← 665 Chapman St, Edwardsville, IL 62025 · All properties

UPDATES.md

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Property Updates ## 2026-06-28 - Property Update (06/28/2026): - [Inspection Report HTML](https://app.inspectify.com/orders/KDMLDEAog3J2rEBgiEbjtyev/reports?report_id=4c30b479-b376-4470-8e18-eed7a175be2a) - [Inspection Report PDF](https://www.dropbox.com/scl/fi/dnnxmtjvf1bgyw3rss69j/Inspection-Report-2026-06-28-665-Chapman-St-Edwardsville-IL-62025.pdf?rlkey=2ydylipbcom23pzrduxugm7n3&dl=0) - Property is now undergoing necessary turnover repairs for rent or sale - Owners may submit a new proposa

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# Property Updates

## 2026-06-28

- Property Update (06/28/2026):
- [Inspection Report HTML](https://app.inspectify.com/orders/KDMLDEAog3J2rEBgiEbjtyev/reports?report_id=4c30b479-b376-4470-8e18-eed7a175be2a)
- [Inspection Report PDF](https://www.dropbox.com/scl/fi/dnnxmtjvf1bgyw3rss69j/Inspection-Report-2026-06-28-665-Chapman-St-Edwardsville-IL-62025.pdf?rlkey=2ydylipbcom23pzrduxugm7n3&dl=0)
- Property is now undergoing necessary turnover repairs for rent or sale
- Owners may submit a new proposal to re-lease and hold, re-lease and sell, or keep vacant and sell
- Sale is subject to broker fees, closing costs, and 1.5% Transaction Coordination Fee to ECO Systems

## 2026-05-12

- Property Update (05/12/2026):
- Owner-Proposed Governance Results for 665 Chapman St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- Yes [change property managers to ECO Systems LLC]
- This option received 1,227/1,242 votes which is equal to 99% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3554368579) or by searching the application ID: 3554368579

## 2026-05-08

- Property Update (05/08/2026):
- Owner-Proposed Governance Vote for 665 Chapman St:
- An Owner with the following [wallet address](https://allo.info/account/OHS4Z4R2YOE5435ERSGLGBA2R7IWONWLWHLSMAPWVVIUIJ4J4TGQJ5RUKI) is proposing a governance vote.
- This owner holds 49 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.
- I propose we change property managers from Whalec to ECO Systems which already manages 26 Lofty properties.
- When Whalec took over, this property was paying out (though rent wasn't always paid on time). Shortly after he took over, the tenants completely stopped paying rent. On 9/15/2035, Alec said we have an eviction lawyer and we can start the eviction process. Obviously nothing has happened over the past 8 months and numerous attempts have been made on discord to get an update from Alec and he hasn't replied. Earl from ECO systems has never gone dark from discord and has always answered questions in a timely manner. We need someone new to take over so we can assess what is going on with our property and what we need to do to move forward. I am sure our roughly $10,000 OR has been burned through these past 8 months via taxes, insurance, etc. Let's not waste more time and money sticking with a PM that doesn't have our best interests in mind
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 12th, once the voting period ends.

## 2026-03-03

- Property Update (03/03/2026):
- Owner-Proposed Governance Results for 665 Chapman St:
- The Governance Voting results are back for the owner-proposed vote.
- The winning vote is:
- List property for sale at earliest possible date for maximum price. Since our operating reserve is positive I think we should be patient about getting the best price.
- This option received 720/898 votes which is equal to 80% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3466431013) or by searching the application ID: 3466431013

## 2026-02-23

- Property Update (02/23/2026):
- Owner-Proposed Governance Vote for 665 Chapman St:
- An Owner with the following wallet address is proposing a governance vote.
- This owner holds 314 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.
- Hi, I own 314 tokens in 665 Chapman St. I would like to propose selling the property when possible. With the main reason being the properties market price is significantly lower than its fair price. Another reason being lack of transparency.
- Yes, the options I would like to have listed are
- 1. List property for sale at earliest possible date for maximum price. Since our operating reserve is positive I think we should be patient about getting the best price.
- 2. Vote to not list the property for sale.
- Thank you!
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, March 3rd, once the voting period ends.

## 2025-07-27

- Property Update (07/27/2025):
- Meyer Property Management confirmed that the tenant did not come into the office on 7/10 to submit the full payment as previously promised.
- Since then, the property has transitioned to Whalec Property Management, who also confirmed that the unpaid rent balance has not been received.
- The new property manager noted that a due date of July 25th has been entered into the tenant portal, and their rent remediation team will be following up with the tenant to ensure the balance is paid.

## 2025-07-09

- Property Update (07/09/2025):
- Owner-Proposed Governance Results for 665 Chapman St:
- The Governance Voting results are back to determine whether to change property managers.
- The winning vote is:
- Vote YES – Replace Meyer with Whalec Property Management LLC and adopt the management terms listed above
- This option received 1,212/1,524 votes which is equal to 80% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3108514369) or by searching the application ID: 3108514369

## 2025-07-06

- Property Update (07/06/2025):
- As of July 2, 2025, the tenant has an outstanding balance of $3,000, which includes rent for both June and July.
- The property manager noted that while June’s rent was initially received, the payment was later reversed due to insufficient funds.
- Note from the property manager:
- "With this being a recurring issue, we’re requiring the tenant to submit a certified payment. I spoke with them today, and they are making arrangements. They also owe July’s rent.”
- The property manager will provide further updates as they become available.

