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UPDATES.md

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Property3905 E 189th St, Cleveland, OH 44122
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

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Property Updates ## 2026-05-19 - Property Update (05/19/2026): - Governance Results for 3905 E 189th 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 653 votes via the Ranked Choice Voting method. - The voting results can be found on chain [here](https://allo.info/application/3564590588) or by searching the application ID: 3564590588 ## 2026-05-13 - Property Update

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# Property Updates

## 2026-05-19

- Property Update (05/19/2026):
- Governance Results for 3905 E 189th 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 653 votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3564590588) or by searching the application ID: 3564590588

## 2026-05-13

- Property Update (05/13/2026):
- Owner-Proposed Governance Vote for 3905 E 189th 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/3905-E-189th-St_Cleveland-OH-44122
    - 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.

## 2026-05-05

- Property Update (05/05/2026):
- Governance Results for 3905 E 189th St:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - IMAN Roofing
    - This voting option was declared the winner in Round 1 with 619 votes.
    - The voting results can be found on chain [here](https://allo.info/application/3545517333) or by searching the application ID: 3545517333

## 2026-04-29

- Property Update (04/29/2026):
- Owner-Proposed Governance Vote for 3905 E 189th St:
    - The property manager, M1 Homes LLC, is proposing a governance vote.
    - 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 noted before, the roof was partially blown off in a storm and was trapped temporarily. The insurance would cover only ~$800 but the copay was $5k+, so it doesn’t make sense to file a claim. (All in Dropbox) Anyways, it needs a new roof and this vote will be for which company we should go with.
    - I attached the files to look over and vote between three options. If anyone has any questions, you can address them in the property channel on discord.
    - Quick numbers (please check estimates for details)
    - IMAN Roofing: $8,260
    - S&K Construction: $9,100
    - Ohio Roofing: $10,486
    - [View estimates](https://www.dropbox.com/scl/fo/zgwwjltcxfy8lv5503tn7/AGFN6Ofi3K6J5QtAakoTNG0?rlkey=kk31jdgegd3rijtzwdhu9aavz&st=lgwmrd94&dl=0)
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 5th, once the voting period ends.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 3905 E 189th 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 1 with 513 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3020328069) or by searching the application ID: 3020328069

## 2025-05-21

- Property Update (05/21/2025):
- Owner-Proposed Governance Vote for 3905 E 189th St:
    - Earl Co with ECO Systems LLC, who has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), has proposed a governance vote.
    - The owner proposing this vote holds 61 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.
    - Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital
    - [View Governance Proposal](https://www.dropbox.com/scl/fi/aqgqlo1vobeprfrl1nr07/EARLDAO_Lender_DAO_Proposal.docx?rlkey=n3gm38rxstyafyakm13dafpr0&e=2&dl=0)
    - [View Summary](https://www.dropbox.com/scl/fi/878plu5tzeb4f1rmgrzxs/EARLDAO-Lender-DAO-Proposal.png?rlkey=krhvm6eyj2ih96yl4094j1z32&e=2&dl=0)
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Tuesday, May 27th 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:
    - Yes [switch property managers to M1 Homes LLC]
    - This voting option received 767 / 929 token votes, which is equal to 82.5% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2960133007) or by searching the application ID: 2960133007

## 2025-04-23

- Property Update (04/23/2025):
- An owner has put together a proposal.
    - This is in response to the governance vote to change managers, sent out on 4/22, 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 counter-proposal owns 5 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.
    - If we don’t move property managers, we are gifting yhome equity and diluting ourselves.
    - I do not want to dig through every detail of what is being shared on Discord daily, but I do feel strongly about personally responding with my feelings, views and opinions here for you all.
    - Cal’s counter proposal was a generalist sales email that wasn't about our property. I encourage you to reread his final paragraph and ask yourselves if it is truthful when we’ve been personally paying him 15% for his property managent services.
    - Yhome took over the management of 189th Street when it was in a positive position. We’ve had a stable tenant for more than four years. There have been times when we’ve needed the operating reserve for real unexpected repairs. Since Cal’s taken over, our operating reserve has been distributed to us and it currently sits at $65. With no reserve, large unexpected work, like last year’s heating issue, would need to receive a loan to be carried out.
    - Whilst Cal’s initial contract promised 6%, it’s been uncovered that none of the most recent loans from yhome have been at 6%. This rate was offered from capital that has since been drawn down against. What’s also been uncovered is there’s also been a hidden loan fee now included - making one of the most recent loans cost +20% rather than the 6% initially promised to all of us.
    - By not being communicated upfront, this discovery is leaving members of each DAO in an awkward position and when these continuous issues are raised openly with Cal on Discord, yhomes requires people send out governance requests rather than actively doing what’s honest-and-right, or proactively acknowledging an issue and proposing the vote himself.
    - What does this mean? As someone who wanted to be more passive, I’ve recently felt taken advantage of. I’ve learnt that with yhome, all the finer details that are uploaded after the fact must be dug through with a finer tooth comb. These docs being shared after the fact is hugely concerning from my side. To put this in perspective, on another property, in a 92 page document, 2 of the pages raised severe significant flags and potential risks for everyone in one of the DAOs.
    - I personally don’t want us to use, pay or hugely reward a property manager whilst also feeling we need one of us to double and triple check everything they say, share and do at the same time. I now feel incredibly uneasy hoping that other members of each DAO are doing the dudilligence work and I'm hugely grateful for what the Lofty Discord community has recently found.
    - Please support the vote to transition to M1 where I can trust important information will be given upfront from the PM, and I can continue being a token holder and a member of 189th with all of you.

## 2025-04-22

- Property Update (04/22/2025):
- 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 4/22, 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 counter-proposal owns 9 tokens in this property, and their wallet can be viewed [here](https://allo.info/account/5HHAXCPORYC2GPTBTBQIKERJTKEP2O4PFWWF7R4Q2MAPHGMOM4FBDX5SD4).
    - 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.
    - Dear Fellow Investors, 
    - If you own any tokens in YHome-managed properties, whether through a co-ownership structure or not, this message is for you. YHome is not just another property management company; we are committed to transforming the way we manage real estate, particularly in the Cleveland and Chicago market. 
    - When many investors were purchasing tokens at low prices and proposing sales due to unpaid bills, YHome recognized the need for a different approach. Despite multiple capital calls aimed at resolving these issues, the results were often insufficient. Our analysis shows that Cleveland and Chicago are indeed a cash flow market; however, it comes with risks that require a unique management style. 
    - At YHome, we understand the challenges of the fractional share structure on Lofty, where collective decisions can sometimes lead to conflicting strategies. For example, an investor with a low-cost basis might advocate for a sale at a discount, benefiting themselves while potentially harming others with higher costs. YHome has successfully mitigated these situations by focusing on turning properties around, achieving cash flow positivity, and ensuring bills are paid.  
    - Our primary strategy is to protect the assets and safeguard your initial investment. Unlike some investors who may prioritize short-term gains, YHome is dedicated to lo