Author Topic: Thoughts On RealtyShares Closing Its Doors To New Investors  (Read 223211 times)

1UnknownSubject

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #660 on: May 29, 2019, 11:00:23 AM »
I am still waiting for tax documents for the 2 K-1 investments. Never filed an extension in my life.  I am part of FG Church's Chicken too in Melbourne. No info still to this date. Sorry, had to get the frustration out of my system....

Hindsight2020

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #661 on: May 29, 2019, 03:47:25 PM »
I have had email exchanges with the RealtyShares CEO and sent this today:

In an effort to assist with communication efforts, which still are nowhere near what they should be, I suggest that you implement a weekly update for all delinquent investments. Every single delinquent investment needs an update weekly. It’s unacceptable to get an update that the paydown of a delinquent investment has been delayed 30 days, and then still be sitting here waiting at day 45 wondering what is going on, while inquiries are unanswered (DogHaus/Taco John/Taylor, MI). If we don’t understand how you are actively pursuing possible fraud, we will assume the worst. In fact, each customer should receive a weekly email on all of its investments, but you clearly are not equipped for that.

daletucker50

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #662 on: May 29, 2019, 07:40:26 PM »
Answer to my request for an update on my 4 non-performing investments:

“My apologies for the delay in my response. I am unable to answer specific questions on your investments however you should be receiving an email from the joint venture entity this week with updated investor relations contact info. I can say that summer tree is one of our properties and has been performing remarkably well. I expect that any delays in funding you may have been experiencing are a result of the fund administrator transition to assure.”



Sojuboy

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #663 on: May 30, 2019, 06:57:07 AM »
Hi all, just found this forum. I also have several investments with realtyshares. Of them 4 are debt deals under the same franchise growth. Please let me know if I can add to your collective voice to RS.

tommy4175

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #664 on: May 30, 2019, 10:08:30 PM »
I guess the joint venture is between REEAF and Iintoo.
I just got an email and joined the site on iintoo.

"We are confident that our innovative investment platform, our equity protection product and our data-driven, curated approach to delivering premium investment opportunities will make us a leading brand that investors can depend on as they seek new ways to diversify their portfolios.”

The fees seem pretty high.

Thoughts?

mspringer

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #665 on: May 31, 2019, 05:13:17 AM »
Just got this update on La Bella Palms, Dallas TX.  It's an equity deal, so there have not been payments since 2017.
Keeping fingers crossed it goes through and and money actually comes back to me.  Anyone in on this one and have an idea of about how this will break down with regards to ROI?

RealtyShares is pleased to announce that the sponsor, Creative Realty Partners, managed to successfully close on the sale of La Bella Palms on 5/23/19 for $x. The sponsor plans to submit the final distribution once they finalize the accounting. RealtyShares will post an update with the distribution details once we receive the final distribution from the sponsor along with the support documentation.
« Last Edit: May 31, 2019, 03:24:23 PM by mspringer »

Sam

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #666 on: June 03, 2019, 07:18:50 AM »
I guess the joint venture is between REEAF and Iintoo.
I just got an email and joined the site on iintoo.

"We are confident that our innovative investment platform, our equity protection product and our data-driven, curated approach to delivering premium investment opportunities will make us a leading brand that investors can depend on as they seek new ways to diversify their portfolios.”

The fees seem pretty high.

Thoughts?

 My thoughts are that I’m not gonna invest one dollar with them until I know they are properly looking after my existing investments. Neither should any of you.

 They need to prove to us that they are a good and responsible operator after the acquisition.  I would wait at least six months to see how they do before putting in a new capital to work.
Regards,

Sam

chitown-2020

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #667 on: June 03, 2019, 01:54:54 PM »
They need to prove to us that they are a good and responsible operator after the acquisition.  I would wait at least six months to see how they do before putting in a new capital to work.

I 100% agree.    In this particular case, a significant amount of risk has been added to our portfolios, well beyond normal, as a result of change in control of operations.    They really need to prove their competence.    They've purchased a book of businesses, so there is a real opportunity for them to earn our trust--but for sure that's not automatic.

