Posted about 1 year ago

Have I Found the Holy Grail of Passive Real Estate Investing? (Part 4)

Normal 1516910220 Tall Apt

You Can Read Part 1 Via This Link

You Can Read Part 2 Via This Link

You Can Read Part 3 Via This Link

January 2018

I am starting this Part 4 of the series in part because it is a new year.  More substantially the company I have been investing and writing about has made a very significant shift in their model.  Both the type of assets and the purchase structure have changed dramatically from what they were when I started investing with them more than two years ago.  I will address that and more in a moment, but first my quarterly investment and performance update for the last quarter of 2017.

Q4 payments were made on time. Quarterly reports made available as well.

Equity Portfolios

First bracket () is number of months since fully occupied.  First percentage is annualized returns since that time. Second bracket is annualized return for the last quarter.

Portfolio 1 (24 months):  9.1%  (3.6%)
Portfolio 2 (20 months): 11.3% (10.1%)
Portfolio 3 (12 months):   9.6% (9.4%)
Portfolio 5 (7 month):     11.9% (9.9%)
Portfolio 7 (not yet):       exceeded 8% preferred

Portfolio 1 has continued its downward trend - worse quarter performance yet. The company reported that there are two vacancies.  They have renovated them and started to market at least one on the MLS. Market conditions are favorable for doing so. I'm told the first one listed had multiple offers close to asking within a few days of the listing. This is the first implementation of any kind of exit strategy for any of these portfolios.  I am excited to see how this goes.

Portfolio 7, the 50 unit multifamily, my most recent investment, had 84% occupancy at the end of the quarter, reflecting some turnover renovations to be marketed at new rates. This first payout came a little under the 8% preferred, which they will make up in future payouts. However, the timing of my last minute investment actually resulted in a higher percentage return for me.

Debt Portfolios

Portfolio 4 (10 months):   9.1% (8.2%)
Portfolio 6 (not yet):   received another 8% interest payment

Portfolio 6, my first apartment complex remained at 74% occupancy as they had some turnover at the end of quarter, which they are renovating and marketing at higher rental rates. Apparently the renovations on the burned out units, which are complete gut to stud renovations, went a little slower than expected, but are now near completion. They are expecting to reach well above 90% occupancy within a few months. My best guess is this property will also be refinanced (via bank) by the end of the year.

Noting Changes

When I first invested with this company over two years ago, the offerings were made of Equity portfolios of 10 SFR.  These homes were first acquired by the company prior to the offering to investors.  Purchases and renovations were all done with cash and were completed well under the estimated ARV of the homes.  These were particularly attractive to me for using self-directed retirement funds which needed to be passive investments. Being cash purchases my investments would not be subject to UBIT or any tax obligation.

In the year that followed (2016) the company added Debt portfolios to the mix, and last year expanded into medium size multiplexes, with the goal of doing many more.  The first multiplex (my portfolio 6) was a Debt portfolio - ie: we investors were lenders, that also included 3 year seller financing.  The second (my portfolio 7) was an Equity portfolio and was, like all the SFR portfolios, an all cash buy.  The plan was to do a value add and then refinance with a commercial bank loan 18 months or so into the deal.

 Then toward the end of last year they announced a decision to invest in only multifamily in 2018 and beyond. This is quite a progression, and must be discerned from the investments I’ve been writing about up until now.

Their most recent offering (their third multiplex), is one in which I did not make an investment. However, it is likely the clearest example of what we investors can expect going forward. The offering was a raise for the down payment & minor renovation costs on an 81 unit complex. This marked the first offering where the purchase was being leveraged with a commercial bank loan, 75% LTV - a stark contrast to all the cash investments of the SFR portfolios.

The leveraging likely makes possible the bit higher projected returns of 10-13% cash on cash, with 18-22% IRR. Those projections are based on investor payout of 8% preferred, with a 75% share of net rental income once that 8% is paid out. Investors also receive 75% of profits upon any sale. I believe there were some acquisition and sale fees paid to the company built into the deal. These fees were typical of what I have seen in other multiplex syndications. The minimum investment was $20,000, and the company has made it clear that will be the baseline minimum going forward, and in some instances could be higher. That is twice the minimum on every one of their SFR portfolios, but in line with another multiplex (my Portfolio 7). 

