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City Vest - DLP Income & Growth Fund I/DLP Access Fund 2

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  • City Vest - DLP Income & Growth Fund I/DLP Access Fund 2

    Any updates from anyone on DLP Fund I/II?

    I have completed all requirements short of final wire of $$$ for DLP Access Fund 2, but am looking for some guidance/reassurance/direction from others in Fund I/II that may have had some positive interactions/experiences. Not that my interactions with Alan have been negative, but I have heard some whisperings that things are a little...uncertain recently...please share and advise. Thanks

  • #2
    what whisperings and from whom?

    Comment


    • #3
      There were a few kinks to work out earlier this year as they got their website up and running and communication was a bit less than ideal. The second distribution should be coming early next month from the first DLP Access Fund that I'm invested in.

      Make sure you confirm wiring instructions. There was one person from the POF FB Group who tried to invest in a previous CityVest offering whose email got hacked (had nothing to do with CityVest) and they ended up wiring $25K to the scammer! Between POF, myself, and Cityvest, we actually offered to make it right but she didn't feel right about that.
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

      Comment


      • #4




        There were a few kinks to work out earlier this year as they got their website up and running and communication was a bit less than ideal. The second distribution should be coming early next month from the first DLP Access Fund that I’m invested in.

        Make sure you confirm wiring instructions. There was one person from the POF FB Group who tried to invest in a previous CityVest offering whose email got hacked (had nothing to do with CityVest) and they ended up wiring $25K to the scammer! Between POF, myself, and Cityvest, we actually offered to make it right but she didn’t feel right about that.
        Click to expand...


        Wow, must have been quite a thread on FB (and quite a story)!

        Comment


        • #5




          Make sure you confirm wiring instructions. There was one person from the POF FB Group who tried to invest in a previous CityVest offering whose email got hacked (had nothing to do with CityVest) and they ended up wiring $25K to the scammer! Between POF, myself, and Cityvest, we actually offered to make it right but she didn’t feel right about that.
          Click to expand...


          Can you comment on the mechanics of what went wrong for those of us who don't FB?  A financial M&M, if you will.

          I usually just send good ol fashioned checks, but occasionally will wire money.

          Comment


          • #6
            How often are the distributions being made? Is that the same for both funds?  How long is initial investment kept before return of principal investment? Looking to invest 100k and don’t want it tied up waiting for fund to close or reach desired participants before realizing gains. First time investing in such a fund and as such am new to the detailed workings. Appreciate any/all clarifications from those already in fund 1 and those recently entering fund 2.

            Thanks so much in advance!

            Comment


            • #7







              Make sure you confirm wiring instructions. There was one person from the POF FB Group who tried to invest in a previous CityVest offering whose email got hacked (had nothing to do with CityVest) and they ended up wiring $25K to the scammer! Between POF, myself, and Cityvest, we actually offered to make it right but she didn’t feel right about that.
              Click to expand…


              Can you comment on the mechanics of what went wrong for those of us who don’t FB?  A financial M&M, if you will.

              I usually just send good ol fashioned checks, but occasionally will wire money.
              Click to expand...


              Yea her email was hacked and the hacker pretended they were CityVest to her and gave her the wrong wiring instructions. As soon as she wired the money, the account was closed and the hacker disappeared.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

              Comment


              • #8




                How often are the distributions being made? Is that the same for both funds?  How long is initial investment kept before return of principal investment? Looking to invest 100k and don’t want it tied up waiting for fund to close or reach desired participants before realizing gains. First time investing in such a fund and as such am new to the detailed workings. Appreciate any/all clarifications from those already in fund 1 and those recently entering fund 2.

                Thanks so much in advance!
                Click to expand...


                Quarterly.

                I don't know.

                I think the plan is 3-5 years.

                Yes, there was little benefit in fund one for those of us who invested early, especially when the close was delayed a few weeks. Some funds do pay something extra to the early investors, but fund one did not.