Sdb

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #668 on: June 03, 2019, 04:38:53 PM »
I’ll not place another dime in any platform that is not completely transparent. Slick websites, overly optimistic returns, and sponsor descriptions that are nothing but marketing hype... until someone in this space offers a honest product I’m not interested. We’ll see what we have here, frankly I’m not optimistic. Sure hope I’m wrong.

mspringer

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #669 on: June 04, 2019, 05:29:47 AM »
Has anyone received their 2018 K-1 yet?  Last year I got mine in early April and of course this year added to the confusion.  But 2 months out seems rather long.  My assumption is the sponsors should have been on the same clock regardless of RS' turnover.  How long does it take to do a quick review of a document and then send it along?  Although based on FG's "quick review", maybe a bit of a deeper dive is warranted?

Hindsight2020

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #670 on: June 04, 2019, 05:38:30 AM »
I guess the joint venture is between REEAF and Iintoo.
I just got an email and joined the site on iintoo.

"We are confident that our innovative investment platform, our equity protection product and our data-driven, curated approach to delivering premium investment opportunities will make us a leading brand that investors can depend on as they seek new ways to diversify their portfolios.”

The fees seem pretty high.

Thoughts?

 My thoughts are that I’m not gonna invest one dollar with them until I know they are properly looking after my existing investments. Neither should any of you.

 They need to prove to us that they are a good and responsible operator after the acquisition.  I would wait at least six months to see how they do before putting in a new capital to work.

I reached out to the IR Director at RREAF to inquire about how things are progressing and stressed that I and other RealtyShares investors are unlikely to invest anything in their deals until we know how things are evolving and significant amounts of remaining capital have been returned. She responded immediately and offered to set up a call directly with the CEO. Time will tell, but this is a welcome departure from the RealtyShares treatment, even when it was operating "normally".

John_PVF

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #671 on: June 04, 2019, 07:52:31 AM »
I reached out to the IR Director at RREAF to inquire about how things are progressing and stressed that I and other RealtyShares investors are unlikely to invest anything in their deals until we know how things are evolving and significant amounts of remaining capital have been returned. She responded immediately and offered to set up a call directly with the CEO. Time will tell, but this is a welcome departure from the RealtyShares treatment, even when it was operating "normally".

I agree with your sentiments.  They have to do us right by what we already have put into this before I put in any new money.

DECA

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #672 on: June 04, 2019, 08:28:35 AM »
I reached out to the IR Director at RREAF to inquire about how things are progressing and stressed that I and other RealtyShares investors are unlikely to invest anything in their deals until we know how things are evolving and significant amounts of remaining capital have been returned. She responded immediately and offered to set up a call directly with the CEO. Time will tell, but this is a welcome departure from the RealtyShares treatment, even when it was operating "normally".

I agree with your sentiments.  They have to do us right by what we already have put into this before I put in any new money.

I agree 100%.  We need to get them to handle the RS deals with proper care to salvage them in the best way possible.  After seeing how that goes, we need to evaluate whether to take further action against RS and FG.

1UnknownSubject

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #673 on: June 05, 2019, 01:17:49 PM »
I am still waiting for tax documents for the 2 K-1 investments. Never filed an extension in my life.  I am part of FG Church's Chicken too in Melbourne. No info still to this date. Sorry, had to get the frustration out of my system....

No, I have not received any for the 2 investments I have. I had to file an extension for my taxes, which I have never had to do in my life. Freaked me out a little bit. Sent several emails, still have not heard anything back. Really annoying and unprofessional.

dwengca

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #674 on: June 05, 2019, 02:19:40 PM »
Here is another example where I think RS is doing very little to nothing to protect our interest...

Just got this update

As updated last, we commissioned a title search on two properties we thought the guarantor might own and neither house was owned by him. We are now dropping our pursuit of the guarantor. There will be no further distributions.

333 Parnassus Avenue


So, that's it?  RS basically just gave up.   So much about holding the guarantor accountable.  This is basically "we ran a title search and we didn't find anything so.. that's it".    How about send it through collections, lawsuit, garnish future wages and etc. 

