Posted about 3 years ago

Have I Found the Holy Grail of Passive Real Estate Investing? (Part 2)

Normal 1477252997 Elsa Hand

You can Read Part 1 via this Link.

Performance Update

I now have three full quarters of reports and payments received on my first investment with this crowdfunding company. Along the way I made two additional investments. That is, I am a passive co-owner in three portfolios now. All three are equity investments, and had projections of 9-11% annually cash flow on rental income. I am delighted to report that all three are outperforming those projections.

On my first two investments I was able to calculate my annualized returns from the point of when the homes in that particular portfolio were fully occupied. That is not necessarily the same as from the time the investment was made. Due to demand, the company now allows investors to invest once all ten properties are fully owned by the company, and are at least 50% stabalized (rented out).

My first investment portfolio was fully occupied on January 1, my second on May 1, and my third, well as of the end of the reporting quarter (it’s first) was still only 80% stabilized. So, I calculated Portfolio 3 just from the time of the investment, which was July 1.

Portfolio 1 (9 months): 12.0%
Portfolio 2 (5 months): 12.8%
Portfolio 3 (max of 80% occupancy, 3 months): 11.5%

Of course I am delighted with these returns, but it is important to recognize that in all cases these are still very early indicators (of less than a year), and it would be unwise to assume that they will continue to perform in a similar manner going forward. Still, it adds to my increasing confidence that these portfolios will continue to perform to at least the more conservative level of projections over the expected 3-5 year holding period. The total IRR projections, which range in the high teens up to 20%, also seem to be that more achievable.

Changes Within

Like any young company that is rapidly growing and learning, they are constantly making adjustments which they feel are improvements to their investors’ experience. Last month they launched a fully new website, which they are still tweaking. I have been giving lots of feedback, but I immediately found the site vastly more user friendly and visually appealing.

They also launched a second type of portfolio investment, which is debt, rather than equity, focused. From what I understand these initial debt portfolios will pay out 8% interest on the loan (which is a guaranteed minimum), plus a 25% net profit share of the rent and 50% of profits on refinancing or sale of the properties will go to the investors, the other 50% kept by the managers. The cash flow projections on these initial debt portfolios are conservatively estimated at 9-10%, with IRR at 11-16%. That is about 2-3% lower projected returns than the equity portfolios. They tell me the trade off is the lowered risk with the guaranteed returns, and the mortgage held against the properties. However, another disadvantage of this investment is there is no tax depreciation write off available on the returns, as it is not an equity (ownership) position.  

I am told they created these Debt structured portfolios to meet the demand of quite a few investors who were looking for a more secured investment - thus the guaranteed minimum and mortgage.

My initial response to the announcement to these debt portfolios was negative, and I preferred to hold out for the equity investments. However, as I have learned more I did decide to try one out, and just made my smallest investment yet with this company. I do think that these debt portfolios are particularly well suited for my self-directed retirement funds, as they are not eligible for the depreciation deduction anyway.  It looks like they will be doing a good many of these debt portfolios going forward.

Finally, the company very recently announced they are opening their first portfolio in a second city for reservation next month (November), and I am very interested in seeing how that unfolds.  

You can Read Part 1 via this Link.

Performance Update 2 (January 2017)

It’s three months later and I now have reports and payments received for all of 2016, a full year for what I call Portfolio 1. As you will see below, with this and the other portfolios I hold and report on, the fourth quarter brought the overall returns down a little bit. From what I can gather this is primarily due to the fact that property taxes were paid for all properties during this time, bringing the net for the quarter down considerably from previous quarters.

In addition, Portfolio 3 is still not fully occupied, as there remained one property at the end of the year not rented (November and December are very difficult rental periods), but I’m told probably will be by Feb 1. So again I calculated based on the beginning of the investment. Not surprisingly this was the lowest performing of the equity portfolios I hold. However, it still is near the middle of the range of the projected 9-11% cash flow. 1 is at the very top of the projection, 2 is running 1% over. So these two still look very good.

Portfolio 1 (1 year): 11%
Portfolio 2 (8 months): 12%
Portfolio 3 (max of 90% occupancy, 6 months): 9.7%

As I previously wrote about, I also made a smaller investment in the company’s first debt portfolio. Returns on this portfolio, which still had two properties unoccupied at end of year, covered only November & December, and I was paid the guaranteed 8% return. I do expect that to improve as the portfolio becomes fully stabilized.

