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

UPDATES.md

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Property Updates ## 2026-06-27 - Property Update (06/27/2026): - 4183 E 146th St has now closed. Sale proceeds of $80,928.95 have been wired to Lofty, and $1,147.98 remains due to ECO. The remaining 6/1/25 intercompany balances have been resolved, and Yhome is fully settled from the DAO’s perspective. - Final close-out metrics: - ECO Operating Cash: $1,147.98 - Estimated Lofty Operating Cash: $58,849.36 - Estimated DAO Net Cash (Capital Call): $57,501.38 - Tokens Outstanding: 1,939 - Estimated

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# Property Updates

## 2026-06-27

- Property Update (06/27/2026):
- 4183 E 146th St has now closed. Sale proceeds of $80,928.95 have been wired to Lofty, and $1,147.98 remains due to ECO. The remaining 6/1/25 intercompany balances have been resolved, and Yhome is fully settled from the DAO’s perspective.
    - Final close-out metrics:
    - ECO Operating Cash: $1,147.98
    - Estimated Lofty Operating Cash: $58,849.36
    - Estimated DAO Net Cash (Capital Call): $57,501.38
    - Tokens Outstanding: 1,939
    - Estimated NAV per Token: $29.76

## 2026-04-06

- Property Update (04/06/2026):
- 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 |

## 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 mo