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UPDATES.md

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Property3878 Windermere Rd, Memphis, TN 38128
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

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Property Updates ## 2026-07-09 - Property Update (07/09/2026): - Governance Results for 3878 Windermere Rd: - The Governance Voting results are back for the owner proposed vote. - The winning vote is: - For – Approve the updated proposal to sell 3878 Windermere Rd, authorize funding for repairs via ULD or S&P Lending, and appoint S&P Property Management LLC as the representative and signers for sale. - This voting option received 386/631 votes, which is equal to 61.1% of the total votes. - The

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# Property Updates

## 2026-07-09

- Property Update (07/09/2026):
- Governance Results for 3878 Windermere Rd:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - For – Approve the updated proposal to sell 3878 Windermere Rd, authorize funding for repairs via ULD or S&P Lending, and appoint S&P Property Management LLC as the representative and signers for sale.
    - This voting option received 386/631 votes, which is equal to 61.1% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3632101197) or by searching the application ID: 3632101197

## 2026-07-06

- Property Update (07/06/2026):
- Owner-Proposed Governance Vote for 3878 Windermere Rd:
    - 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 18 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 Investors,
    - This proposal updates the previous governance to now pursue the full sale of 3878 Windermere Rd. As of close of business yesterday, the tenant is in arrears of over $2,100 (partial payment in June & July rents) and has maintained a history of inconsistent payments. Lubin Property Management is currently handling the eviction process. Given these issues and strong buyer interest already received from our real estate agent in the Memphis Investors market and Discord community, we believe selling the property at this time is in the best interest of token holders.
    - We expect the property to be tenant-free and ready to list within the next few weeks. To maximize sale value, we request authorization to utilize up to $15,000 from either the Universal Lending DAO (13.5%) or S&P Lending protocol (12%) to fund necessary quick-turn repairs. The current operating reserves totaling $3,328.91 ($2,998.61 + $330.30) will first be used to seed initial repairs and pay any outstanding city taxes. S&P Property Management LLC will be authorized as the representative(s) and signer(s) for all matters related to the sale, including listing decisions, negotiations, and closing.
    - This transition will allow S&P to move quickly with local realtor support, leverage current buyer interest, and deliver a clean one-time distribution of net sale proceeds to token holders once closed.
    - Vote Options:
    - For – Approve the updated proposal to sell 3878 Windermere Rd, authorize funding for repairs via ULD or S&P Lending, and appoint S&P Property Management LLC as the representative and signers for sale.
    - Against – Reject the proposal and maintain current direction.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, July 9th, once the voting period ends.

## 2026-06-13

- Property Update (06/13/2026):
**S&P Property Management LLC**
3878 Windermere Rd, Memphis, TN 38128
Monthly Cash Flow Statement (Current as of June 2026)

**Income**
Monthly gross rent: $1462.5

**Expenses (Monthly)**  
Property taxes & insurance: $263.26
Property management (2%): $29.25
Utilities (tenant-paid): $0  
Water/sewer (tenant-paid): $0  
DAO LLC admin fee: $62.50
Cashflow Repairs: $0.00
Total Monthly Expenses: $355.01

**Monthly NOI (Net Operating Income)**
$1462.5– $355.01 = $1107.49

**Cash Reserves**
OR replenishment: $381.36
2026 Escrow YTD: $329.65
PM Held Cash Reserves: $2991.5

**Below-Line Expenses**

**Rent Distribution**
Amount sent to Lofty: $726.13

S&P Property Management LLC
Scout & Pleb

## 2026-04-12

- Property Update (04/12/2026):
**S&P Property Management LLC**
3878 Windermere Rd, Memphis, TN 38128
Monthly Cash Flow Statement (Current as of April 2026)

- **Income**
      - Monthly gross rent: $1,034.99

- **Expenses (Monthly)**  
      - Property taxes: $97.68  
      - Homeowners insurance: $71.4
      - Property management (2%): $23
      - Utilities (tenant-paid): $0  
      - Water/sewer (tenant-paid): $0  
      - DAO LLC admin fee: $62.50
      - Total Monthly Expenses: $254.58

- **Monthly NOI (Net Operating Income)**
      - $1,034.99 – $252.28 = $782.71

- **Cash Reserves**
      - OR replenishment: $78.27
      - 2026 Escrow YTD: $267.72
      - PM Held Reserves: $2933.61

- **Below-Line Expenses**
      - Lofty DAO accounting fee: $-200.00

- **Rent Distribution**
      - Amount sent to Lofty: $702.37

S&P Property Management LLC
Scout & Pleb

## 2026-03-07

- Property Update (03/07/2026):
- We are going to have to cancel rent distributions this month, Lubin just reported that the master bedroom bathroom 🚽 and water to the property will be cut off from the street. Water is pouring out from stripped components in the bathroom.
   - The property insurance was paid current in the last few days.
   - We will file an insurance claims once photos and invoices have been provided.

## 2026-03-06

- Property Update (03/06/2026):
Here is a concise update from S&P Property Management LLC on key developments for the property at 3878 Windermere Rd as of early March 2026:
Rent Collection & Distributions  Rent payment of $1,579.06 was received from Lubin Property Management for the prior month (arrears).  

The eviction notice process has cleared, and the tenant’s next rent payment is currently processing.  
Distributions will resume on the upcoming Lofty Day:  
Base equity tokens: $400.98  
Lending DAO tokens: $161.82

Operating Reserve Status  The Operating Reserve has now reached its target threshold of $2,875.  
Going forward, 10% of monthly NOI will continue to be allocated to maintain the reserve, per the approved structure.

