← 4183 E 146th St, Cleveland, OH 44128 · All properties

08 - Repairs & Maintenance - Renovations & Updates - 4183 East 146th St, Cleveland, OH 441 - 4183 E 146th St, Cleveland, OH 44128.md

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

Open full file in Dropbox

What This File Appears To Be

Property Updates ## 2026-04-06 - Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx): · Field · Value · · ------- · ------- · · Yhome Net Due TO DAO · $-2,756.91 · · Lofty Operating Cash · $-2,380.28 · · ECO Operating Cash · $2,844.84 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $-5,883.14 · · Estimated Owners' Equity · $89,300.00 · · DAO Estimated NAV Per Token · $43.02 · · DAO Tokens · 1939 · · Current PM

Text Preview

# Property Updates

## 2026-04-06

- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
| Field | Value |
|-------|-------|
| Yhome Net Due TO DAO | $-2,756.91 |
| Lofty Operating Cash | $-2,380.28 |
| ECO Operating Cash | $2,844.84 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $-5,883.14 |
| Estimated Owners' Equity | $89,300.00 |
| DAO Estimated NAV Per Token | $43.02 |
| DAO Tokens | 1939 |
| Current PM | ECO |

# Property Updates

## 2026-01-28

- Property Update (01/28/2026):
- This property is stable, no-fuss, and one of the better ones in the Cleveland market. The tenant has been paying on-time every month since they moved in.
- However somehow, Lofty is owed $21,879.59 in negative operating reserves, which have been continuously gone more and more negative since July 2023.
- There is no updated Transaction History since [Sept. 2025](https://www.dropbox.com/scl/fi/veym2upus887h2oplivrl/Transactions-September-2025-4183-East-146th-St-Cleveland-OH-44128.csv?rlkey=cw3thzj3ji8r8conkp7izww0y&dl=0), yet the OR balance dropped by another $7,178.28 in Oct. 2025. The reason is unclear.
- A capital call was previously approved to borrow $18k from EARLDAO, but not enough funds are available due to other expenses taking precedent. Even so, it would take several years to return these funds owed to Lofty.
- A lead clearance certificate is required, which means Lead Renovation, Repair, and Painting is needed for the porch and basement. This will cost $1-2k and will be handled by the Aligned team. It will be paid for using DAO funds held by ECO Systems.
- If any owners would like to provide or secure a low-interest low-LTV DSCR loan to pay off the DAO's balances and perhaps do a share buyback and pad reserves using excess funds, please email ecosystemspm@gmail.com to coordinate. Otherwise, the property may have to be sold to a third-party buyer, which would net ~$36/share after broker fees and closing costs.
- Note that Lofty may freeze trading once a DAO approves a vote to list the property for sale, so it's best to stack your shares prior to announcement of results.
- [View HRG's General Ledger](https://www.dropbox.com/scl/fi/s20z4w8flw3g4ck3nldu6/HRG-General-Ledger-4183-E-146th-St.xls?rlkey=u57kbk46vv06pqj73csd6b849&dl=0)
- [View Aligned Statements](https://www.dropbox.com/scl/fo/ocljzyqabef8rplwzkj3c/ACQyA7SHWdtuogdljEUKbe0?rlkey=16eptn87i0dm3kuem986n5hm6&dl=0)
- [View ECO Systems General Ledger](https://www.dropbox.com/scl/fi/25xb9rpz1bi1u2pk7orty/ECO-Systems-General-Ledger-2026-01-28-4183-East-146th-St-Cleveland-OH-44128.csv?rlkey=qqfluvfzrpwcd658p8h4sa26k&dl=0)
- [View Full Accounting Summary](https://www.dropbox.com/scl/fi/0yf0syxxxm58zpguib5nz/Yhome-Transition-Reconciliation.xlsx?rlkey=4rurmo3m2swur63oxq0hafr01&dl=0)