Debt Portfolio
Portfolio 4 (max of 80% occupancy, 2 months): 8%

Finally, I just made my fifth investment with this company, and it is an equity portfolio (like 1, 2 & 3). This is their first offering for 2017, and the first to include properties from a second city – actually half of the properties are in each city for further diversification. The investment will not become effective until February 1st, and I expect only about half the properties will be occupied at that time. Their apparently was a lot of pent up demand for another equity portfolio, as this one was fully invested within just a few days.

This was also my first investment with them that is from personal funds, as opposed to self-directed retirement accounts. The advantage with this type of fund source is that I will reap the depreciation deductions with this investment. The disadvantage is that the returns will be subject to taxation (state & federal) at all.

So I am in for all flavors now.

Quick Update (February 2, 2017)

The company just announced their first apartment building investment, a 46 unit.  The details of the structure of this investment are still being worked out apparently, but what is clear is that this will be a Debt portfolio that is projected to conservatively cash flow 9-13%. They are taking reservations with a $15,000 minimum, which is higher than all their previous portfolios.  I made a reservation knowing that it is just a place holder, not a commitment to invest, and I will wait to learn the actual details of the offering before deciding whether to make an investment.  Still, I am pretty excited about diversifying into apartments via this model.

Continued Updates in Part 3

You can Read Part 1 via this Link.



Comments (181)

  1. Hi Larry, why did you choose not to list name of the company? I am curious to know who they are and also know why you chose to hide their name since the feedback here is positive.


  2. Thank you so much Larry for this article. This sounds like something I want to explore further. Please PM me the name of the company. Appreciate i


    1. You bet, Erza.  I just PM'd you that info.  Be sure to read Parts 3 & 4 to get the full story up to the most recent quarterly report.


  3. Hi Larry

    I would like to know the name of the Company


    1. @Harry Grewal I PM'd you that info.


    2. Thank you so much Larry for this article. This sounds like something I want to explore further. Please PM me the name of the company. Appreciate i


  4. Hello Larry. Great article.  I am also interested in knowing the name of the company.  Thank you


    1. Thank you, @John Batt! I sent you a PM with that info! If you haven't already, be sure to read Parts 3 & 4 for a more complete story and updates.


  5. Hello, Larry.  Enjoyed your article and, although I know this post took place a year or so ago, I would like to be included in knowing what the name of the company is.  Thank you!  Helen Julian


    1. @H Julian You bet, I just sent you a private message with the company info.  


  6. Hi Larry,

    Thank you so much for sharing your articles.  I found them very interesting.  I am looking to invest in real estate, probably both crowdfunding and purchasing a multifamily home.  Would you be able to provide me with the name of the fund you used? 


    1. @Steven Grodnitzky Hi, I will send you a PM with that info.  Just to be clear it is not a fund I invest in, but individual portfolios of properties where I know exactly what I am buying into.  


  7. @Larry Fried - would love to know the name of the company as well!


    1. Sure @Monica Mula.  I sent you a PM with that info.


  8. Hi Larry,

    Great article. Can you share the company details with me, please?

    Thanks!


    1. Thank you for reading @Rami E..  If you haven't already be sure to read Part 3 as well for more recent updates.  I did send you a PM/colleague request.


  9. Hi Larry, 

    Thank you for writing this informational article with great analysis.  I am very interested in this company and want to investigate about it.  Would you mind sending me the name of this company as well? 

    Thank you


    1. I am glad you enjoyed the article @Stephanie Wong.  I have sent you that info via PM.


  10. Would you please send me the name of this company as well?

    Thanks!


    1. @Bryce LitwinI will indeed.  I sent you a PM/colleague request.


  11. HI @Larry Fried;  excellent article... very interested.  could you please PM me with their info?

    thanks!


    1. You bet, Alan.  I sent you a PM/colleague request.


    2. great article, could you pm me with Company details?


      1. @Fletcher Johnston Sure, I sent you a PM/colleague request.


  12. Larry, thanks for the great article.  I love all of your articles.  Would you mind messaging the company name to me as I would love to add some passive investments like this to my real estate portfolio.  Thanks so much Larry, in advance.


