← 3024 W 103rd St, Cleveland, OH 44111 · All properties

UPDATES.md

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Property Updates ## 2026-01-06 - Property Update (01/06/2026): - This property received an insurance refund check of $517.17, which will be added to its Operating Reserve. ## 2025-09-03 - Property Update (09/03/2025): - Governance Results for 3024 W 103rd St: - The Governance Voting results are back for the owner-proposed vote. - The winning vote is: - 1) give Earl sole discretion on the sale process, trusting that the better the deal he gets for us will also be a better deal for his 800+ toke

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# Property Updates

## 2026-01-06

- Property Update (01/06/2026):
- This property received an insurance refund check of $517.17, which will be added to its Operating Reserve.

## 2025-09-03

- Property Update (09/03/2025):
- Governance Results for 3024 W 103rd St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- 1) give Earl sole discretion on the sale process, trusting that the better the deal he gets for us will also be a better deal for his 800+ token
- This option received 694 / 717 token votes, which is equal to 97% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3195328944) or by searching the application ID: 3195328944

## 2025-08-28

- Property Update (08/28/2025):
- Owner-Proposed Governance Vote for 3024 W 103rd St:
- An Owner with the following [wallet address](https://allo.info/account/TBM7IBZYTO5GGMTELJXSIAV5N55YETID4CXR5E23P2C3ARKPNWKII2LS3M) is proposing a governance vote.
- This owner holds 55 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.
- Hello, I believe this area poses significant vacancy/vandalism risk, and do not believe the market is suitable for a long term hold.
- I would like to propose we sell this property now while it is in good condition and has a tenant
- Earl purchased a large number of the capital call tokens and is now holding 800+, so I believe his interests are strongly aligned with the rest of ours.
- Vote options:
- 1) give Earl sole discretion on the sale process, trusting that the better the deal he gets for us will also be a better deal for his 800+ tokens
- 2) no change. Do not sell
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, September 2nd, once the voting period ends.

## 2025-07-16

- Property Update (07/16/2025):
- Per the results of the previous governance vote for the dilutive capital call, 1,970 tokens have been listed for sale at $20 each to raise $39,405.53.
- Click the "Buy" button to purchase tokens.

## 2025-05-20

- Property Update (05/20/2025):
- Governance Results for 3024 W 103rd St:
- The Governance Voting results are back for the owner-proposed votes.
- The first winning vote is:
- Capital Call via Dilutive Equity @ $20/share: Issue 1,970 new governance tokens at $20 to raise $39,405.53. Offered pro-rata. Dilutive.
- This option was declared the winner in Round 2 with 284 token votes via the Ranked Choice Voting method.
- The voting results can be found on chain [here](https://allo.info/application/3020400401) or by searching the application ID: 3020400401
- The second winning vote is:
- Option 2 – Migrate to Hemlane at 10% PM Fee
- This option received 375/452 token votes which is equal to 82.9% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3020403224) or by searching the application ID: 3020403224

- Property Update (05/20/2025):
- Owner-Proposed Governance Vote for 3024 W 103rd St:
- An Owner with the following [wallet address](https://allo.info/account/BCFVSLQ4ZE2RDIBPN4RBI2IO3STXHO2HJEEDGKRTGJKE7D4AXEHZAWYUEE) is proposing a governance vote.
- This owner holds 32 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.
- COMBINED GOVERNANCE PROPOSAL: DEBT RESOLUTION & PROPERTY MANAGEMENT
- DAO: Lofty Holding 3024 W 103rd St DAO LLC
- Proposal Date: 5/20/2025
- Voting Deadline: 5/27/2025
- Background:
- The property at 3024 W 103rd St has completed renovations and is currently listed for rent by Aligned:
- 3 bed / 1 bath | New furnace & water heater | Fresh paint | Refinished hardwood | Porches | Fenced yard | Corner lot
- Redfin Listing
- However, the DAO currently owes:
- Creditor   Amount
- Aligned Properties Group   $17,614.39
- Yhome Nursing LLC   $16,500.00
- Lofty / Previous PM   $5,291.14
- Total DAO Liabilities   $39,405.53
- If the DAO fails to act, Aligned has stated they may file a mechanic’s lien for the $16,885.22 in unpaid bills, encumbering future sale/refinance.
- Rent & Value Potential
- Market Rent Estimate: $1,295–$1,400/month
- Estimated Sale Price (Redfin): $110,474
- Token Value If Sold:
- (110,474 × 0.91 − 39,240.53) ÷ 1,824 ≈ $33.60/token
- VOTE #1 – DEBT RESOLUTION (Choose One)
- Option 1 – List Property for Sale w/ Aligned
- Authorize Aligned to list and sell the property. Proceeds pay off all debts. Tokens cashed out post-sale.
- Option 2 – Capital Call from EARLDAO @ 12% APR
- Borrow $39,405.53 from EARLDAO. Interest-only payments at 12% APR, 1-year balloon. Non-dilutive. Repaid from rent or sale.
- Option 3 – Capital Call via Dilutive Equity @ $20/share
- Issue 1,970 new governance tokens at $20 to raise $39,405.53. Offered pro-rata. Dilutive.
- Option 4 – Demand Aligned Settle With Yhome
- No capital call. DAO remains under Yhome until resolved and a lien may be placed on the property.
- VOTE #2 – ONGOING PROPERTY MANAGEMENT (Only if not selling)
- Option 1 – Keep Aligned as Sub-PM at 15% PM Fee
- PM Fee: 15% of gross rents (10% Aligned + 5% ECO Systems)
- Leasing Fee: 1 full month’s rent (charged by Aligned)
- Aligned remains sub-manager, ECO provides oversight
- Option 2 – Migrate to Hemlane at 10% PM Fee
- PM Fee: 10% of gross rents (ECO only, via Hemlane platform)
- Leasing Fee: 50% of first month’s rent or $695, whichever is higher
- (Matches Hemlane’s self-guided tenant placement rate. Rent-ready service of $495 is not required.)
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 27th, once the voting period ends.