Leveraged acquisitions do provide for better ROI projections, but they also carry additional risk exposure should things go south on the asset.  Also some retirement fund investments can be subject to some tax obligations such as UBIT.

From my view, the shift away from the SFR was largely precipitated by the increasing difficulty for the company to acquire enough distressed properties at a price point that could work for the model.  The demand and shrinking availability of these properties became abundantly evident last year.  The flip side is that is an opportune time to sell some of these held assets.  And that is just what they are starting to do.  As mentioned above they are selling two of the recently vacated properties in my Portfolio 1, which they expect will result in a considerable improvement in the returns on this portfolio. They have also indicated an ongoing consideration to sell other SFR from various portfolios as they become vacant.

Today this company is considerably more matured then when I started investing with them.  They have a multiyear track record, multi-millions in assets, and have the ability to obtain commercial bank loans at favorable rates - something they simply couldn't do when they started out.

Still, much of what I initially considered unique and attractive about this company has changed and for future investment consideration I will be evaluating differently.  Today they are more like many other multiplex syndicators I've seen, albeit via crowdfunding platform and open to non-accredited investors, which most are not.  In addition, I have a track record with them, and they have consistently performed over multiple years. From my perspective, they likely do retain some fairly distinct advantages.

To assist me and my readers in evaluating of future offerings compared to those of yesteryear I have created the following table of comparisons. 

Normal 1516913681 Comparison Table   Sfr To Multi CopyLots to consider, watch this space for future updates.

First Quarter, 2018 - Update

Equity Portfolios

First bracket () is number of months since fully occupied. First percentage is annualized returns since that time. Second bracket is annualized return for the last quarter. Unbracketed percentage is the annualized return since full occupancy as of 4/30/18:

Portfolio 1 (27 months): 9.0% (9.7%)
Portfolio 2 (23 months): 11.5% (13.3%)
Portfolio 3 (15 months): 10.2% (12.2%)
Portfolio 5 (10 month): 11.5% (9.3%)
Portfolio 7 (not yet): Paid a bit under the 8% preferred

Portfolio 1: Two vacant properties were listed for sale, one is in escrow, the other didn't get much traction and his being put back on market for leasing.  Even with these two properties not bringing in any income for the quarter, the portfolio as a whole really picked up for the first time, turning around a year long trend.

Portfolio 7: This 50 unit complex has reached 88% occupancy, and the managers are expecting it to reach 95% with a couple of months. 

Debt Portfolios

Portfolio 4 (13 months): 9.1% (9.9%)
Portfolio 6 (not yet): received another 8% interest payment

Portfolio 6: Reported to be 85% occupied, and told to expect 95%+ within a couple of months.

Second Quarter, 2018 - Update

I have lots to report for this quarter, for it was like no other. The good news is that during this quarter five properties in Portfolio 1 were offered for sale and went under contract. One closed in Q2, three others closed on July 2, and last one closed later in July. So, just the one impacted the Q2 return of capital and profits, and the rest will impact Q3. However, I received a report of the total ROI on all 5 properties that have closed, and share some of those numbers below. As a whole the annualized returns on these sold properties is very positive, and a good first indication of achieved IRR.

Then I have frankly disappointing news to report. This quarter was by far the worst performing quarter for the company as a whole. For net rental income distributions every portfolio under performed. A couple of my holdings had no distributions at all for the quarter, which was previously unheard of with this company. I reached out to one of the co-founders with my questions and concerns, and here is a little of his email reply:

Q2 2018 was the worst quarter for (company), but I am still 100% confident in meeting and or exceeding the investment expectations that we have set forth. We still have very strong holdings, and I'm very confident all of our investments will be profitable and meet these expectations over the long term.