## 2025-05-28

- Property Update (05/28/2025):
- Owner-Proposed Governance Vote for 4183 E 146th St:
- An Owner with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ) is proposing a governance vote.
- This owner holds 1 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.
- VOTE #1 – CAPITAL CALL (Choose One)
- Outstanding Financial Items
- Repairs reimbursement due to Yhome: $3,951.91
- PM fees due to Yhome: $75.69
- Security deposit from Yhome (due to ECO Systems): ($1,195.00)
- Capital call due to Lofty (to restore Operating Reserve): $12,005.25
- Delinquent property taxes: $1,918.63
- Universal Lending DAO balance @ 13.5%: $644.96
- Total (Full Resolution): $17,525.94
- Total (OR & Tax Only): $14,000.00 (rounded)
- Note: $200.19 owed to Aligned will be paid from June rent. No funds will be sent to Yhome until legal disputes are resolved. Excess funds raised will remain in the reserve.
- Option 1 – Approve Capital Call of $18,000 via EARLDAO
- Covers all obligations (Lofty, taxes, and Yhome)
- Non-dilutive, 12% APR, interest-only loan
- 1-year balloon repayment term
- Option 2 – Approve Capital Call of $18,000 via Equity at $24/share
- Funds the same obligations as Option 1
- Issued by minting 773 governance tokens
- Dilutive, but no interest payments
- Option 3 – Approve Capital Call of $14,000 via EARLDAO
- Covers only taxes and reserve shortfall
- No payment to Yhome
- Non-dilutive, debt structure identical to Option 1
- Option 4 – Reject Capital Call
- DAO remains undercapitalized
- Tax payment, PM transition, and rental disbursements may be delayed
- DAO may remain subject to continued Yhome control
- VOTE #2 – PROPERTY MANAGEMENT STRUCTURE (Choose One)
- Option 1 – ECO Systems as PM with Aligned as Sub-PM
- Total PM Fee: 15%
- 10% to Aligned
- 5% to ECO
- Leasing Fee: 1 full month’s rent to Aligned
- Repairs: 10% markup by Aligned
- Benefit: No service disruption
- Option 2 – ECO Systems as PM with Hemlane as Sub-PM
- Total PM Fee: 10% to ECO
- Leasing Fee: $695 or 50% of first month’s rent (whichever is greater)
- Repairs: No markup
- Subject to Hemlane appointing a Local Agent in Charge in Cleveland
- Option 3 – Reject Vote #2
- DAO remains under Yhome Nursing LLC
- DAO continues to be subject to unilateral term changes by Yhome until new PM is selected and ratified

The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 3rd, once the voting period ends.

## 2025-05-28

- Property Update (05/28/2025):
- Governance Results for 4183 E 146th St:
- The Governance Voting results are back for the owner-proposed governance votes
- The first winning vote is:
- Option 1 – Approve Capital Call of $18,000 via EARLDAO
- Covers all obligations (Lofty, taxes, and Yhome)
- Non-dilutive, 12% APR, interest-only loan
- 1-year balloon repayment term
- This voting option was declared the winner in Round 1 with 221 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3038014960) or by searching the application ID: 3038014960
- The second winning vote is:
- Option 2 – ECO Systems as PM with Hemlane as Sub-PM
- Total PM Fee: 10% to ECO
- Leasing Fee: $695 or 50% of first month’s rent (whichever is greater)
- Repairs: No markup
- Subject to Hemlane appointing a Local Agent in Charge in Cleveland
- This voting option was declared the winner in Round 1 with 219 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3038020533) or by searching the application ID: 3038020533

## 2025-05-21

- Property Update (05/21/2025):
- Governance Results for 4183 E 146th St:
- The Governance Voting results are back for the owner-proposed governance vote to change property managers.
- The winning vote is:
- No [do not change property managers to Whalec Property Management]
- This voting option received 222/413 token votes, which is equal to 53.7% of the total votes.
- In order for the vote to pass to change managers, it needed to receive 60%+ of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3007514725) or by searching the application ID: 3007514725