    1. Thank you, Bob.  I replied to PM with that info.


  13. Hi Larry great article would you mind messaging the company name to me


    1. Thank you, Joe.  I am glad you enjoyed the article.  I just sent you a colleague request.


  14. Thank you for sharing your experience.  Could you please share the name of the company with me?


  15. Hi Larry, great article. Could you send me the name of the company? I'd love to learn more.


    1. Hi Oscar,

      I am sorry I missed your comment until now.  I sent you a PM/colleague request.


  16. Larry,

    Wonderful article, I really enjoyed this as well as your introductory piece. Would you kindly share the name of this investment company, I must admit I am very interested to learn more and be able to passively diversify. 

    Thank you,

    Dillon


    1. Thank you for the kudo, Dillion.  I am glad you enjoyed both articles.  I have sent you a colleague request/PM.


  17. thank you for such a thorough review with detailed updates. I am very interested, if you wouldn't mind sending me the info as well sir.  @Larry Fried


    1. You are very welcome, John. I have sent you a PM/colleague request.


  18. Thank you for the posts and updates on this Larry! Can you please PM me the company info as well? 

    Thanks, 
    Paul


    1. You bet Paul. PM/colleague request sent.


  19. @Larry Fried

    Great write up. As many above could you please forward me the company info as well. 

    Thank you

    Charles


    1. Thank you, Charles.  It is great to receive the appreciation.  I sent you a PM/colleague request.


  20. Hi Larry,

    Thank you for the informative post! Would love to get the name of the company as well. 

    Cheers!

    Chris


    1. Hi Chris, I am glad you found the article useful.  I sent you a PM.


  21. Hi Larry 

    Could you please send me the name of that company also?

    Thanks


    1. Hi Valene, I sent you a colleague request/PM.


  22. Hello Larry,

    Could you please PM the name of that company as well? Thanks. 


    1. Hello Tony, I sent you a PM/colleague request.


  23. @Larry Fried - Good write up on your experience with them...  No need to fwd me the info, I've already got it.  You may have mentioned this, so pardon me if I'm making you repeat yourself...  Are you investing within an IRA?  It seems like the equity structure they offer would be best do do outside of anIRA because of the tax advantages.  Based on what they've put out recently, it sounds like they're moving towards more of a debt structure.  Personally, I think these debt investments would be best utilized within an IRA.  Am I off base in my thought process on this?


    1. Hi Phil. Most of my investments with them so far have been with a SD retirement funds, although Solo401k in my case. I think your analysis of Equity portfolios advantageous for personal funds and Debt portfolios being best for SD retirement funds is very similar to my own thinking. Although I have used the retirement funds in Equity portfolios primarily, my most recent one was with personal funds in an Equity, and the current apt building (which is a Debt) I am using retirement funds again.

      I think going forward you can expect that they will have a mix of Equity and Debt, as I've been told that a majority of us investors prefer the Equity, but there are a strong core that prefer the guaranteed return of the Debt. I also suspect that the Debt will be the format they use for additional commercial apt deals they are planning, as these are structured quite differently than the SFR portfolios.


  24. Hi @Larry Fried, perhaps I missed it, but you didn't mention in which area these properties are located? I'd love to do more research on the company if you would please share the info with me!

    Best of success to you!


    1. Hi Marylin, these are currently midwest cities and I sent you a PM/colleague request with more details.


  25. Larry, could you also send me the name of the company if you don't mind please.


    1. Phillip, I sent you a PM/colleague request.


  26. Great post!  

    @Larry Fried Would you mind sharing the company info with me? thank you!


    1. Thank you, John.  PM has been sent.


  27. Great article!  I really like the news of this company diversifying by spreading out to multiple markets.  @Larry Fried Would you please send me their info as well?  Thanks!  -Oliver


    1. Thanks, Oliver.  I have sent you a PM/colleague request.


  28. @LarryFried Thank you for the article. I've put in about 25 to 50k on some multifamily and am not doing 12%. This looks like a great way to invest some future funds. Please PM me the info.

    James


    1. You bet, James.  One thing to keep in mind.  The distributions so far are all based on cash flow from rental income.  Projections for IRR after executing an exit strategy all run considerably higher.


  29. Yes, Gil I like they have lots of skin in the game and no fees other than the property management.  I sent you PM/colleague request.


  30. @LarryFried looks very promising even though it's a young company. And I love the fact they have skin in the game. 

    Please PM me their info. Thanks

    Gil


  31. Hi Larry,

    Thanks for the informative post!  I am intersted in learning more about this company. Can you please PM me the name of the company?   