I then had an extended call with that same co-founder to get a more complete picture about what happened and more importantly what was being done to get back on track. To distill down his frank responses, there were essentially two elements to what he called company growing pains. The first was the annual and semi-annual hits on taxes and insurance payments. Those costs particularly hit hard on the multifamily properties this quarter. To address this, going forward they are making changes by internally escrowing (holding) on a monthly basis funds to cover these things, much like a mortgage servicer does impounds. The expected effect is one of leveling out the average monthly net returns and quarterly distributions.

Second, they have had turnover in the areas of property management led by their high performing Property Manager (PM) being recruited away, and the quality leasing agent taking on the job. This all led to what I gather was a sharp downturn in PM and lease up performance. The good news is that at the time we spoke, he reported that they were solidifying an agreement to bring back the PM, which would allow the one time leasing agent to return to that job. So, at this point, I’ve got my fingers crossed it all works out. What I do continue to have confidence in is the level of company transparency and ability to address issues as they arise.

Returns (ROI)

First bracket () is number of months since fully occupied. First percentage is annualized returns since that time, as of 6/30/18. Second bracket is annualized return for the last quarter.

Equity Portfolios

Portfolio 1 (30 months): 12.5% * (4.5% plus returned 10.6% of my invested capital)
Portfolio 2 (26 months): 10.7% (3.3%)
Portfolio 3 (18 months): 10.2% (4.4%)
Portfolio 5 (13 month): 8.8% (0% as in no distribution)
Portfolio 7 (not yet): No distribution this quarter for this apt complex.

Portfolio 1: These calculations are still rough, but the total investor ROI for the 5 sold properties averaged approximately 52%, with an average annualized return of 18.9%. This rate of return is toward the top of range of the 12-20% IRR projected for the entire portfolio. This is very promising for this first executed exit strategy of any of the holdings. Of course, five of the properties will continue to be held for rental income, and reportedly not sold for some time. So it is too early to know what the final IRR will be for the investment as a whole. *The 12.5% annualized return will be subject to adjustment once capital return is properly accounted for, and next quarter when the additional sale profits are factored in.

Portfolio 5: Reason given for no distribution for quarter was that there was no operating cash flow due to turn costs on two properties plus tax payments.

Portfolio 7: This 50 unit complex reported still at 88% occupancy, and the managers are expecting it to reach 95%+ with a couple of months. This is a repeat of what they said last quarter, and reflects the property management difficulties I discuss above. Reasons given for no distribution were property taxes, annual insurance premium and turn costs on units.

Debt Portfolios

Portfolio 4 (16 months): 8.7% (7%)

Portfolio 6 (not yet): received another 8% interest payment 

Portfolio 6: 41 of 46 units now occupied (89%+), and told to expect 95%+ within a couple of months. 

Third Quarter, 2018 - Update

Unsurprisingly, both the positives and negatives originating in Q2 continued to play out this quarter. In Portfolio 1, four sold properties resulted in a hefty return of capital and very nice profits. On the negative side, two of my portfolios had no distributions at all. The good news is that the company successfully recruited the one time property manager and in September she returned as the new COO. The expectation is that she will be able to get things back on track to a very efficient system. She once managed 3,500 units, and is very highly regarded. Time will tell, but I am cautiously optimistic that the turnaround will play out soon.

Returns (ROI)

First bracket () is number of months since fully occupied. First percentage is annualized returns since that time, as of 9/30/18. Second bracket is annualized return for the most recent quarter (Q3 18).

Equity Portfolios

Portfolio 1 (33 months): 13.6%* (64% plus returned additional 44.3% of capital)
Portfolio 2 (29 months): 9.3% (0% as in no distribution this quarter)
Portfolio 3 (21 months): 9.2% (9.2%)
Portfolio 5: (13 months): 10% (Closed out end of Q2, see below)
Portfolio 7: No distribution again this quarter for this apt complex.

