in our losses.
    - Option A: let EarlCo try and sell this property
    - Option B: do nothing and having the bills continue to pile up
    - The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, September 9th once the voting period ends.

## 2025-06-17

- Property Update (06/17/2025):
- Governance Results for 2094 W 34th Place:
    - The Governance Voting results are back for the owner proposed votes.
    - The first winning vote is:
    - Approve Capital Call of $25,000 via EARLDAO
    - This voting option was declared the winner in Round 1 with 1,203 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3079734323) or by searching the application ID: 3079734323
    - The second winning vote is:
    - ECO Systems as PM with Hemlane as Sub-PM (10% PM Fee)
    - This voting option was declared the winner in Round 1 with 1,098 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3079736407) or by searching the application ID: 3079736407
    - The first winning vote is:
    - Reject MTR Conversion
    - This voting option received 998 / 1,596 token votes which is equal to 62.5% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3079748863) or by searching the application ID: 3079748863

## 2025-06-10

- Property Update (06/10/2025):
- Owner-Proposed Governance Vote for 2094 W 34th Place:
    - An Owner with the following [wallet address](https://allo.info/account/OHS4Z4R2YOE5435ERSGLGBA2R7IWONWLWHLSMAPWVVIUIJ4J4TGQJ5RUKI) 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.
    - Here is your updated governance proposal Vote #1 block for 2094 W 34th Pl DAO, reflecting:
    - The broken water main issue requiring either legal intervention or a $14,000 lateral water meter installation
    - Aligned’s proposal to convert to Mid-Term Rental (MTR) due to no driveway/parking
    - A rounded capital call of $25,000
    - Clear breakout of which items are included in each option
    - Ready to insert into your email or markdown draft
    - VOTE #1 – PROPERTY STRATEGY & CAPITAL CALL (Choose One)
    - Known Financial Shortfalls:
    - Expense Amount
    - Aligned Unpaid Bills $2,381.48
    - 2024 Property Taxes (Overdue) $2,223.24
    - Lateral Water Meter Installation (est.) $14,000.00
    - DAO Operating Reserve Deficit $53.84
    - Balance Due to Yhome (Pending Legal) $7,617.80*
    - Total Capital Call Required $25,000 (rounded)
    - *No funds will be released to Yhome until Lofty resolves legal matters.
    - Option 1 – List Property for Sale w/ Aligned
    - Authorize Aligned to list and sell the property for $150-184k. Proceeds will be used to:
    - Pay property tax, Aligned, and legacy debts
    - Provide buyer with a clear repair plan for the water issue (including quote from Invisible Excavations)
    - Net proceeds distributed post-sale
    - Option 2 – Approve Capital Call of $25,000 via EARLDAO
    - Covers Aligned balance, overdue taxes, and installation of lateral water meter. Non-dilutive. 12% APR, interest-only, 1-year balloon.
    - Option 3 – Approve Capital Call of $25,000 via equity at $22/share
    - Dilutive. Issue 1,137 governance tokens to fund full repair, debt resolution, and reserve top-up.
    - Option 4 – Approve Capital Call of $15,000 via EARLDAO
    - Limited scope: covers property taxes, Aligned, and water main only. Excess may fund repairs or insurance. Non-dilutive.
    - Option 5 – Approve Capital Call of $15,000 via equity at $22/share
    - Issue 682 governance tokens to fund taxes, Aligned, and water. Dilutive.
    - Option 6 – Reject Proposal
    - No funds raised. Property tax remains delinquent. Water issue unresolved. DAO remains in deficit. Aligned remains as Sub-PM (15% PM Fee)
    - VOTE #2 – PROPERTY MANAGEMENT STRUCTURE (Choose One)
    - This vote determines the long-term servicing and leasing structure if the property is retained. If Option 1 (sale) is selected in Vote #1, this vote will not apply.
    - Option 1 – ECO Systems as PM with Aligned as Sub-PM (15% PM Fee)
    - PM Fee: 10% to Aligned + 5% to ECO
    - Leasing Fee: 1 full month’s rent
    - Repairs & Maintenance markup: 10%
    - Aligned handles local coordination and access; ECO oversees management
    - Option 2 – ECO Systems as PM with Hemlane as Sub-PM (10% PM Fee)
    - PM Fee: 10% to ECO Systems only
    - Leasing Fee: $695 or 50% of first month’s rent, whichever is greater
    - No markup on Repairs & Maintenance
    - Self-guided tours and listing automation via Hemlane
    - Subject to Hemlane's ability to secure a Local Agent in Charge (LAIC)
    - Option 3 – Reject Vote #2 and remain with M1 Homes
    - No change to current PM structure
    - M1 Homes remains responsible for leasing and ongoing property oversight
    - VOTE #3 – CONVERT TO MID-TERM RENTAL (MTR) MODEL (Choose One)
    - Because the property has no driveway or off-street parking, Aligned has proposed converting it to a furnished Mid-Term Rental (MTR) targeting travel nurses and urban professionals who rely on bikes, scooters, and public transit.
    - Option 1 – Approve MTR Conversion with $5,000 Furnishing Budget
    - Convert to fully furnished 30+ day rentals
    - Furnish with basic durable inventory (beds, linens, kitchenware, etc.)
    - Allow ECO + Aligned to set up smart locks and market through Aligned’s MTR wing
    - Additional capital may be required for utilities depending on rate plan
    - Option 2 – Reject MTR Conversion
    - Property remains as a long-term unfurnished rental
    - DAO may revisit MTR proposal later if occupancy remains low
    - GOVERNANCE PROPOSAL SUMMARY – 2094 W 34th Pl, Cleveland, OH 44113
    - The DAO must decide whether to sell the property, fund repairs to bring it to rent-ready condition, or transition to a furnished mid-term rental (MTR) model due to key challenges with the property’s infrastructure and layout.
    - Key Issues:
    - No water access: The main water line is broken under adjacent parcels. Estimated $14,000 to bypass with a new lateral water meter via Invisible Excavations.
    - No driveway or parking: Limits long-term rental appeal. MTR may be a better fit for urban professionals and traveling nurses.
    - Outstanding obligations:
    - $2,223.24 in overdue 2024 property taxes
    - $2,381.48 in unpaid bills to Aligned
    - DAO operating reserve is negative
    - $7,617.80 still technically owed to Yhome (payment frozen pending legal resolution)
    -  Financial Recap:
    - Total Capital Call Required: $25,000 (rounded)
    - Funds would be used to resolve known liabilities and fix water access
    - Voting Breakdown:
    - Vote 1: Choose between selling, full capital call, partial capital call, or inaction
    - Vote 2: Decide whether to retain M1 Homes or migrate to a new PM/Sub-PM structure (ECO Systems + Aligned or Hemlane)
    - Vote 3: Decide whether to convert the property into a Mid-Term Rental (MTR) with a $5,000 furnishing budget
    - EarlCo approves this message
    - The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, June 17th once the voting period ends.

## 2025-04-28

- 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:
    - Move to M1 for lower fees and better management
    - This voting option received 1,558 / 1,698 token votes, which is equal to 91.7% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2960324832) or by searching the application ID: 2960324832

## 2025-04-24

- Property Update (04/24/2025):
- 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 4/24, 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 12 tokens in this property and their wallet address can be viewed [here](https://allo.info/account/5HHAXCPORYC2GPTBTBQIKERJTKEP2O4PFWWF7R4Q2MAPHGMOM4FBDX5SD4).
    - 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 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 th