    1. Hi Tim,  You are welcome. I sent you a colleague request/PM.


  32. Hi Larry, would you mind sending me the company info as well. Also, how can one establish SD 401K? Thanks, Gemma


    1. Hi Gemma, I sent you a PM & colleague request.  Are you self-employed?


  33. Hi Larry,

    I would like to learn more about this company before I make the splash. Could you send me the info on this company.

    Thank you


    1. Hi Barry, I have sent you a PM/colleague request.


  34. Hi Larry. Nice work. I would be interested in doing some research on the company you mention and see if I can add it to my portfolio.

    Thanks


    1. Hi Marques, I sent a PM & colleague request to you.


  35. @Larry Fried, great articles.  Would you mind PMing me the company info as well?

    thanks,
    Matt


    1. Thank you, Matt. I sent you a colleague request and PM.


  36. @Larry Fried Very interesting, thank you for sharing!  Could you please PM me the company info?  Would love to evaluate and potentially discuss this investment strategy further offline. 

     Thank you!


    1. You are welcome, Jonathan.  I sent you a colleague request.


  37. thanks for the read. Can you please pm me the info.

    Thank you


    1. John, I have sent you a colleague request/PM


  38. Great articles! Can you please PM me the company info? Would love to have a closer look at their offerings.


    1. Matthew, I sent you a colleague request/PM.


  39. Hello @Larry Fried.  This is great information.  I'd like to learn more as many of the other readers would; I'd also like to pick your brain regarding any tax information you may be receiving for reporting purposes.


    1. Sure. I will send you a colleague request/PM

  40. Hi @Larry Fried great articles, thanks for putting this info together.  Please do pass along the name.

    Thanks,

    Angelo


    1. Thank you Angelo. I sent a PM via a colleague request.


  41. Can you please PM the name of the company?  Thank you. 


    1. Hi Tim, I sent you a PM and colleague request.


  42. I am interested in this company. Would you please PM the the info.

    Thank you.


    1. Huy, I have sent you a PM.


  43. Thank you, James.  I am glad you enjoyed the articles.  Yes, this can be a very nice alternative to investing in individual turnkey properties, especially for those of us who like to sleep easily at night and not worry about each tenant and home.


  44. hi larry,

    Enjoyed your articles, and thanks for sharing your experience and insights.  I was looking into indy to invest with a turnkey company, but would like to explore this route.  Would you mind sending me a PM with the company info.  Much appreciated.

    James (kee)


  45. @Larry Fried  Since the market is so high now, I have been looking for alternatives also.  Would you mind sending me the company name?  Also, would you mind telling me how much you invest and their minimum?  What is your timeline & exit strategy?

    Thanks!!!


    1. Jen, I sent you a PM.  The investment minimum in each portfolio is typically $10k, but as I mentioned above this new apartment complex portfolio has a $15k minimum.  I have invested various amounts in the five portfolios I've invested in thus far.  My timeline, exit is what the company projects doing which is 3-5 year hold on each portfolio before deploying one or more of their exit strategy options.


  46. @Larry Fried Thanks for the detailed analysis. Can you PM me the company name? Thanks.


    1. you are welcome Praneeth, I sent you a colleague request and message.


  47. Larry, thank you for sharing your findings and history over the past year. I'm very interested in learning more about the company. Mind if you send me a PM?

    Thanks!


    1. You bet, Tanner!  PM sent.


  48. Hello Larry, Great to hear you have been doing so well with this type of investing! Would you be able to PM me the name of the company? It would be greatly appreciated.


  49. Larry - I very much appreciate your insights.  As a new investor looking to get started on a passive portfolio, your post is very intriguing.  I would love to learn more about this company.  

    I also commend you on your transparency.  I know your audience appreciates the performance updates and specifics.


    1. Thanks so much, Ryan.  I sent you a PM.


  50. Larry, great articles. I'm curious to see if this is the same group that I've been on the fence about recently - all sounds on the level. Can you please PM me the company info?

    Thanks,

    Ric


    1. Ric, I sent you a colleague request.

  51. Hi Larry, Thanks for these articles and sharing your information that you have gained. Would you please send me the name of the company. Thank you. 


    1. Your welcome, Brian. Thank you for reading the articles.

  52. Hi Larry, thanks for 2 posts on this.  I'd be interested to learn more about this, so can you please send me the info on the company?

    Thanks,

    Shaun


    1. Shaun,  I sent you a PM.  Please check your inbox.


  53. Evening Larry,

    Can you PM me as well with name of company?