Portfolio 1: About 55% of original capital invested has now been returned. With the capital returned and realized profits paid on 5 of the 10 original properties, these calculations are still rough in determining the true ROI, but things are looking good on the executed exit strategies thus far. One additional property is for sale and the managers report they are looking for best ways to sell the remaining properties in the portfolio. *The 13.6% annualized return will be subject to adjustment once capital return is properly accounted for.

Portfolio 2: Had 4 properties (of 10) vacant at end of quarter. Along with renovation costs to make ready for new tenants the managers reported there was not enough cash flow to make a distribution. Two properties are for lease with pending applications, other two will be marketed for lease soon.

Portfolio 5: This was one of only two portfolio investment from my personal, not retirement funds. As I needed to raise some capital for an unexpected business expense, I asked to exit this portfolio at the end of Q2. The company complied by offering it as a straight transfer to another investor already in the portfolio. It was picked up within a few hours of the offer going out. To cover the extra administrative work, I paid a small fee that was equivalent to 1.33% of my investment, but other than that received all my capital back. Nearly an 11% total return over the life of the investment over 17 months, it was 7.7% annualized ROI. Not bad for an investment I had to pull out of early.

Portfolio 7: This 50 unit complex reported dropped to 80% occupancy with more move outs then move-ins. The managers attribute that to their poor management efficiency for the last couple of quarters. They don’t expect to meet the 8% preferred return for this year, but will make up the difference next year, possibly with the cash out refinancing.

Debt Portfolios

Portfolio 4 (19 months): 8.8% (9.5%)

Portfolio 6: received another 8% interest payment

Portfolio 6: Just above 90% rented out, and told they plan to execute a bank refinance between December and February. 

Fourth Quarter, 2018 - Update

This is for the last quarter of the under performing year (2018) for most of my portfolios. For this quarter two of my portfolios had no distributions at all. The promising news is that there are strong indications that things are turning around and 2019 will be much better. Portfolio 6, a debt portfolio, has entered the refinancing stage. This is the first time the company is executing this type of exit strategy on any of its holdings.

Returns (ROI)

First bracket () is number of months since fully occupied. First percentage is annualized returns since that time, as of 12/31/18. Second bracket is annualized return for the most recent quarter (Q4 18). All reporting are as of end of 2018.

Equity Portfolios

Portfolio 1 (36 months): 12%* (0% as in no distribution this quarter)
Portfolio 2 (32 months): 8.4% (0% as in no distribution this quarter)
Portfolio 3 (24 months): 9.1% (7.9%)
Portfolio 7: (84% occupancy): 8% preferred* (2.7%)

Portfolio 1: The driver behind no distribution this quarter is vacancy and turn costs. Of the 5 remaining properties in this portfolio, two are being marketed for rent, one is for sale, and two are occupied. The managers are looking at options for selling the remaining properties in this portfolio. *The 12% annualized return will be subject to adjustment once capital return is properly accounted for.

Portfolio 2: During Q3 & Q4 there were six move outs. All but one of them is now rented. The one up for lease already has 2 pending apps. So, this portfolio looks good going forward.

Portfolio 3: 8 properties currently occupied, one being marketed for rent, and another just vacated.

Portfolio 7: This 50 unit complex had 9 move ins and 6 move outs during Q4. Current occupancy at end of year was 84% (90% by Jan 31st), which is an improvement from previous quarter. Existing units when turned over proved to be in worse shape than known, and thus more costly to turnover then anticipated. Thus the small distribution. The managers say the amount of the 8% preferred return that was not paid in 2018 will carry over to 2019 and be paid to investors from the proceeds of the refinance. They are now estimating that to be in 6 months. Given that their timeline forecasts have been consistently over optimistic, I’d venture it will be at least a little longer than that, maybe close to the end of the year.

Debt Portfolios

Portfolio 4: (22 months): 8.7% (8.9%)

Portfolio 6: (apt complex at 91% end of year and 100% on Jan 31st) received another 8% interest payment

Portfolio 4: 9 properties are occupied and one is in process of turn for re-leasing.

