← 656 E 126th St, Cleveland, OH 44108 · All properties

08 - Repairs & Maintenance - Renovations & Updates - 656 East 126th St, Cleveland, OH 44108 - 656 E 126th St, Cleveland, OH 44108.md

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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 · $-20,371.67 · · Lofty Operating Cash · $42,199.41 · · ECO Operating Cash · $-112.50 · · Outstanding Liabilities (Unpaid Bills) · $0.00 · · DAO Net Cash (Capital Call) · $18,745.32 · · Estimated Owners' Equity · $0.00 · · DAO Estimated NAV Per Token · $10.89 · · DAO Tokens · 1722 · · Current PM · ECO (

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# 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 | $-20,371.67 |
| Lofty Operating Cash | $42,199.41 |
| ECO Operating Cash | $-112.50 |
| Outstanding Liabilities (Unpaid Bills) | $0.00 |
| DAO Net Cash (Capital Call) | $18,745.32 |
| Estimated Owners' Equity | $0.00 |
| DAO Estimated NAV Per Token | $10.89 |
| DAO Tokens | 1722 |
| Current PM | ECO (Sold) |

# Property Updates

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 656 E 126th St, Cleveland, OH 44108 flagged as **ECO (Sold)**.
- Current reconciliation status: **Yhome owes DAO**.
- Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2025-11-25

- Property Update (11/25/2025):
- Governance Results for 656 E 126th St:
- The Governance Voting results are back for the owner proposed votes.
- The winning vote is:
- Accept the Offer
- This voting option received 318 / 455 token votes, which is equal to 70% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3341135579) or by searching the application ID: 3341135579
- The winning vote is:
- Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- This voting option received 322 / 455 token votes, which is equal to 71% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3341135993) or by searching the application ID: 3341135993

## 2025-11-24

- Property Update (11/24/2025):
- Owner-Proposed Governance Vote for 656 E 126th St:
- The property manager, ECO Systems  with the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), is proposing a governance vote.
- They hold 0 tokens in this property.
- The property manager'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.
- Fellow owners,
- We have received a $52,500 cash offer, no contingencies. Please see [HUD-1 settlement statement](https://www.dropbox.com/scl/fi/ue782ia57l5gpvfoywf8m/HUD-1-Legal-9902-Garfield-Ave-Cleveland-OH-44108.pdf?rlkey=vbd7o6qqfws0824fyvqn9v0ju&e=1&dl=0) in Dropbox.
- Net to the DAO is $44,068.68 at closing which includes all back taxes, before reimbursements for expenses.
- Financial Summary:
- Due TO [Yhome](https://www.dropbox.com/scl/fo/5ys80uebpp4i6a4ifrolv/AFvap4-Wz2k6twZ3a6KrXSE?rlkey=2wf6fq46skmha1c49xe0fhlm2&st=xxh1qfzq&dl=0) (Reimbursement for funds paid to Aligned) -$20,371.67
- Due to [Evernest](https://www.dropbox.com/scl/fi/osy5aqhsveyy7ldldk321/Owner-Statement-01-Jan-2024-30-Jun-2025-Properties-LFTY0128-9902-Garfield-Ave-Cleveland-OH.pdf?rlkey=5bvwv2yf5hxjgpx9mt8s2u8pw&e=1&dl=0) -$2,490.07
- Due to [Universal Lending DAO](https://discord.com/channels/847877825373012018/1295493068111347733/1436278573362184214) -$592.35
- Due to [Lofty](https://www.dropbox.com/scl/fi/1kgefawa7kybubnpbj7w5/656-E-126th-Lofty-Paid-Expenses.csv?rlkey=bn6k8f5fnsw9huh7u29xwl1j4&e=2&st=v2ounln2&dl=0)
- -$4,359.34
- Due to [ECO Systems](https://www.dropbox.com/scl/fi/kqmbv0wo51t98lk3w2psz/ECO-Systems-General-Ledger-2025-11-13-9902-Garfield-Ave-Cleveland-OH-44108.csv?rlkey=fvf5ym48jwd8o691hoc89hvfi&e=1&dl=0) (Includes 1.5% Transaction Coordination Fee) -$2,122.30
- Estimated Total Debts -$29,935.73
- Net Sale Proceeds +$15,802.78
- Number of Tokens 1,722
- Estimated Net Asset Value Per Share $12.72
- Owners may now vote by 11/25/2025 at 5 PM EST.
- Vote 1:
- 1) Accept the Offer
- 2) Cancel the sale (I have a BETTER offer)
- Vote 2:
- 1) Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- 3) Do not authorize Earl Vanze Co to sign closing documents, resulting in cancellation of the sale.
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, November 25th once the voting period ends.