    Thanks.


  54. Hello Larry, Can you please PM me the info on the company. I am new at REI and looking to invest in my self directed IRA

    Thank you,

    Chuck


    1. HI Chuck,  I sent you a PM.


  55. Hi Larry - thanks for posting this detailed blog post, especially the updated! Could you PM me the details of the company? Thanks!


  56. Hi Larry,

    Please send me the company information as well.

    Regards,

    Steven


    1. Hi Steven, I sent you a PM/colleague request.


  57. Hi Larry,

    Great write up!  I'm also interested in the company name and info. 

    Thanks

    Seth


  58. Hi Larry, great information.  Can you PM the details to me as well?  Thanks!


  59. Larry, can you please PM me info. thank you! Julie


    1. Hi Julie,

      I sent you a PM and colleague request.  Please check your inbox.


  60. Please PM me the name of the company. Thank you so much!


    1. Gloria, PM with colleague request sent.


  61. Hi Larry

    Could you send me the name of this company. Looks like excellent rate of return for passive investor. I would like to look into it to add to my portfolio.

    Thank you

    Gary Miller


  62. Hi @Larry Fried,

    I'd like more information as well.

    I know you mentioned you get the depreciation benefit with this kind of investment, but do you get any of the other tax benefits of owning and managing your own property on a mortgage?  

    Is this kind of investment better than a REIT in that regard?

    Thanks,

    Jason


    1. Hi Jason,

      Good question. Since there are no mortgages involved in the equity portfolios (ie: everything is done with cash, no leveraging), then there can be no mortgage interest deduction. Other expenses are taken out before I (the investor) receive my share of the proceeds.

      For me I consider these investments better than a REIT in many ways - small amount of residential properties in each portfolio, know exactly what I own before I invest, co-owned with the managers who make their money alongside me not from me, no leveraging in the purchase and rehab (reduced risk), high degree of transparency, no junk fees, generally far better returns, are just a few examples - just not in the way you are asking.

      There are also may be some disadvantages when compared to publicly traded REITS. Primarily liquidity. REITS are easily traded on the relative markets, while these investments have no such established market. The operating agreements do allow for the potential sale back to the managers or to another investor already in the network or even outside the network if such a buyer can be found.


  63. Just sent you a PM, Lily.

  64. Please PM me the name of the company.  Thank you!


  65. Please PM me the name.  I've tested one like this, and since I'm in Korea at the moment it suits me well.  


    1. Eric, I sent you a PM, and an email, which I had from our previous correspondence. 


  66. Hi Larry - thanks for posting this blog, could you PM me the details of the company?

    thanks


    1. Hi Karen, I just sent you a PM with colleague request.


  67. Hi Larry, it is great to find a strategy that works. Can you PM me the details of the company?

    thanks


  68. Larry, Thank you for sharing. I am interested in learning more about this company to invest. Please PM the details. Looking forward to hearing from you. Thanks, Seth 


    1. Seth, I sent you a PM colleague request with info.


  69. Hi Larry, thanks for posting a follow-up. It's good to see how these investments pan out over some time. Could you share with me the company name as well?


    1. Hi Kimberly, I just sent you a PM with colleague request.  


  70. Hi Larry, thanks for your great articles! Could I get a PM with the name of this company? I am looking for ways to invest more passively as my free time is limited in the military. Thanks!


    1. Sean, thank you for the kudos.  I am glad you found them a worthwhile read.  Look for my PM in your Inbox.


  71. Hi Larry, interesting post!  I'd greatly appreciate a PM with the company name as well.  Thanks.


    1. Thank you, Brandon!  I have sent you a PM.


  72. Hi Larry, can you please PM me the info on this company? I am new to this and would like to research on them. Thanks


  73. Thanks for posting, very informative and analytical. I'd like more information as well please.


    1. Thank you Jonathan.  I am glad you found it useful.  I sent you a PM and colleague request.  Please check your inbox.


  74. Thanks for the great blog post.  I would appreciate any information you could send along.  Thanks.


  75. Same Larry. Please send information


  76. Great info and thank you for sharing this informatio!! Could you pm me as well!


    1. @Alex Day  I have sent you a PM. Please check your inbox.


  77. Hi Larry, I'd also love the name of this company.  Thanks!


    1. @Sean Imfeld  Check your inbox for my PM.