Portfolio 6: With pre-leased units (includes approved tenants who have yet moved in) occupancy is at 93.5%. They have started the refinance of the property, which they hope will close within 60 days. They expect the vast majority, possibly all, of invested capital to be returned to investors with this refinancing. This is an exciting prospect, as even if all capital is returned, investors will continue to receive 25% of rental cash flow and 50% of profits on any sale. 

You Can Read Part 1 Via This Link

You Can Read Part 2 Via This Link

You Can Read Part 3 Via This Link



Comments (119)

  1. Thank you for this very informative series!  Could you PM me the name of the company?  Thanks so much!


    1. You bet, Lauren. Sent!


  2. Hi Larry,

    This was a great read. Would you mind sending me over the company's info? I would like to dig in a bit more. 


    1. Will do @Todd C.


      1. Please send the info of the company to me as well Larry. Thank you so much!


      2. Done @Joey Zee !  And thank you for reading.


  3. This article is a great find, so thank you for sharing.  Would you please send me more information or name of the crowdfunding group?


    1. Thanks for reading, Julian.  I will PM that info.


  4. Great article and documentation.  Thanks for sharing.  Can you please PM me the company info.  Thank you so much.


    1. Sure Angela.  I just sent you a PM with that info.


  5. Hi Larry,

    I'm glad I was able to stumble upon this thread and your comprehensive write up of your experiences with the different portfolios. Like others on this thread, if you can PM me the name of the company, I'd greatly appreciate it!


    1. Will do, Chris.  Thank you for reading.


  6. Appreciate the in-depth write up!  Larry, could you pm me the company info?

    Much appreciated,

    Brenda Henry


    1. You bet, Brenda! I sent you a PM.


  7. Hey Larry,

    I have read all your updates and thanks for sharing these informative posts with us. Can you please message me with the company name? Thanks!


    1. Thank you for reading @Amit Yadav! I will PM you that info!


      1. Thank you so much for sharing this information and as a total biginer who’s trying to contact some turnkey companies, I’d appreciate if you could PM the name of the company and contact information please? Thanks a lot!

        Clarence


  8. @Larry F.

    Hello, 

    A great 4part article. Thanks for the detailed report. Looking forward to the 4th quarter update next month. In the meantime, can you please send me a PM with the name and contact info for this crowdfunding group? Will be much obliged.

    Merry Christmas and wishing you A Very Happy New Year!


    1. Thank you, @Raja Panyala!  I have PM'd you that info.  And Happy Holidays to you as well!


  9. Hello Larry,

    Thank you for your generously sharing your experience , this is very helpful.   Could you please PM me the name of the company?

    Kind regards

    Jiten


    1. You bet, @Jiten Voralia.  I sent you a PM with that info.


  10. Hello Larry,

    Thank you for your thorough analysis, very intriguing. Could you please PM me the name of the company?


    1. Yes, you bet @Joel Fetherlin.  I have sent you a PM with that info.


  11. Thank you for this detailed analysis. I'm also very interested in which company you're working with. Can you please PM me? I appreciate it!


    1. Will do @Melissa S.


  12. Hey Larry,

    I have read all your updates and I am also looking at passive income streams. Can you please message me with the company name? Thanks!


    1. You bet @Evelyn Rojas.  I will PM you that info.


  13. Interesting series of articles. Thank you for sharing! Why is the name of the company not mentioned? I see a lot of people asking for a PM with that info. Why is that? Why not just have that info in the article? 


    1. @Dustin LewisI see you are new to BP.  The short answer for not mentioning the company name have to do with both rules guiding BP blog articles and SEC rules for this type of crowdfunding.


  14. @Larry F.

    Thanks for all of your write-ups!
    Could you PM me the name of the company?


    1. You are very welcome @Tomer O. I have sent you a PM with that info.


  15. Hi Larry, thank you for taking the time to log the journey of your investment with this company. I read through all the 4 parts and enjoyed all the details and experience you've shared. It seems that you've done your due diligence and are happy with the company performance. I have been searching as well lately to get a reputable company to invest. I heard about Cardone Capital, Origin Investments, etc, but have difficulties to get a real investor who vouched with their own experiences by investing to the company.

