All Forum Posts by: David Walser

I found four liens for sewer use fees filed by the City of Reno against Wolf Run DST. These are public records that were filed with the Washoe County Recorder on 10/04/2024.

1 Vote

Quote from @Steve Cameron:

Quote from @David Walser:

Quote from @Brett Henricks:

The feedback I have from investors who have visited the Versity/Crew offices is you won't be welcome and they are sparsely populated. I'd still do it, however.

I'd recommend you check out this link on Reddit that was recently posted. It brings a lot of clarity to the situation the investors face.

https://www.reddit.com/r/realestateinvesting/comments/1ff1ew...

Right now the best strategy maybe getting investors to file a complaint with the SEC. If enough of them do and Versity/Crew is scrutinized by the SEC then investors may benefit.

Brett,

We need some help in the process of filing a complaint with SEC. More specifically, how to answer some of the questions. I suspect most CREW investors may not be familiar with the different terms that need to be selected in some of the pull down menus.

By the way, I'm not that far from the Aliso Viejo offices for Versity/Crew and Book & Ladder. I going to try and make time to go by on Monday or Tuesday. We've thought about it but just not done it as I suspect that there will not be a warm reception. At this point I'm not concerned about that but hopefully will be like putting a pin in their doll.

Wednesday is the Kay Investments dog & pony show that I will be attending in Torrance, CA. Thursday we will be attending an appreciation dinner with Ideal Capital Group near Fresno, CA. I'm hoping I can come away from those two events with some good advice. I suspect reputable firms don't like being dragged through the mud by thugs.

I agree, once we get one complaint filed, both with SEC and FINRA, it will be easy to share the "how to's" for everyone else. Also know there is a sub reddit for SEC violations where, amongst alot of sad stories, are people who are good at filing with the SEC. Please let me know if Brett is able to assist you or not and if not, I will go to that group with some questions about filing. I have read a bit on that group and a general consensus is that the broker is usually the most responsible which would mean your broker and then Emerson, that they would have insurance this type of stuff (so harder for them to declare bankruptcy) and we should get a lawyer. But I do agree a lawyer could eat up a lot of time and money, I think we would want to verify with the SEC that we have clear violations and what would be the outcome of an SEC investigation (would SEC remove CREW from sponsoring the projects, for instance? Would they demand we get our back montly dispersments, or can this only be done by winning a judgement)?

I think all that go to the SEC would want to read this chat and if the form asks us what we think the violations are, they could list items 1-4 on this list. Does the form offer a place to add these 4 items?

Steve,

I just mistakenly sent a blank private message and the system won’t let me send another while there is one from me that’s pending. Could you rear/respond to that one so I can send another?

Thanks,

Dave

0 Votes

Faye,

I hope you have filed a complaint at sec.gov, there is a complaint form that is easy to fill out on-line and submit. It doesn’t have to be perfectly filled out, we just need to get their attention so they will hopefully take some action. The important part is the description about your situation. If you think there might have been fraud by your broker, possibly commingling of funds between properties, why so many geographically diverse properties had “issues” at the same time, and the possibility of no third party oversight. Maybe these folks are trying to pull off a Ponzi type scheme?

0 Votes

Quote from @Faye Fouladi:

Hello Brett, I listened to your advice and came here from Linkedin. My husband and I have invested $235 K in Wolf Run East in Reno Nevada. In 2022, they lowered the distribution rate from 6.5% to 4.5%. In May 2024, they paused it for 9 months. In February 2025, they resumed the distributions at 1.73 %. Today is April 19, and we still have not seen any money for April posted to our bank account for April's distributions. I suspect that we get an email regarding new Pause.

I’m in Wolf Run as well and did not receive any distribution for April 2025. I called the office and got a live person that answered and he said he was an answering service, that the office is open, but that calls are forwarded to him when they are busy. I left my name, phone number and email address and still haven’t heard back. I also contacted my broker who said to wait until the 25th to see if it shows up. I called out his BS telling him that payments are processed on the 15th and it doesn’t take until the 25th to arrive. My other half has an investment in Vintage and received her distribution on the 15th for that property. We didn’t receive any distribution for Astoria or Shadowglen for April 2025.

0 Votes

Thanks Daniel Bell for the information.

I just confirmed the liens on Astoria and forwarded them to my broker for comment.

Now I need to research our other Versity/Crew holdings for liens.

2 Votes

Quote from @Brett Henricks:

The feedback I have from investors who have visited the Versity/Crew offices is you won't be welcome and they are sparsely populated. I'd still do it, however.

I'd recommend you check out this link on Reddit that was recently posted. It brings a lot of clarity to the situation the investors face.

https://www.reddit.com/r/realestateinvesting/comments/1ff1ew...

Right now the best strategy maybe getting investors to file a complaint with the SEC. If enough of them do and Versity/Crew is scrutinized by the SEC then investors may benefit.

Brett,

0 Votes

Quote from @Deborah Flint:

I don't know if you have added The Element in Sacramento and Cincy in Cincinnati. Those dividend checks also stopped in April 2024.

It looks like Brett has both of those properties on his list of 14.

0 Votes

Quote from @Patrick Freeny:

I bought Versity Hayworth Tanglewood Houston in 2022.

Distributions were suspended July 2024.

From what I am reading, it looks like it may be a total loss. Any thoughts?

Patrick,

Why do you think Hayworth Tanglewood Houston is a "total loss"?

I'm interested in what you are hearing about your property. All of our Versity/Crew properties stopped paying in May 2024. This was to be payment for April. It's interesting that your property continued to pay through June. All of ours started minimal payments in March & April. It seems that the properties are viable assets but maybe a bit of mismanagement.

0 Votes

Quote from @David Walser:

Quote from @Steve Cameron:

Quote from @David Walser:

Quote from @Harlan Cooper:

David, you said in your post that you are meeting with Kay Properties at the investor day event.

You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.

Harlan,

We did buy a property through Kay but not any of the Versity/Crew properties that we own. When the monthly payments stopped last year. I looked at what Kay was offering and couldn't find anything on their website referencing Versity/Crew properties. I even asked one of the Kay guys about Versity/Crew and he had never heard about them. I think he was new to Kay (and the business) and truly wasn't aware. I suspect that Kay figured out early that there was something wrong with Versity/Crew and stopped promoting them. Dwight Kay will be at the event and I'm hoping I can get something from him.

Thanks for sharing this information about your Kay investment. This will help me strategize how I will frame my questions. Kay may be reluctant to say too much as it might put him in a legal HOT SEAT. The broker that sold us the Versity/Crew investments isn't responding to my emails any longer. I'm really hoping (in the long run) that this is a GOOD sign that these brokers KNOW they've done wrong and need to minimize their exposure.

David - the broker that helped me the other day mentioned their firm only works with DST that let them see the books (he phrased it differently) and that is not Crew, so long/short, they do not even consider offering Crew. Really feel my broker messed up here. BTW, the SEC has called me back and playing phone tag, will keep you all informed.

When did you purchase the AZ property from Kay?

These posts can get confusing. My last post was intended for Harlan, not Steve, as he stated that he purchased an AZ property through Kay. Once again, I was trying to determine the timeframe for the purchase of the AZ property from Kay?

0 Votes

Quote from @Steve Cameron:

Quote from @David Walser:

Quote from @Harlan Cooper:

David, you said in your post that you are meeting with Kay Properties at the investor day event.

Harlan,

When did you purchase the AZ property from Kay?

0 Votes

All Forum Posts by: David Walser

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