  78. I would appreciate it if you would also share with me the name of this company. Thank you!


  79. Hello Larry,  Can you please PM me the info on the company.  I am new at this whole deal and I want my solo401k to start growing in real estate.

    Thank you


    1. @Brian Normand  I sent you a PM.  Be sure to check your inbox.


  80. Hi Larry, can you please pass along the info to research this company? Thx!

    1. @Myrian Melnechuk I just sent you a PM.  Please check your Inbox.


      1. Larry, thanks for the post. Are you going to continue with additional updates? I'd also appreciate it if you could PM me the company. 


      2. @Richard Nguyen I do plan to update when I receive new quarterly reports and payments in the next couple of weeks.


  81. Hi Larry,

    I've researched a number of other crowdfunding companies, specifically for my solo(k) funds. I'd be curious to know who this company is and stack them up next to the others. Would appreciate a PM.


    1. Hi Travis, I replied to the PM you sent me.  I think it might be valuable for other readers to see some of what I said via your question of comparison: 

      I have done a lot of comparison to other crowdfunding, and have found this one stands out to me in a number of ways including the co-ownership, no leveraged assets, no blind investing (ie: always know the 10 properties that are in the portfolio even before the investment is made), and very nice cash flow and IRR. Also they are available to non-accredited investors, which may not be an issue for you, but most of the crowdfunding is only for accredited.

      I add to that, these assets are acquired and rehabbed at wholesale prices, and that all in cost is passed along to the investor - ie: sellers/managers are not taking a profit up front, but profit along with investors.


  82. Larry, can you please PM the name of this company? Thank you!


    1. Andre, please check your InBox for my PM.


  83. Larry, I'd love a PM too please! Thanks!


  84. Hello Larry, can you please PM me the company name? Thank you 


    1. @Mahesh Gupta I sent you a PM.


  85. Hi @Larry Fried,

    Could you please forward the company name to my inbox? 

    Thanks so much!


    1. Done @Alan Caceres


      1. Hi Larry, I'm also interested in learning more about this company. Can you send me some details regarding them?

        And also how do you go about finding these portfolio management companies and what are your criteria for evaluating them?

        Thanks

        Ray


      2. @Ray Li I sent you a PM with the info.


  86. Hi Larry, can you please PM me the company name?  Thank you in advance.


  87. Hi Larry, very insightful blog and obviously well received.  Did you anticipate such interest?  Will you kindly PM me the name as well?  I hope your willingness to share pays back many times over...


    1. @Mike Donnelly As indicated in the article the cash flow returns (not really interest) have been better than the projections at the high end, but I expect that will vary over time.


  88. Hi Larry, thanks for posting your performance update.  I was very interested after reading your first article and it's nice to hear it's working out so far.  I've been thinking about joining a local commercial real estate investment group here in Dallas that seems to offer very similar COC and IRRs.  Could you also please send me the name of this group?  I may add them to my portfolio as well.


    1. @Nathan M. You bet Nathan, check your inbox.


  89. Hello, Would you also please PM to me the name of the company?


    1. @Laura Sacandy Please check your inbox for that info, and thank you for reading my articles.


  90. Hi Larry, could you PM me the name of the company as well? Thanks!


    1. @Dan P. be sure to check your inbox.  I PM'd you 9 days ago via a colleague request, but haven't gotten a reply.


  91. Larry, can you please PM the name of this company? Thank you!


  92. Hi Larry,

    This is very interesting, thanks for sharing your experiences so far. Can you share with me the details of this company?


    1. Hi Larry,

      Thanks for this update. Really good info. Please add me to the list of those interested in this company! Can you PM me the name of the company?

      Thank you!

      Brian Rose


  93. @Sagar Parikh  I sent you the PM.  Please check your inbox.


  94. Larry, can you please PM the name of this company?  Thank you!  


  95. Larry,

    Thanks for the update.  It seems their interests are aligned with the investor.


    1. Yes Ray, I agree, at least to a very high extent.

      1. Larry can please you PM me the site and company name?  I'd really appreciate it.


  96. Hi Larry

    Thanks for this update. Really good info. Please add me to the list of those interested in this company! 

    Thank you!


    1. David, I did PM you. 


      1. Hi Larry,

        I am interested in exploring this company as well, can you please PM me their name? Thanks in advance.

        Mukesh.


      2. @Larry Fried Can you send me the name of the company, I'm interested.