    Would you please PM me the company name? I will also request a Connection with you. Thank you so much for your share. Peace.


    1. Thank you, @Agus Hartono.  I accepted your request, and provided that info.


  16. I appreciate the detailed writeups--could you please send me the name of the company? Thanks!


    1. Sure @Kelly A. I sent you a PM with that info.


  17. Hi Larry, could you please PM me some detailed info? After reading all of your updates, I am very interested. Thank you!


    1. @Callie Brown Sure, I just PM'd you the company info.  Please let me know if that is what you were looking for.


  18. Hi Larry,

    Thank you for a great write up. Can you send me the company name as well? Thanks in advance.


    1. You bet @Alex A. Done.


  19. HI Larry! Great 4 part article, loved all the updates! It is great to see how the company and the profits have changed over time. Can you PM the name of the company please. I live in Mexico and would like to invest in the US, I see syndication a great tool for me to start in REI without traveling all the time to the US. Thanks again! 


    1. @Rafael Canedo I am glad to hear the articles were of value to you.  I will PM you that info.


  20. Larry, thanks for your 4-part series - hope you continue to issue more - very much appreciated. Regarding the company's disappointing performance for the last quarter.

    "company growing pains. The first was the annual and semi-annual hits on taxes and insurance payments'

    These two items are always givens, right at the top of the balance sheet as debits, and are never surprises or growing pains - they're given constants. Can you clarify how these two items can be unanticipated big hits? Thanks -


    1. Good question @Harry Johnson.  Please note that I was referencing what I was told by one of the co-founders of the company.  As best I understand it, the taxes and insurance weren't being tracked on a monthly basis in their accounting (and money set aside) so they got themselves into some over-extensions on previous quarterly distributions.  They have now changed their method of accounting I am told.


      1. Larry , Thank You for such an amazing and detailed post’s and update. Most detailed I’ve read to date. I have one single family rental, with positive cash flow and have been able to save about $20k, With so much content online and so many companies advertising to invest with them its mind boggling and nerve racking, being a  Husband, father of 4 and a regular 9-5 , I strive to avoid any investing mistakes,  I appreciate your detailed post. Can you dm me company name and do you have any experience investing with or have associates the have invested with Grant Cardone, his presence in social media is huge at the moment and sometimes your mind hear’s something and you want to jump in. Do you have other $ invested with a different company. I’m more interested in the passive income investment where I don’t have to do much , than the fix&flip due to job, family, kids sports etc. thanks for any insight info. 


  21. pm info please. thanks


    1. @Albert ZavurovI sent you a PM with that info.  All best!


  22. Great write up. Can you send me the company name as well? Thanks in advance.


    1. Thank @Izabella W..  I will send you a PM.


  23. Hey can you send me the name of the company as well.


    1. You bet! PM sent!


  24. PM me info also please...Thanks


    1. You bet, Rick. Done!


  25. @Larry F.  Thanks so much for the write-up and consistent updates.

    I also would love a quick PM with the name and info of the firm you invest with.

    Thank you!

    Joel


    1. You bet, @Joel O'Leary. I sent you a PM with that info.


      1. Hi,

        Great article! I would like the name of the company as well! Also, do you have to be an accredited investor to participate?

        Thanks,

        Shea


      2. Shea, the investments with this company are open to non-accredited investors.  I sent you a PM.


  26. Hi Larry,

    Could you PM the name of the firm you work with to me as well?

    Thank you


    1. You bet @Jonathan Lim. Done!


  27. Larry, 

    Great article. I appreciate all the work that went into it. Can you please PM the name of the firm you're working with. 

    Thanks again,

    Ian O.


    1. Hi Ian, thank you for the comment and for reaching out.  It was good to speak with you today as well.  


  28. Larry - thank you for the write up and detailed explanation of what was learned thru the process.  Could you PM the name of the firm to me?