This is such BS.



kt1984

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #675 on: June 05, 2019, 05:32:48 PM »
Did anyone get their unused rehab reserve money back from FG? It's been a couple of weeks and I have not heard anything on the Taylor, MI deal. Also no word on the AFC in West Islip and Captain D in Shelbyville.

Dgilpin

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #676 on: June 05, 2019, 09:08:58 PM »
no disbursement.  No update, as usual.

tommy4175

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #677 on: June 05, 2019, 10:03:26 PM »
Dear RealtyShares Investor,

What Happened
On May 15, a car belonging to a member of the RealtyShares team was burglarized.   Unfortunately, a laptop was stolen in the incident.  The laptop contained files which may have included some of your personal information.  There is no evidence to suggest that there has been any attempt to access or misuse any of the information located on that laptop, nor do we have any indication that the theft was aimed at anything other than the equipment. We have filed a police report on the break-in and theft, but to date, the laptop has not been recovered.
Out of an abundance of caution, RealtyShares has opted to notify you, and alert you to actions you can take. 

What Information Was Involved
Certain laptop files contained names, email addresses, and banking information for certain RealtyShares investors. To our knowledge, the files did not include any personal password information for your RealtyShares account and did not include any Social Security numbers.

What We Are Doing
Within hours of the report of the late night incident, we began investigating and reset all passwords for the affected team member.  We are working to implement additional safeguards to protect investor data from theft or similar criminal activity in the future, including ensuring that all laptops and other computers used by RealtyShares staff are properly secured and encrypted.

What You Can Do
We have no evidence that your information has actually been accessed, or that there have been any attempts to misuse it.  However, we encourage you to be vigilant in the review of your financial account statements and to review the “Information about Identity Theft Protection” provided below.

Questions?
If you have questions, please contact data@realtyshares.com.

We apologize for any inconvenience.

The RealtyShares team


What kind of stupid ass losers are handling our confidential information? I have no faith in these guys

Mark

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #678 on: June 06, 2019, 04:13:25 AM »
Did anyone get their unused rehab reserve money back from FG? It's been a couple of weeks and I have not heard anything on the Taylor, MI deal. Also no word on the AFC in West Islip and Captain D in Shelbyville.

Nothing returned yet on the Church's Chicken in Winston Salem NC.  I sent an email two days ago inquiring as to why the unused money hasn't been returned yet, but haven't heard anything back yet...

It is also past the amount of time that was given for the appraisal of the property.  I asked for an update on that as well.  Unfortunately, I don't have much hope that I'll hear back from RS with anything but a copy/paste boilerplate response...

Hindsight2020

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #679 on: June 06, 2019, 05:02:10 AM »
Dear RealtyShares Investor,

What Happened
On May 15, a car belonging to a member of the RealtyShares team was burglarized.   Unfortunately, a laptop was stolen in the incident.  The laptop contained files which may have included some of your personal information.  There is no evidence to suggest that there has been any attempt to access or misuse any of the information located on that laptop, nor do we have any indication that the theft was aimed at anything other than the equipment. We have filed a police report on the break-in and theft, but to date, the laptop has not been recovered.
Out of an abundance of caution, RealtyShares has opted to notify you, and alert you to actions you can take. 

What Information Was Involved
Certain laptop files contained names, email addresses, and banking information for certain RealtyShares investors. To our knowledge, the files did not include any personal password information for your RealtyShares account and did not include any Social Security numbers.

What We Are Doing
Within hours of the report of the late night incident, we began investigating and reset all passwords for the affected team member.  We are working to implement additional safeguards to protect investor data from theft or similar criminal activity in the future, including ensuring that all laptops and other computers used by RealtyShares staff are properly secured and encrypted.

What You Can Do
We have no evidence that your information has actually been accessed, or that there have been any attempts to misuse it.  However, we encourage you to be vigilant in the review of your financial account statements and to review the “Information about Identity Theft Protection” provided below.

Questions?
If you have questions, please contact data@realtyshares.com.

We apologize for any inconvenience.

The RealtyShares team


What kind of stupid ass losers are handling our confidential information? I have no faith in these guys

I didn't receive this notification. Did anyone else on here receive it?