## 2025-11-03

- Property Update (11/03/2025):
- Yhome is owed $20,371.67 for repairs here. That said, these repairs are still not enough to bring this property up to code, though it may be rentable. See [latest inspection report in Dropbox](https://www.dropbox.com/scl/fi/azn5lgjn46wxubhy0hgvj/Inspection-2025-09-13-656-East-126th-Cleveland-OH-44108.docx?rlkey=9v9be1ehdsw3hgmetm29z6xwk&st=s95uxqos&dl=0) and [photos](https://photos.app.goo.gl/NRuTsFvDjZLYnzGF6)
- $2490.07 is owed to Evernest
- $1910.65 is owed to Taxes
- $9,140.66 is owed to Lofty, which probably includes the above and may also include $851.58 that I already paid. If I deduct all that, only $3,888.36 is owed to Lofty.
- $1334.80 is owed to me, which includes that insurance payment through August.
- In total, $29,995.55 is total owed to everyone. ~$20k to Cal, $10k to everyone else.
- Property is worth $52,500 (cash offer, no contingencies). Factoring in 6% closing costs and broker fees, NAV is ~$11.24/share.

## 2025-07-23

- Property Update (07/23/2025):
- As previously mentioned, Lofty took legal action against the seller of this property, covering all legal fees ourselves, due to undisclosed lead issues in the purchase agreement.
- A judgment was recently awarded totaling $68,529.50. This includes costs for lead abatement, lost rental income, punitive damages, and attorney fees.
- You can view the judgment [here](https://www.dropbox.com/scl/fi/h04w0sh6y2r4bo7s6onob/126th-Judgement.pdf?rlkey=l2nzxywzr1pppf07dgvh18alm&e=1&st=1ant0xdp&dl=0). To collect the awarded amount, we will be engaging a debt collection company. Owners will be updated as soon as there is progress on the recovery of funds.
- We want to assure our community of both sellers and buyers that Lofty takes abuse of our platform seriously.
- While it’s true that we operate as a marketplace, so that investors are responsible for conducting their own due diligence on whether a property and it’s corresponding financial structure makes sense for them as an investment, anyone purposely abusing the platform by providing intentionally misleading data/information with the intention to deceive Lofty or our users will be dealt with seriously.
- We reserve the right to pursue any available legal remedy available to us in addition to referring cases to local, state, and federal regulators or prosecutors.
- Unfortunately, legal matters can take a long time to resolve and our team is NOT always able to reveal certain information to users during the process as advised by our counsel.
- We appreciate everyone’s patience throughout the years.

## 2025-07-15

- Property Update (07/15/2025):
- Governance Results for 656 E 126th St:
- The Governance Voting results are back for the owner proposed vote to change property managers.
- The winning vote is:
- Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee
- This voting option received 612 / 634 token votes, which is equal to 97% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3120226862) or by searching the application ID: 3120226862

## 2025-07-07

- Property Update (07/07/2025):
- Owner-Proposed Governance Vote for 656 E 126th St:
- The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes LLC holds 0 tokens in this property.
- The property manager'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.
- PROPOSAL: Transition Property Management to ECO Systems LLC
- Background:
- When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes’ intended role.
- Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
- Recommendation:
- We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property’s financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
Key Points Supporting This Proposal:
- Original Agreement Integrity: M1 Homes’ proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
- Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
- Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
- Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
- Property Management Transition (If Property is Retained):
- Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
- ECO Systems may initiate capital calls post-transition
- Option 2 – Reject Vote #2 and Remain with M1 Homes LLC
- M1 Homes remains as manager
- No changes to current structure
- Financial obligations remain unresolved under the existing framework
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

## 2025-05-01

- Property Update (05/01/2025):
- Note from Yhome Nursing LLC:
- "Labor work has been completed for 656 E 126th.
- Next Steps:
- The property now requires a new lead clearance. Once the lead clearance is obtained, we will proceed with the approval process to move forward with the next phase of work.
- Summary:
- Labor is finished, and we are awaiting the lead clearance to continue. We will keep you informed of any further developments."
- This property is in the process of migrating to the new owner-elected property manager, M1 Homes LLC.

## 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:
- Move to M1 for lower fees and better management
- This voting option received 719 / 910 token votes, which is equal to 79% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2959960270) or by searching the application ID: 2959960270

## 2025-04-24

- Property Update (04/24/2025):
- 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 4/24, which can be viewed on the property page here.
-