    Thanks, Brady 


    1. You are welcome, @Brady Frederick. I sent you a PM with that info.


  29. Larry, thank you, this had to be a ton of work. Will you please send me the company info? 


    1. You are welcome @Jon Paszkiewicz.  I went ahead and sent you a PM with that info.


  30. Hi Larry, 

         I read all the parts. I appreciate your time and effort in sharing your experience. I enjoyed reading your article and posts.

      If you can PM me the company name and your turnkey investment, lending investment, I will appreciate it. 

     I have self directed 401 k and I want to invest.

    I need professionals like CPA or attorney that are doing the Self Directed 401k if you can send PM of their contact information, if you can recommend a lawyer and CPA. 

    Thanks.

    Florentina 

      


    1. @Florentina Ronquillo Thank you for reading.  I will send you a  PM and colleague request.


  31. Hi Larry, 

    Great posts - very thorough, clear, and intriguing. I would love to know the crowdfunding firm you are working with and look into their opportunities myself. If/when you can, please PM me the contact info. 

    Thanks much,

    Bobby


    1. Thank you @Bobby Coffey for the kudos.  I PM'd you the info.


  32. Many thanks for your time and effort in sharing all this information. Would you be so kind to PM the company info? Thanks again. 


    1. You bet, Ana.  PM sent!


  33. Good write-up! Can you please PM me the company info so that I can research? I would be concerned about safety of my investment should the company go belly up. Thank you.


    1. @Jim Robertson Thank you.  I will PM you that info.  The company as a whole going belly up is certainly a risk factor to take into consideration.  I believe there are a number of elements in place that mitigate that risk.


  34. @Larry F.

    Fantastic write-up. fascinating to spend a few minutes recapping what you've been through over the course of several years, and what you've learned along the way. Could you please message me the contact info for this crowdfunding group? Thanks.


    1. Will do @Dave Lawrence! And thank you for reading.


  35. Hi Larry. Thank you for taking the time to post this series of articles. Your efforts towards continuous due diligence is priceless, especially for someone like me who is new to real estate investing. Can you PM me the company information?

    Thank you, Charles.


    1. Thank you @Charles Steinmetz for reading.  I went ahead and sent you a PM of that info.


  36. Hi Larry! Thank you for posting about this. Would you be able to PM the company name? This is very appealing to me.


    1. @Richard Anderson I sent you a PM.  Thanks for reading.


  37. @Larry F. , This is an incredibly open and honest series of articles on passive investment opportunities and their performance.

    Instead of requesting you to PM me the info on this company what I would request is your thoughts for someone starting to look at passive RE to actually identify similar companies and some details on conducting DD.


    1. @Sandeep Anand Thank you for reading and for the kudos.  That's a pretty big ask, but in brief please keep in mind that early on I identified this company as quite unique in many ways.  So identifying "similar companies" would be a challenge from that perspective from the get go. If you are simply talking about other companies that are offering syndicated apt. offerings, there are many of those, although the bulk of them are typically open to accredited investors only. Feel free to PM if you have more specific questions.


  38. Excellent information!  Thanks for sharing.


    1. Your welcome, Leah.  Thank you for reading.


  39. Thank you Larry for sharing your experience with this!  I have a multitude of passive real estate investments.  Nothing in SFR, but I do in retail, multi-family, office, industrial, etc.  I'm always looking for quality opportunities.  

    Could you PLEASE PM me with the name/details of this particular investment group?

    Thanks again!

    - Brian


    1. You bet @Brian Worden.  I PM'd you that info.  Thank you for reading.


  40. Thanks for all the great incite Larry...can you PM me the name of this investment group? 

    Thanks,

    Anthony


    1. Thank you @Anthony Hay. I sent you a PM.


      1. @Larry F. Could you please also PM me the name of the company you went with?

        Thanks,

        Kevin


      2. @Kevin Coggins I PM'd you that info.