Management Transition  The January 21, 2026 governance vote passed with strong support (67% of tokens cast).  
Primary property management has transitioned to S&P Property Management LLC (fee = Lubin’s prior rate + 2%).  
Lubin Property Management continues as sub-PM for local operations and tenant coordination.  
S&P is now handling all financial reconciliation, reporting, and strategic oversight for the DAO.

3878 Windermere Rd, Memphis, TN 38128
Monthly Cash Flow Statement (Current as of January 2026)

**Income**
Monthly gross rent: $1,579.03

**Expenses (Monthly)**  
Property taxes: $97.68  
Homeowners insurance: $71.4
Property management (2%): $31.58
Utilities (tenant-paid): $0  
Water/sewer (tenant-paid): $0  
DAO LLC admin fee: $62.50
Total Monthly Expenses: $263.16

**Monthly NOI (Net Operating Income)**
$1,579.03 – $263.16 = $1,315.90 

**Cash Reserves**
OR replenishment: $753.07
Current reserve: $2,875
2026 Escrowed Funds: $697.06
HRG withheld reserves: +$0?

**Rent Distribution**
Amount sent to Lofty: $562.80

S&P Property Management LLC
Scout & Pleb

## 2026-01-21

- Property Update (01/21/2026):
- Governance Results for 3878 Windermere Rd:
    - The Governance Voting results are back for the owner proposed governance vote.
    - The winning vote is:
    - Approve: Change property management to S&P Property Management LLC at Lubin’s fee + 2%, with retaining Lubin as sub-PM. S&P will reconcile all funds and prepare the property for sale near lease end or via buyout. (Recommended)
    - This voting option received 585/876 votes, which is equal to 67% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3413728689) or by searching the application ID: 3413728689

## 2026-01-16

- Property Update (01/16/2026):
- Owner-Proposed Governance Vote for 3878 Windermere Rd:
    - An Owner with the following [wallet address](https://allo.info/account/QLHXVHCNIZMCESQ4XNWXQCNXRVAB7GWQZNXCYQSSU7LDAEOLYPG4AHERPQ) is proposing a governance vote.
    - This owner holds 60 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.
    - As of January 16, 2026, this property remains occupied under a 12-month lease (July 3, 2025 – June 30, 2026) at $1,150/ month. However, ongoing financial opacity including no visible rent distributions despite 6 months of collected rent >$500 NOI, uncertainty around the Operating Reserve, insurance proceeds, capital call funds, and expenses from vandalism repairs has created owner concern over how funds are being held or utilized.
    - To resolve these issues and improve transparency, this proposal seeks to transition property management from Lubin Property Management to S&P Property Management LLC, with Lubin continuing as sub-PM. S&P’s fee would be set at Lubin’s current rate + 2%, reflecting the added value of S&P’s co-ownership alignment, proactive oversight, and direct accountability at updating the investors and Lofty property pages. This structure allows immediate visibility into bank balances, expense reconciliation, and rent flow while maintaining Lubin’s on-the-ground execution.
    - Rationale & Benefits
    - S&P Property Management LLC (founded October 2025 by LaPlebDeLaPleb & The Scout) brings 13+ years capital markets experience and 6+ years Lofty-native operations, with significant token holdings in every managed property. Our model emphasizes full transparency, monthly DAO reporting, and skin-in-the-game co-investment.
    - Our PMA Agreement can be found here: https://drive.google.com/file/d/1wFYevc8-LEPKv34jnIWy4sxIhdEzFR__/view?usp=sharing
    - By taking PM responsibility, S&P will:
    - Reconcile all withheld/undistributed funds (rent, insurance claim, capital call, OR).
    - Provide clear visibility into current bank balances and expense history.
    - Maintain Lubin as sub-PM for continuity of local operations.
    - Position the property for strategic exit near the end of the current tenant lease (June 2026) or earlier via tenant buyout offer, maximizing NAV for token holders.
    - Voting Options
    - Approve: Change property management to S&P Property Management LLC at Lubin’s fee + 2%, with retaining Lubin as sub-PM. S&P will reconcile all funds and prepare the property for sale near lease end or via buyout. (Recommended)
    - Maintain current operations under Lubin Property Management. (Status quo)
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, January 20th, once the voting period ends.

## 2025-10-30

- Property Update (10/30/2025):
- The following email was received from the property manager:
    - "Dear Owners, I hope this message finds you well.
    - As you may know, the federal government is currently shut down until further notice. For those with Section 8 (MHA) rental homes, we are hopeful this will be resolved soon. However, we want to proactively share some guidance in case the shutdown impacts next month?s housing payments.
    - At this time, it is uncertain how long the delay may last. Should any repairs or unexpected expenses arise during this period, please be prepared to cover them out-of-pocket until assistance resumes. Once the government reopens, we expect back payments to be issued, though please note that late fees are not likely to be reimbursed.
    - We are actively monitoring the situation and will keep you updated with any new developments. Our goal is to ensure you have the information needed to plan accordingly.
    - If you have any questions or would like advice on managing expenses during this period, please don?t hesitate to reach out.
    - Thank you for your understanding and continued trust in our team.
    - Warm regards, Lubin Property Management"

## 2025-08-04

- Property Update (08/04/2025):
- Note from Lubin:
    - "The insurance claim has been approved. The insurance companies are going to send