All Forum Posts by: Jeff Fortuna

They refinanced canton and  they kept the money. They bought it well and then pulled millions out of it. Scott Dahin manages and oversees the asset. I wrote him and am still waiting for a response.  

Scott Meyers hired a young man named Scott Dahin to run the 8 assets in the fund. I’m not sure how Scott Meyers gets paid… it would be too stressful for me to guess 

I wish the zoom meetings the syndicators put on would answer year over year gross and net figures and discuss the debt service.  The zoom meetings are useless because they do not share pro forma goals. The tuff questions are usually responded with- “ contact us and we will set up a special one on one meeting with the individual investor.”  

Scott Meyers syndication update for 2q 2025.debt service is substantially more than net operating income. Here is what they do: they will buy a commercial building for a few million in a bad location. Step 2 is to refinance the real estate for double what they paid for it. Step 3 is to tell investors that the money is being used to rehab the property to create value.  There are zero distributions. 

The end result in the last 2 yrs is a vacancy rate of 88 percent. It feels very unethical. 

So here is the story on the financials for Scott Meyers and Scott Dahin.  I get a balance sheet and an income statement. The owners equity has been deteriorating every year and the income statement operates at a loss every year. 

Scott will not produce year over year numbers. It is difficult to figure out how much the syndication is losing. 

The second point I’m frustrated with  is a property they purchased in Ohio. The bought it as a good deal and then destroyed any cash flow - equity by obtaining a huge loan on it. They say that the loan was used to increase its value but it has yet to produce any cash flow. 

Im involved personally in other similar syndications and they are doing well with positive monthly returns and real audited financials that show year over year gains. I have really learned my lesson with guru salespeople. 

There are no distributions. The ceo told me it is now a growth fund; although 3 yrs ago the salespeople (Scott Meyers) told me that it takes a few months for the distributions to start; 

there are 2 types of syndications. 1. Sales pitch oriented 2. Operations oriented. I have learned the hard way to kindly choose operations oriented deals. It’s really frustrating because I am in some other ss funds and they are doing very well. 

It’ll be well north of 16 irr when everything is done 

I am in 2 mobile home CRE Funds and both are distributing an annual distributions north of 8 percent. I am also in a few of the crystal view funds that invest in self storage and they are distributing 8+ annually.

It is not that self storage is a bad industry right now it is the skipper running the cre. a great manager can make a poor location produce! And……I have seen great real estate locations become destroyed by bad management. 

2024 q1 and q2 are over and the storage fund has not issued any distributions because the income statement is losing cash. I do get promises.