  41. Hi Larry, 

    Great series. All 4 parts were informative and interesting. I appreciated reading about your understanding/education/perspective during the different phases of your investing. Also, so interesting to read about the different ways investing is structured within these companies. I'm considering this sort of crowdfunding investing, would you mind sending me the company name through a PM, please? Thanks again for this series. - Elizabeth 


    1. @Elizabeth Yoshida I am so glad you found these articles informative and enjoyable.  I have sent you a PM with that info.


  42. @Larry Fried I appreciate this four-part series.  I am interested in reading more about this company - could you please PM me their name?  Thank you for providing so much information and analysis.


    1. @Steve O'Keefe Thank you for making your way through all four parts.  I sent you a PM with the info you requested.


      1. Thank you!


      2. can you PM me also please.  Thanks!


      3. Will do @Mike Verna!


  43. Larry 

    That’s an awesome deligent work you did there. Can you PM me the company name as well.

    Thank you

    Awais 


  44. @Larry Fried, Love the four part series tracking your portfolio performance.  Could you please DM the company name to me please?  I am very interested in following this type of strategy because of my current job and the travel required.


    1. @Tyler Kaye I am really glad you enjoyed my articles so much.  I have PM'd you the info you requested.


  45. Great post Larry, thanks for sharing your experience.  Could you please DM me the info on the company you invested with?  Or you can email me at [email protected]

    Keep the stories coming!

    Jerry


    1. Thank you, @Jerry Limber for reading.  I went ahead and PM'd you that info.  


  46. Hi Lary, thanks for the four-part series. They're incredibly well written! I'm interested in learning more about this specific group, would you mind sending me a PM with additional info?
    Thank you.


    1. @Samantha W. Thank you for the kudos.  I am glad you found them useful.  I have sent you a PM with that info.


  47. Hi Larry--thanks for the time you put into a 4 part review.  Your writing and explanations are very clear!  I am a fellow Eugenian contemplating entering the world of REI.  I have gone from the idea of buying rentals for cash flow but am concerned that Eugene is not the best market for that (but what do I know, newbie that I am).  I would appreciate your thoughts on this as well as the the name of the CF real estate company you have been writing about.


  48. @Larry Fried Than kyou for the article! Can you please share the company name? Do i need to be accredited investor?


    1. Oh, and I sent you a PM.


    2. @Soomin Kim You are welcome, and thank you for reading. No you do not need to be an accredited investor. Thus far the company's offerings have all allowed for up to 35 non-accredited investors in each of their portfolios. 


  49. @Larry Fried  Thanks so much for sharing your experience in this excellent article! I have been searching for a relatively passive RE investment strategy to get into and found this very helpful. Would you be able to share with me the name and information of this crowdfunding company? 


    1. You are very welcome, @Rhesa Nathanael.  I appreciate your reading and the kudos.  I have sent you a PM/colleague request.


  50. Larry,

    Loved the documentation of your investment and as most interested in who you are working with....can you PM me the name....

    Congrats on your passive investment.....


    1. You bet, @Chris Welch!  I will send you a PM!


  51. @Rudy Ramirez Thank you for reading. I am glad they were helpful to you.  I sent you a PM with that info.


  52. Great read as always @Larry Fried, we all appreciate your level of candor in sharing your portfolio activity, as well as your attention to detail. I find your Holy Grail series especially helpful in keeping up to date with the present returns available in the market. Thanks again for keeping us all in the loop!


    1. I thank you for your kudos, Keith. I am delighted you are finding them helpful in specific ways I didn't even think of.


  53. Thanks for sharing your experiences with this crowdfunding platform! Please PM me with the company name and contact information.  Angie


    1. Hi Angela,

      I got your email and replied to that with the info you requested.


  54. Very interesting and informative write-up, Larry, especially for those who have invested with this company.  I appreciate how well you compare and contrast the previous offerings with the current ones. It's an interesting metamorphosis and one that seems to indicate an ability to change strategy as the market changes - likely the sign of an astute and flexible management team.  Good qualities indeed!


    1. Exactly!  Thank you, Chris.


      1. Thank you for your detailed and informative series of articles. Can you PM the name and contact info for this crowdfunding group. Thanks again. I look forward to reading more of your articles in the future.