← 3493 W 119th St, Cleveland, Ohio 44111 · All properties

UPDATES.md

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

Open full file in Dropbox

Property3493 W 119th St, Cleveland, Ohio 44111
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

What This File Appears To Be

Property Updates ## 2026-06-30 - Property Update (06/30/2026): - Governance Results for 3493 W 119th St: - The Governance Voting results are back for the owner proposed vote. - The winning vote is: - Yes -- We want our money back route - This voting option received 1,032 / 1,035 votes, which is equal to 99% of the total votes. - The voting results can be found on chain [here](https://allo.info/application/3622625283) or by searching the application ID: 3622625283 ## 2026-06-24 - Property Updat

Text Preview

# Property Updates

## 2026-06-30

- Property Update (06/30/2026):
- Governance Results for 3493 W 119th St:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - Yes -- We want our money back route
    - This voting option received 1,032 / 1,035 votes, which is equal to 99% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3622625283) or by searching the application ID: 3622625283

## 2026-06-24

- Property Update (06/24/2026):
- Owner-Proposed Governance Vote for 3493 W 119th St:
    - The property manager, S&P Property Management LLC with the following [wallet address](https://allo.info/account/AMINKTXCX2EJCLDSHOD44LBPRE6ESF33DSOUQDAKQ4BJ7JJJERZYYGSDD4), is proposing a governance vote.
    - This owner holds 38 shares 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.
    - S&P Property Management needs to formalize the security deposit(s) and stolen DAO funds previously taken from the Operating Reserves of the 3493 property. Unfortunately, yhome has not released the funds for this property, making it impossible to recover cash directly from [EARLDAO](https://www.lofty.ai/property_deal/Earl-DAO_-- at this time.
    - A previous governance proposal authorized the lending of these stolen DAO funds to EARLDAO, which was denied. This new proposal seeks DAO member approval to convert the outstanding amount into 84 EarlDAO shares for the 3493 property.
    - We further request that accrued interest on these shares be back-dated and payable at 12% APY from May 27, 2025, through the date yhome makes final payment. A "No Vote" on this proposal will essentially mean this DAO will not be returned capital or interest in a timely manner.
    - Voting Options:
    - Yes -- We want our money back route
    - No -- We enjoy pain & suffering route
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 30th, once the voting period ends.

## 2026-05-27

- Property Update (05/27/2026):
- Owner-Proposed Governance Vote for 3493 W 119th St:
    - An Owner with the following [wallet address](https://allo.info/account/AMINKTXCX2EJCLDSHOD44LBPRE6ESF33DSOUQDAKQ4BJ7JJJERZYYGSDD4) is proposing a governance vote.
    - This owner holds 31 shares 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 All,
    - The following governance proposal is for changing property management from M1 Homes to S&P Property Management LLC (S&P PM LLC).
    - M1 Homes has decided to immediately exit managing properties in the Cleveland Metro market due to the following reason(s): a.) Changing market regulations, b.) M1 Homes losing their Agent In-Charge (LAIC) coordinator and c.) Limited Lofty platform financial transparency for ongoing operations.
    - The properties under consideration by S&P PM LLC for a PM change are:
    - 3493 W 119th St (S&P PM LLC Recommends to Maintain / Upgrade for more value)
    - Market Price Value: $28.70 / token
    - Net Sale Proceeds: $42.03/ token
    - The numbers quoted above are based on the gross values assessed by M1’s Realtor, if each property were to continue its move to sale. The values presented do not include appraisal costs, inspection costs, seller credits (as applicable), outstanding tax liabilities, city mandated repairs (required prior to sale as applicable), and any associated liens on the properties etc. 
    - Property Management would effectively switch over to S&P PM LLC on or before 6/1/26, whom would act as the interim PM for all properties; M1 Homes will coordinate immediately to provide tenant information and rent collection details. Properties would be retained in “for sale” status, remain under coordination to sell unless the ownership group(s) elect to change their previous vote from “sell the property.”
    - In the previous vote(s), S&P PM LLC was not a considered party as we were in the process of securing our required Local Agent In-Charge (LAIC) needed to service this market. The LAIC(s) under contract, have experience working with tenants in the Cleveland metro area, owning, operating, buying and listing their own properties for sale, in addition to, servicing contracting, maintenance and eviction team(s).
    - Additionally, our LAICs have been made aware of the recent and on-going bureaucratic changes in the neighboring areas (Shaker Heights / Garfield Heights), the majority of the Cleveland metro properties are more than sustainable to be taken over and well-managed. The tenants in place are month-to-month offering maximum flexibility to investor(s) for proceeding to sale; otherwise properties electing to retain property operations can renew long-term leases. We believe a sale given the values outlined above is premature, which leaves potential double digit upside within the lifecycle of our PM contract on-the-table.
    - As part of this change, the appointed LAIC will act as a limited contractor for S&P PM LLC. S&P PM LLC will oversee day-to-day property management and operations for financials (rent collection, cashflow statements etc.), assist in tenant communications, repairs and conflict resolution and provide proactive updates to investors.
    - We believe that S&P PM LLC can step in with our values fostering collaboration amongst the community on-platform and our local contacts (LAICs) to elevate these properties. We can more appropriately optimize off-boarding of these properties to local investors, to tenants and / or offering rent to own structures. Bulk wholesaling property portfolios will not optimize investor returns.
    - Our PM Fee will reflect a straightforward 15% property management fee and will follow the terms set forth in our PMA to retain property stability and improve property values over time.
    - [S&P Property Management LLC - Ohio PMA - 5-19-2026](https://docs.google.com/document/d/1tDnvlFNU0WA2zYUO_cjnyd-FHkI1j0SznPcEp_lp-jw/edit?tab=t.0)
    - Vote 1: Change Property Management to S&P PM LLC:
    - Yes
    - No
    - The proposer of this vote is the owner of S&P PM LLC.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 2nd, once the voting period ends.

