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Started by Sam, November 07, 2018, 11:29:29 AM
Quote from: berkel on February 05, 2021, 05:12:02 AMI hope you guys have some luck, regarding the American Family Care deal in Florida my update said it's a tier 3 asset and they seem to have lost the original loan documents. They are trying to find them in storage, but the fees haven't been paid. So they may have lost the original loan documents required to do the deal with the other company? Awesome.It's also awesome that my Karma is down to -27, that's a lot of bad karma!!
Quote from: mspringer on February 05, 2021, 04:37:12 AMQuote from: sdnerd on February 04, 2021, 10:00:35 AMHas anyone received or seen any updates in re: to the FG properties?Feels like it's been a few months of radio silence.Ironic because we just got one today saying they are working with a company who may buy into some, but not all, of the FQ investments. I wonder if we ask for an update on this board, if we are more likely to get one, as it seems that's the only time I see it?
Quote from: sdnerd on February 04, 2021, 10:00:35 AMHas anyone received or seen any updates in re: to the FG properties?Feels like it's been a few months of radio silence.
Quote from: rs_thoughts on March 01, 2021, 08:27:39 PMI find it sneaky that I did not get some email from Realtyshares indicating there was an update. Instead, when I was checking to see if there were some tax documents I needed, I saw there was a more recent notification near the end of February on a pdf file. I think they turned off the email setting to notify people. It said:"IRM has been able to obtain the original Franchise Growth loan documents from a storage locationin California. The files are safely in our offices in Dallas and are being reviewed by the legal team.Upon first glance, the documents appear to be in perfect condition and properly labeled. We expectthe transaction for the sale of all portfolio properties to continue and hope to share more informationwith you shortly.The sale of the Franchise Growth notes is being done on a case by case basis, and updates withexpected returns will be sent to investors in each project, individually, as they become available"Congratulations realtyshares. You found the loan docs.....Go GME!
Quote from: barnold24 on April 07, 2021, 04:23:01 PMHas anyone received any tax documents or updates regarding timing of the K-1's?
Quote from: DigitalNomad on April 07, 2021, 04:45:08 PMQuote from: barnold24 on April 07, 2021, 04:23:01 PMHas anyone received any tax documents or updates regarding timing of the K-1's?No, I haven't received any of my 4 K-1s.
Quote from: cgblack on June 11, 2021, 12:46:07 PMA disappointing update on 1 Sand and Sea:=====IRM currently classifies this investment as a Tier 3 asset. Distributions from thisinvestment have not been distributed in accordance with the original business plan.Since the last update, the house did sell. It was previously mentioned the closing wasdelayed primarily due to the actions of one of the Managing Members (MM). The MMwho was trying to cause the delay demanded he get back his equity investment beforehe would consent to the sale of the house. The active MM who completed the housesaid the other MM decided not to contest the sale.The house sold for $9,000,000 and after $450,000 of real estate commissions andapproximately $190,000 of other selling costs, the net sale price was $8,360,000. TheMM reported that the total acquisition, construction and financing cost was $10,528,196,so the loss was $2,168,196.The MM who has been involved in completing the house is a CPA. We have requestedmuch more detail than just a summary of the expenses. We will continue to work onobtaining the detailed information to determine if the expenses were legitimate andthere was an actual loss. We are also taking steps to determine if there is any recourseagainst the MMs for the apparent loss on this investment.======This is outrageous. Here is the original listing for this investment:======The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf. ======Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
Quote from: sdnerd on August 25, 2021, 12:58:04 PMMy Realtyshares/Financial Growth saga is finally appearing to be at an end. For those that are interested:Louisville MSA Captain D's = 67% loss of principal. Total loss of 58% after accounting for interest distributions.Detroit MSA Dog Haus and Taco John's = 47% loss of principal; 36% after distributions.Coastal Florida Church's Chicken, Melbourne, FL = 66% loss of principal; 45% after distributions.Fortunately all of my other deals with RS exited successfully with some decent numbers. As a result my grand total is a $10,000 loss with RealtyShares and a couple years opportunity cost.Annoying to say the least, and I'm still somewhat amazed how deep some of those haircuts were considering the current market. Hope the rest of you got better results with your FS properties!