All Forum Posts by: Larry Melton

@Jim Peret

Spot on!!!

@Cecilia Arnulphi

Beware of fundrise. Right now they are not allowing fund redemptions.

Here's what they sent me:

Fundrise Advisors, in our capacity as Manager of the eREITs and eFunds, has determined that it is necessary at this time to suspend the processing and fulfillment of redemption requests.

While under normal market conditions, we seek to provide investors with the ability to redeem their investments on a regular basis, during times of financial crisis or extreme uncertainty, it is absolutely critical that we suspend redemptions in order to protect the interests of all our investors.

As Manager, we have an obligation to make decisions based upon what is best for the entire Fundrise investor community and must always put the priorities of the whole above any one individual.

Fundamentally, Fundrise investors own real property, which is simply not liquid. In conditions such as those we face today, fulfilling redemption requests would require us to either substantially deplete vital cash reserves, or, even worse, potentially sell assets into a down market, likely at a price far below actual value. We believe that either of these actions would materially increase the risk of unnecessary loss or otherwise avoidable problems for the vast majority of our investors who have not requested to redeem and intend to stay invested for the long term.

We recognize that the current coronavirus pandemic is evolving every day and therefore the situation may change rapidly. Accordingly, once we conclude the risk from the crisis has receded and the market has returned to more normal conditions, we expect to resume processing redemptions. However, at this time, ensuring that the portfolios are strongly positioned to weather even the most severe downturn is the prudent decision.

We are aware of the fact that this may be a difficult time for some of our investors and want to reiterate that this was not a decision we have taken lightly. As always, we are available to answer any questions

@Christopher Wilchensky

Beware! I requested a Redemption of my funds from fundrise back in January and they won't release them.

Here is what they said:

Fundrise Advisors, in our capacity as Manager of the eREITs and eFunds, has determined that it is necessary at this time to suspend the processing and fulfillment of redemption requests.

While under normal market conditions, we seek to provide investors with the ability to redeem their investments on a regular basis, during times of financial crisis or extreme uncertainty, it is absolutely critical that we suspend redemptions in order to protect the interests of all our investors.

As Manager, we have an obligation to make decisions based upon what is best for the entire Fundrise investor community and must always put the priorities of the whole above any one individual.

Fundamentally, Fundrise investors own real property, which is simply not liquid. In conditions such as those we face today, fulfilling redemption requests would require us to either substantially deplete vital cash reserves, or, even worse, potentially sell assets into a down market, likely at a price far below actual value. We believe that either of these actions would materially increase the risk of unnecessary loss or otherwise avoidable problems for the vast majority of our investors who have not requested to redeem and intend to stay invested for the long term.

We recognize that the current coronavirus pandemic is evolving every day and therefore the situation may change rapidly. Accordingly, once we conclude the risk from the crisis has receded and the market has returned to more normal conditions, we expect to resume processing redemptions. However, at this time, ensuring that the portfolios are strongly positioned to weather even the most severe downturn is the prudent decision.

We are aware of the fact that this may be a difficult time for some of our investors and want to reiterate that this was not a decision we have taken lightly. As always, we are available to answer any questions

@Chris Seveney

Yeah the Redemption. Last year was only one month. They extended it this year and right after they extended it I requested my Redemption as I needed the funds for this remodel I'm doing here in Austin.

Kind of stuff now but if I continue to get 8% on my investment I'll be okay.

I'll have to do the remodel later in the year... was hoping to pop some new windows in before summer here ... Austin gets pretty hot

@Caleb Heimsoth yeah I dropped 10K. About a year ago when they first started pimping it on BP. I had just paid off a crap load of debt and was above 0 for the first time in five years so I dropped my wad on fundrise to capture 8% while I looked for properties to invest in. Then towards the end of last year I grabbed this duplex here in Austin and now I need to do some remodeling but my cash is stuck with fundrise.

I requested to redeem the funds I had invested over at "Fundrise" back in January 2020 (before the pandemic) for a Capital Expenditure budgeted for March.... Still waiting!!!!

Now they send me this:

Fundrise Advisors, in our capacity as Manager of the eREITs and eFunds, has determined that it is necessary at this time to suspend the processing and fulfillment of redemption requests.

While under normal market conditions, we seek to provide investors with the ability to redeem their investments on a regular basis, during times of financial crisis or extreme uncertainty, it is absolutely critical that we suspend redemptions in order to protect the interests of all our investors.

As Manager, we have an obligation to make decisions based upon what is best for the entire Fundrise investor community and must always put the priorities of the whole above any one individual.

Fundamentally, Fundrise investors own real property, which is simply not liquid. In conditions such as those we face today, fulfilling redemption requests would require us to either substantially deplete vital cash reserves, or, even worse, potentially sell assets into a down market, likely at a price far below actual value. We believe that either of these actions would materially increase the risk of unnecessary loss or otherwise avoidable problems for the vast majority of our investors who have not requested to redeem and intend to stay invested for the long term.

We recognize that the current coronavirus pandemic is evolving every day and therefore the situation may change rapidly. Accordingly, once we conclude the risk from the crisis has receded and the market has returned to more normal conditions, we expect to resume processing redemptions. However, at this time, ensuring that the portfolios are strongly positioned to weather even the most severe downturn is the prudent decision.

We are aware of the fact that this may be a difficult time for some of our investors and want to reiterate that this was not a decision we have taken lightly. As always, we are available to answer any questions at (email address here)

Yea Man, "Rich Dad Poor Dad" is the golden book of wisdom!! The author "Robert Kiyosaki" has a Podcast you might like. and if you are into Podcasts check out Chase Maher's Podcast "Life Worth Chasing." Youv'e got a good start here at bp.
The stock market idea you have would give you some good experience. But, it's more of a "Shinny Object" that would take valuable time away from true wealth building. (i was like you, interested in shinny objects and got distracted with the stock market... looking back I would have been much better off staying focused on RE) If you can't loose the idea of hitting the stock market, check out "The Disciplined Investor" by Andrew Horowitz and "If it Rains in Brazil, Buy Starbucks" by Peter Navarro (lol Peter is working at the White-house now. Before, he was smoking Pot in San Diego and tried to run for Mayor but got busted for Pot and the good folks of San Diego couldn't let a Pot head be Mayor lol) times are changing!!
Brest wishes

Hi Paul, I move here (Austin) in November last year... from Bay Park (San Diego) I have a duplex on the north side of Austin. Having a duplex gives you more bang for your buck. I'm planning on buying my 2nd duplex around August or September. Love the downtown nightlife here and we have a light rail (Cap Metro is like our Trolley in SD) Hit me up if you have any questions. oops. I tried to post my cell # ,,, against the rules... well, good luck!!

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