All Forum Posts by: Marilyn Viray
Marilyn Viray has started 1 posts and replied 3 times.
Post: Beckstone Partners whereabouts?
- Rental Property Investor
- New Jersey
- Posts 3
- Votes 1
Quote from @Jay Hinrichs:
Quote from @Marilyn Viray:
Quote from @Steve Vaughan:
Quote from @Marilyn Viray:
Hello,
I have found out a little more since my original post. With regard to the actual properties, they are still rented & mortgage is still being paid. The management company has been in touch with Beckstone Partners & they supposedly will be contacting the investors in the next few days.
Sorry you're facing this.
Tell us more. How long have you been with them? Did they require accredited status?
Did you receive partial interest in a specific property(s) or did your money go into a general fund?
Hello,
I actually forget how I heard about this company, but I purchased my first rental property from them in August 2020, with a non recourse loan, and Solo 491K funds. Beckstone has a company that does the property maintenance, and then the remainder of the rent gets directly deposited into my Solo 401K bank account, this was working wonderfully, until it suddenly stopped last month. I have tried to reach out to Beckstone since, but the office number is answered by a service that takes messages, but calls do not get returned. I also have a cell phone number, but, likewise, nobody answers.
Seeing as this was working well, I collaborated with Beckstone & other investors to purchase a multi unit building in August 2021, those rent payments have also ended.
They did not require accredited status.
Since this happened I have been trying to discover their other investors, but to no avail, however I am going to reach out to Check Book IRA, they are not my custodian, but they have mentioned Beckstone on a podcast last year and said that some of their clients have partnered with Beckstone.
OK un packing this it sounds very much like what happened to Jerry Cohen investors in Chicago..
sounds like you did NOT buy a property but you made a loan to them NON recourse ( as is required by your IRA ). they have stopped paying so the only recourse is to foreclose on the property and take it over.. Now it gets interesting ( and I am just guessing here ) but I suspect there are multiple beneficiaries in the deal you and others. The company that wrote the note to you can just walk and your only recourse as stated is the property.. but there could be some securities issues here like what happened to the Cohen's .. These are called fractionalized mortgages and in some states they are legal in some states they are not.
Either way your probably going to need legal representation to figure this out.. and getting as many investors together to compare notes will also be critical.
someone should have the orignal note.. and you can find the mortgage at the county recorder hopefully these guys actually did a mortgage and note and recorded the mortgage.. this is classic set up with those that really dont understand how the transactions are or should be put together and your just trusting.
Post: Beckstone Partners whereabouts?
- Rental Property Investor
- New Jersey
- Posts 3
- Votes 1
Quote from @Steve Vaughan:
Quote from @Marilyn Viray:
Hello,
Sorry you're facing this.
Tell us more. How long have you been with them? Did they require accredited status?
Did you receive partial interest in a specific property(s) or did your money go into a general fund?
Hello,
I actually forget how I heard about this company, but I purchased my first rental property from them in August 2020, with a non recourse loan, and Solo 491K funds. Beckstone has a company that does the property maintenance, and then the remainder of the rent gets directly deposited into my Solo 401K bank account, this was working wonderfully, until it suddenly stopped last month. I have tried to reach out to Beckstone since, but the office number is answered by a service that takes messages, but calls do not get returned. I also have a cell phone number, but, likewise, nobody answers.
Seeing as this was working well, I collaborated with Beckstone & other investors to purchase a multi unit building in August 2021, those rent payments have also ended.
They did not require accredited status.
Since this happened I have been trying to discover their other investors, but to no avail, however I am going to reach out to Check Book IRA, they are not my custodian, but they have mentioned Beckstone on a podcast last year and said that some of their clients have partnered with Beckstone.
Post: Beckstone Partners whereabouts?
- Rental Property Investor
- New Jersey
- Posts 3
- Votes 1
Hello,
Has anybody bought properties, through Beckstone Partners.I have not received my monthly rent payment & I am unable to contact them, & feel I may have been fleeced, interested to know if anyone is in the same boat.