Author Topic: Thoughts On RealtyShares Closing Its Doors To New Investors  (Read 559347 times)

berkel

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1360 on: February 05, 2021, 05:12:02 AM »
I 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!!
~$Retirement Nerd

mspringer

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1361 on: February 05, 2021, 07:18:54 AM »
I 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!!

I'm in the Church's Chicken in Orlando, FL and received the same wording.  I guess I am naïve as to assume documents like that are not that easy for everyone to lose.

sdnerd

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1362 on: February 05, 2021, 07:55:01 AM »
Has 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?

Yeah, I received the updates shortly after posting that comment. Either great timing, or someone is monitoring for the forum - which would also be great (and hello and appreciate the updates if you are).

After all the ..."interesting developments"... the wrinkle about the missing loan docs or unpaid storage fees doesn't really surprise me at this point. Fortunately it at least sounds like the documents "should" exist. I'd rather hear they have to pay (what should be small) storage fee backpayments vs. something like the RealtyShares office dog ate all the paperwork on the way out the door.

Here's the update I received for the FG properties for those who didn't get one:

"
IRM currently classifies this investment as a Tier 3 asset. Interest payments from
this investment have not been distributed in accordance with the original
business plan.

Since the last update, IRM has been privately negotiating with a large, national,
franchise-focused real estate investment group based in Texas, about possibly
acquiring the notes directly from investors. This 3rd party group is aware of the
Franchise Growth portfolio and is conducting its own due diligence on each
asset. If a deal was to materialize, it would be on an asset-by-asset basis, not as
a portfolio. This means that different investors will likely see different levels of
returns/losses depending on the status of the individual asset they are invested
in.

IRM will consider offers for each asset that we believe best serve investors’
interests. The payment amount would have to reflect a positive net to investors
compared to the alternative time and cost of foreclosing, and then selling each
asset in the open market. IRM will evaluate each offer based on the most recent
broker opinion of value for each asset, versus the time and legal expenses of
foreclosing and accounting for possible back-taxes, fines, and mechanic’s liens
on certain assets.

The negotiations have now advanced materially, and the parties are currently in
the final stages of drafting up a purchase and sale agreement. However, a
difficulty has surfaced in obtaining the original, wet-ink, loan notes drafted
originally by RealtyShares. Since RealtyShares ceased operations, the original
loan documents have been moved to storage, and in some cases, it appears that
the storage fees have not been paid. IRM has staff in different locations around
the country currently looking into storage facilities in an effort to locate the
required files, and IRM may have to pay outstanding RealtyShares bills in order
to obtain those documents.

We continue to work in an effort to obtain the original loan documents and
execute the best possible transaction on behalf of investors. We feel confident
that this deal can be executed in the coming months, but IRM can’t guarantee
that outcome just yet. We will continue to update all investors in this portfolio as
additional information becomes available.

**Disclaimer: All information and financial statements above are presented on an as-is basis, as provided
to our team members, and have not been independently verified by IRM. IIRR Management Services,
LLC (IRM) has taken over the Asset Management and Fund Admin functions of this investment from
RealtyShares in June 2019.
"

techOnFIRE

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1363 on: February 07, 2021, 06:22:13 PM »
The missing loan documents are a surprise to IRM.  SURPRISE!  Makes you wonder why they didn't gather up the physical loan documents when they bought out RS.  So much for them doing due diligence on the RS portfolio and sounds like the are as incompetent as RS employees.  I'm surprised they haven't tried to pass the storage fees onto us too.  Maybe Barry Weiss from StorageWars is holding the wet-ink paper.

In better news, another of my RS holdings paid out +100% last week so I did the only logical thing possible - invest in $GME!   ::)

rs_thoughts

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1364 on: March 01, 2021, 08:27:39 PM »
I 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 location
in 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 expect
the transaction for the sale of all portfolio properties to continue and hope to share more information
with you shortly.
The sale of the Franchise Growth notes is being done on a case by case basis, and updates with
expected returns will be sent to investors in each project, individually, as they become available"


Congratulations realtyshares. You found the loan docs.....Go GME!

mspringer

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1365 on: March 02, 2021, 01:15:57 PM »
I 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 location
in 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 expect
the transaction for the sale of all portfolio properties to continue and hope to share more information
with you shortly.
The sale of the Franchise Growth notes is being done on a case by case basis, and updates with
expected returns will be sent to investors in each project, individually, as they become available"


Congratulations realtyshares. You found the loan docs.....Go GME!

I just checked and same for me.  Not a very official looking update but appears to be positive news.  Fingers crossed.

Allover

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1366 on: March 24, 2021, 07:49:00 AM »

Hello All,

No news in this case really is just that. No news. IRM continues to drag its feet with yarns about lost documents and the like. Apparently now the documents have been found. Its a miracle!!

Meanwhile our money is basically dead.

How would you react if someone called you on the phone and said : " Hey, send me XXX amount of dollars in and in 3 or 5 years, if your lucky, I will send you your own money back. "   

BTW : Little to no interest from the legal community about chasing some of these scumbags down. Ian at the Law Firm in Boston says that case not going well. May not move forward at all.  Other attorneys showing zero interest in pursuing the sleazeballs who stole our money from the naive children we gave it too.

Once again : If you know anyone who is in law enforcement at any level......even better in a district attorneys office // DOJ// SEC // Postal Inspector......make sure that you tell them about this situation.   The only way that we are ever going to get any "justice" is going to be if someone with a badge and gun shows up at the RS / IRM offices and says :

"We need to see the files." 

Even then its doubtful this will help us get our money back........but at least someone will be made to answer for their actions. If the Fed can put Charles Keating in jail for being a bad banker.....then some people at RS can be held accountable. 

Best of luck to all.



barnold24

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1367 on: April 07, 2021, 04:23:01 PM »
Has anyone received any tax documents or updates regarding timing of the K-1’s?

DigitalNomad

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Re: Thoughts On RealtyShares Closing Its Doors To New Investors
« Reply #1368 on: April 07, 2021, 04:45:08 PM »
Has 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.