## 2025-06-05

- Property Update (06/05/2025):
- Owner-Proposed Governance Vote for 665 Chapman St:
- An Owner with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ) is proposing a governance vote.
- This owner holds 40 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.
- Governance Proposal – 665 Chapman St, Edwardsville, IL 62025
- TL;DR
- This vote proposes to replace Meyer Property Management with Whalec Property Management LLC due to subpar performance, under-market rent pricing, and limited communication. Analysis posted in the DAO Discord shows we could be achieving $100+/month more in rent, which would significantly improve Cash-on-Cash Return (CoCR). Whalec offers stronger service, transparent communication, and proactive issue resolution—all for only 2% more in management fee than Meyer.
- Current PM Issues
- Meyer is not adjusting rents to reflect market conditions, causing suppressed returns.
- A rent analysis posted in Discord demonstrates the property could earn $100+ more/month.
- Communication and response times have been lacking, with little transparency on tenant or repair updates.
- Why Whalec Property Management?
- Proven track record of higher responsiveness, tenant management, and DAO-aligned decision-making
- Active in DAO Discord with fast answers to questions and transparent repair updates
- Demonstrated commitment to proactively addressing issues before they affect cash flow
- Currently manages 50+ DAO properties, including some of Lofty's best performers
- Proposed Property Manager:
- Whalec Property Management LLC
- Key Terms:
- Management Fee: 8% of Gross Monthly Rent (currently 6% under Meyer for far less service)
- Tenant Placement Fee: Equal to First Month’s Rent (only when a new tenant is placed)
- Renewal Fee: $0 – No charge for lease renewals or re-leasing to existing tenants
- Maintenance Upcharge:  None – All maintenance billed at actual cost through Hemlane
- Transparency:  All invoices and repair documentation will be posted in the DAO Discord
- Voting Options
- Vote YES – Replace Meyer with Whalec Property Management LLC and adopt the management terms listed above
- Vote NO – Retain Meyer as property manager
- Please submit your vote via the DAO governance platform or according to the LLC's operating procedures.
- For questions or clarification, feel free to reach out to @Whalec in the DAO Discord.
- Thank you for your time and support,
- Alec VanBeek
- Whalec Property Management LLC
- The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, July 8th, once the voting period ends.

- Property Update (06/05/2025):
- The tenant has signed a 12-month lease renewal at $1,800, the same amount as the previous lease.
- The new lease term is from 08/01/2025 to 07/31/2026.
- The tenant is responsible for all utilities.
- [Lease Agreement](https://www.dropbox.com/scl/fi/3uu7au1db2v6fct03kvmd/Lease-08-01-2025-07-31-2026-665-Chapman-St-Edwardsville-IL-62025_Redacted.pdf?rlkey=5pjjwmw073xqkm0l1lw09c1ry&st=fhij89nm&dl=0)

## 2025-05-13

- Property Update (05/13/2025):
- Owner-Proposed Governance Results for 665 Chapman St:
- The Governance Voting results are back to determine whether to change property managers.
- The winning vote is:
- No [Do not change property managers to Whalec Property Management]
- This option received 898/1263 votes which is equal to 70.3% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/2990385825) or by searching the application ID: 2990385825

## 2025-05-04

- Property Update (05/04/2025):
- Owner-Proposed Governance Vote for 665 Chapman St:
- An Owner with the following [wallet address](https://allo.info/account/6GRLZ5EIUWKYPMJ7PYSPMR5DG2ZMZAWAK6TLQAJR7G2BTXEPFVXFKNVWHQ) is proposing a governance vote.
- This owner holds 26 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.
- Hello  665 Chapman investors,
- I, Alec VanBeek (@Whalec) on the Lofty Discord, am proposing a vote to switch to Whalec Property Management given the slower responses we have received from the current PM. I am one of the largest owners in 665 Chapman and very much believe this property could be performing even better. Whalec Property Management have successfully onboarded 14 properties with significant improvements to providing updates in the discord chat. We also manage two of the most successful properties of Lofty for 440 Louden Ave and 1580 Andover Dr. I have outlined my terms below:
- To approve the transition of property management services from Meyer Properties to Whalec Property Management
- Proposed Property Manager:
- Whalec Property Management
- Key Terms:
- Management Fee: 10% of Gross Monthly Rent
- Tenant Placement Fee: Equal to First Month’s Rent (only when a new tenant is placed)
- No Renewal Fees: $0 for lease renewals or re-leasing to existing tenants
- No Maintenance Upcharge: All maintenance costs are billed at actual cost with no markup directly on Hemlane (All invoices and repairs will be shared transparently in the discord)
- Maintenance Threshold: The maintenance threshold will be set during the transition for emergency and non-emergency repairs (Ex. $500 threshold for emergency repairs and $150 threshold for non-emergency repairs) (If these thresholds are not met the repairs will be made automatically)
- Thank you and please reach out to me (@Whalec) on the Lofty Discord if you have any questions or concerns.
- Thanks,
- Alec
- The owne