## 2025-05-05

- Property Update (05/05/2025):
- Governance Results for 3024 W 103rd St:
- The Governance Voting results are back for the owner-proposed vote to change property managers.
- The winning vote is:
- Vote to change to ECO Systems property management and NOT give away 3.5% equity to Yhome.
- This option received 488 / 491 token votes, which is equal to 99% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2974585679) or by searching the application ID: 2974585679

## 2025-04-30

- Property Update (04/30/2025):
- *Owner-Proposed Governance Vote:*
- An Owner with the following [wallet address](https://allo.info/account/PJHK74F24OLHGOLQM5FRUKKWNOVURMSCABBMDOTWCAW3ZPTL6CSJRUFKA4) is proposing a governance vote.
- This owner holds 80 tokens in this property.
- The owner's reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Short story:
- Please vote now to switch to ECO Systems, a proven property manager and AVOID an immediate dilutive equity giveaway to our current property manager (Yhome).
- Longer story:
- If we take no action in the next three weeks, our current property manager (Yhome) will be granted an immediate 3.5% dilutive equity stake in this DAO, worth over $8,500. This giveaway is a consequence of Yhome's unilateral change of contract terms, which we (possibly inadvertently) voted to approve in the vote earlier this month, in a confusing vote in which we had no clear option to refuse, and were presented with a menu of terrible options.
- Although I think in some rare cases, equity stakes can be an effective way to align a property manager's incentives with co-owners, I strongly object to one that vests immediately and which the manager can keep even if they decide to stop managing our property right after the grant, or even if they perform poorly.  Yhome was asked to agree to a vesting schedule and refused, which is a red flag that they do not have our long-term interests in mind.
- I urge you to vote against this by transitioning management of 3139 West Blvd to ECO Systems, effective May 15th. ECO Systems’ owner has been a dedicated and loyal member of Lofty for the past four years, consistently demonstrating his ability to manage some of the platform’s best-performing properties, in terms of both income and appreciation (e.g., 86, 88 and 90 Madison Ave).
- ECO Systems is an active participant on Lofty and in the Lofty Discord (@earlvanze), offering consistent communication and being readily available to answer any questions from investors, unlike Yhome. ECO Systems’ management fees are 10% of gross rent, first month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
- Option 1: Vote to change to ECO Systems property management and NOT give away 3.5% equity to Yhome.
- Option 2: Vote to retain Yhome as property manager, giving them an immediate 3.5% dilutive equity grant, which they can keep or sell regardless of performance.
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, May 5th, once the voting period ends.

## 2025-01-27

- Property Update (01/27/2025):
- Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:
- Dear Investors,
- I would like to provide an update on the property located at 3024 W 103rd St, Cleveland, Ohio. This property has presented significant challenges. The initial condition was quite poor, and we have been working diligently to restore it.
- Currently, we are facing several issues: we have encountered nine gas leaks, dealt with a harsh winter, and are now faced with a non-functional, outdated boiler. The freezing temperatures prevented us from making progress, and we are experiencing pipe bursts related to the boiler's failure, which has now been removed. Without heat, we cannot continue our renovation work.
- Additionally, YHome is reviewing several renovation-related expenses and our dealings with the contractor, and we may need to consider changing contractors. Given these circumstances, we will require more time to complete the necessary work. The cost to replace the boiler and restore the heating system is [estimated to be around $13,900](https://www.dropbox.com/scl/fi/zq1l6ygcnizxu8uiqn5qv/boilerquote.pdf?rlkey=7o5s1k1ie8aleiz0erwafpe7j&st=tcf8ht7g&dl=0). ( I am still working on other option but this is the best so far)
It is essential to keep you informed about the ongoing needs of this property. Thank you for your understanding.
- Best regards, Cal

## 2024-12-20

- Property Update (12/20/2024):
- Cal, the new owner-elected Property Manager with Yhome Nursing LLC, provided an update:
- "The property at 3024 West 103rd Ave has presented several challenges from the outset, particularly regarding repair conflicts. The previous property manager indicated that some work had been completed( not completed, please see pictures [coming soon]), but we have since undertaken repairs.
- Yhome is currently reviewing certain aspects of these repairs, and the numbers are under evaluation. We are nearing completion, with pictures forthcoming to showcase the progress.
- While there are still some unresolved issues, we are committed to addressing them and will provide a comprehensive update to all investors in due course. Thank you for your understanding."

## 2024-11-06

- Property Update (11/06/2024):
- *Governance Results:*
- The Governance Voting results are back for the vote to accept, counter, or deny the buyer's counter-offer of $59k.
- The winning vote is:
- Deny the offer and rent the property with Yhome Nursing LLC as the manager
- This voting option was declared the winner in Round 4 with 584 token votes via the Ranked Choice Voting method.
- The voting results can be found on chain [here](https://allo.info/application/2456032875) or by searching the application ID: 2456032875
- The Yhome Nursing LLC management terms, provi