## 2026-05-27

- Property Update (05/27/2026):
- Governance Results for 3493 W 119th St:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - Yes [Change Property Management to S&P PM LLC]
    - This voting option received 690 / 987 votes, which is equal to 69.91% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3584617303) or by searching the application ID: 3584617303

## 2026-05-19

- Property Update (05/19/2026):
- Governance Results for 3493 W 119th St:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - List the property for sale
    - This option was declared the winner in Round 1 with 756 votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3564607831) or by searching the application ID: 3564607831

## 2026-05-13

- Property Update (05/13/2026):
- Owner-Proposed Governance Vote for 3493 W 119th St:
    - The property manager, M1 Homes LLC, is proposing a governance vote.
    - Their 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 Lofty Token Holders of https://www.lofty.ai/property_deal/3493-W-119th-St_Cleveland-Ohio-44111
    - After extensive consideration, I am proposing two paths forward for this property:
    - List the property for sale
    - Transfer management operations to EcoSystems LLC
    - No Change
    - Cleveland has become increasingly difficult for landlords and investors due to excessive bureaucracy, compliance requirements, inspections, and administrative red tape. The amount of time and energy required each month — both from myself and the people I hire — to satisfy the city’s constantly expanding requirements has become unsustainable.
    - At the same time, Cleveland is not functioning as a strong appreciation market. Property taxes continue to rise year after year, while many of the surrounding areas continue to decline in value. From an investment perspective, this is no longer an ideal long-term hold location.
    - Because of these factors, I believe investors should decide whether they would prefer to exit the investment through a sale or continue operations under EcoSystems LLC management moving forward.
    - Thank you for your consideration.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 19th, once the voting period ends.

## 2025-06-10

- Property Update (06/10/2025):
- Governance Results for 3493 W 119th St:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - Yes - let’s rebuild our OR to 8%
    - This voting option received 876 / 932 token votes, which is equal to 93.9% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3058208457) or by searching the application ID: 3058208457

## 2025-06-08

- Property Update (06/08/2025):
- Owner-Proposed Governance Vote for 3493 W 119th St:
    - An Owner with the following [wallet address](https://allo.info/account/NKCGAJML3X56QQMQLAXJFT6JDYRZEABKVO42FLBYLXBEOJHYIS6ES4XLUI) 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.
    - Morning all,
    - We all know that during the Yhomes period our Operating Reserve got eroded. With it being currently set to 0%, we need to establish a new level for our property.
    - I recommend we establish our new level at 8%. We are still owed a significant amount of money from Yhome that should fill the majority of this gap, but it is important we start recouping our reserves ahead of September.
    - Votes
    - Yes - let’s rebuild our OR to 8%
    - No - do nothing
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 10th, once the voting period ends.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 3493 W 119th St:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Option 1 - Contribute 100% of Suggested Cash to Lend: Authorize the DAO to contribute its eligible surplus funds to EARLDAO for use as a lending pool, supporting repairs, insurance, and delinquent tax payments for eligible DAOs. 12% APR & 1-year maturity.
    - This option was declared the winner in Round 3 with 621 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3020335350) or by searching the application ID: 3020335350

## 2025-05-22

- Property Update (05/22/2025):
- An owner of this property has put together a counter-proposal.
    - This is in response to the previous governance vote sent out on 5/21, 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 proposed the count