## 2025-05-16

- Property Update (05/16/2025):
- Owner-Proposed Governance Vote for 4183 E 146th St:
- An Owner with the following [wallet address](https://allo.info/account/ZZCRQLKXGUMROJ2TL5XHEC5GVJQJVMNWWEHXN2J7BRFUKNU26LD6JCSYRQ) is proposing a governance vote.
- This owner holds 1 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.
- Hello 4183 E 146th St investors,
- TL;DR:
- Urgent vote: If we don’t act by May 20, the current PM, Yhome, will finalize their terms, including an undisclosed 10% gross operating expense markup within the aligned 20% charges.
- I propose we transition to Whalec Property Management, where I commit to no maintenance markups and full transparency via Hemlane.
- I’m an active investor and Lofty Discord member (@Whalec), with a track record of onboarding 20+ Lofty properties and managing two of Lofty's top-performing properties (440 Louden Ave and 1580 Andover Dr).
- PM fee starts at 15%, but automatically drops to 10% once stabilized — with the 5% savings directed into the Operating Reserve.
- Avoid increased costs and ensure better communication and transparency by voting to switch before the May 20 deadline.
- Hello 4183 E 146th St investors,
- I, Alec VanBeek (@Whalec on the Lofty Discord), am proposing a vote to switch to Whalec Property Management due to concerns with the current manager, Yhome. If we do not act by May 20th, the 30-day transition into Yhome's new terms will take effect.
Additionally, it was recently discovered that Yhome is charging a 10% gross operating expense, hidden within the 20% aligned charges. In contrast, I offer maintenance services through Hemlane with no markups, and all invoices are transparently shared in Discord.
As a DAO owner myself, I want to help guide this property onto a better path. Whalec Property Management has successfully onboarded over 20 Lofty properties with measurable improvements in communication and response times. We also manage two of the platform’s most successful properties: 440 Louden Ave and 1580 Andover Dr.
- Vote Proposal:
- Approve the transition of property management services from Yhome to Whalec Property Management
- Proposed Property Manager:
- Whalec Property Management
- Key Terms:
- Management Fee:
- 15% of Gross Monthly Rent initially
- Drops to 10% once the property is stabilized
- The 5% savings go directly to the Operating Reserve
- Definition of Stabilized:
- 4 consecutive months of rent collection
- Full operating reserve funded
- Tenant Placement Fee:
- Equal to First Month’s Rent (only for new tenant placements)
- No Renewal Fees:
- $0 for lease renewals or re-leasing to existing tenants
- No Maintenance Upcharge:
- Maintenance costs billed at actual cost through Hemlane
- All repairs and invoices shared transparently in Discord
- Maintenance Thresholds:
- $500 for emergency repairs
- $150 for non-emergency repairs
- Repairs under the threshold will proceed automatically
- Feel free to ping or DM me on Discord — I’m @whalec in the Lofty server.
- Thanks,
- Alec
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 20th, once the voting period ends.

## 2025-03-14

- Property Update (03/14/2025):
- The PM confirmed the tenant moved in as scheduled.
- The tenant signed a 12-month lease at $1,195/month.
- The lease term is from 2/21/25 - 2/20/26.
- The tenant paid a deposit of $1,195.
- The property manager charges a leasing commission of first month's rent, which will be deducted from February's rent.
- [Lease Agreement](https://www.dropbox.com/scl/fi/5kdw1srmdh3dkt02l3jrn/Lease-02-21-2025-02-20-2026-4183-East-146th-St-Cleveland-OH-44128_Redacted.pdf?rlkey=ry57f01lafhirrr0y4a289iru&e=1&st=sjs3sivi&dl=0)

## 2025-02-23

- Property Update (02/23/2025):
- A new tenant has been approved and will move in on 2/21/25.
- The tenant signed a 12-month lease at $1,195/month.
- The lease term is from 2/21/25 - 2/20/26.
- The tenant paid a deposit of $1,195.
- The property manager charges a leasing commission of first month's rent, which will be deducted from February's rent.
- The lease agreement is currently being redacted and will be uploaded to the property page once the redaction is complete.

## 2025-01-18

- Property Update (01/18/2025):
- The property manager confirmed the property has been listed for rent at $1,195/mo.
- [Property Listing](https://www.zillow.com/homedetails/4183-E-146th-St-Cleveland-OH-44128/33443529_zpid/)

## 2024-12-17

- Property Update (12/17/2024):
- Cal, the new owner-elected Property Manager wit