                I haven't talked to Alan at all about Fund 2. My experience is all with fund 1, but I presume it will be similar.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

                Comment


                • #9




                  There were a few kinks to work out earlier this year as they got their website up and running and communication was a bit less than ideal. The second distribution should be coming early next month from the first DLP Access Fund that I’m invested in.

                  Make sure you confirm wiring instructions. There was one person from the POF FB Group who tried to invest in a previous CityVest offering whose email got hacked (had nothing to do with CityVest) and they ended up wiring $25K to the scammer! Between POF, myself, and Cityvest, we actually offered to make it right but she didn’t feel right about that.
                  Click to expand...


                  Just saw this article about wiring fraud.  https://www.cnbc.com/2019/10/05/homebuyers-are-falling-for-this-scam-some-lose-their-life-savings.html

                  Comment


                  • #10
                    Jim
                    Have you had any recent complaints of delays from other WCIs regarding delayed 1st quarter distributions from City Vest Funds? Have you received your 1st quarter distributions from City Vest? I have reached out to Alan as he recently had mentioned they were to be made a couple weeks ago, but have not heard back from Alan...just curious to your personal experience and any feedback from other WCIs. Thanks!

                    Comment


                    • #11
                      Originally posted by wizzies View Post
                      Jim
                      Have you had any recent complaints of delays from other WCIs regarding delayed 1st quarter distributions from City Vest Funds? Have you received your 1st quarter distributions from City Vest? I have reached out to Alan as he recently had mentioned they were to be made a couple weeks ago, but have not heard back from Alan...just curious to your personal experience and any feedback from other WCIs. Thanks!
                      Yes. This quarter's distribution is about a month late due to issues he had changing banks. He blamed the delays on First Republic. Having had an account there, I do have some sympathy. Their machinery doesn't move very fast. Still unacceptable to me though and to most other investors. I see making distributions as basic blocking and tackling, not something that should be difficult for a fund to do.

                      My distribution is in my bank account as of yesterday so I suspect yours is too.
                      Helping those who wear the white coat get a fair shake on Wall Street since 2011

                      Comment


                      • #12
                        Originally posted by wizzies View Post
                        Jim
                        Have you had any recent complaints of delays from other WCIs regarding delayed 1st quarter distributions from City Vest Funds? Have you received your 1st quarter distributions from City Vest? I have reached out to Alan as he recently had mentioned they were to be made a couple weeks ago, but have not heard back from Alan...just curious to your personal experience and any feedback from other WCIs. Thanks!
                        I also noticed that my distribution was late and contacted Alan. He told me the other day to expect an ACH transfer to land in my account this week, which happened on Friday.

                        Communication could definitely use some improvement, and I'll probably invest this money directly with DLP when CityVest liquidates the investment and returns our capital in the next year or two. DLP has lowered the minimums to $100k for our audiences as compared to the prior $250k / $500k minimums they had when Jim and I invested via CityVest.

                        Comment


                        • #13
                          great information and insight. thanks gentlemen!
                          do either of you have any other funds you're really liking? not looking for direct endorsement so don't feel any pressure or liability concern...lol.
                          i was prepared to move forward recently with a few other CityVest Funds, but haven't been entirely impressed with my experience over the last couple years and am looking elsewhere to continue with fund investing. thanks again in advance for your thoughts!

                          Comment


                          • #14
                            Originally posted by wizzies View Post
                            great information and insight. thanks gentlemen!
                            do either of you have any other funds you're really liking? not looking for direct endorsement so don't feel any pressure or liability concern...lol.
                            i was prepared to move forward recently with a few other CityVest Funds, but haven't been entirely impressed with my experience over the last couple years and am looking elsewhere to continue with fund investing. thanks again in advance for your thoughts!
                            Best way to learn about my investments is to follow the blog and subscribe to the real estate newsletter:

                            https://www.whitecoatinvestor.com/fr...ly-newsletter/

                            On the equity side I have 5 funds and 3 syndications. Two new equity funds being funded this month and I have two outstanding capital commitments on two others. On the debt side I really just have three funds, which is about where I want to keep it. Most funds love it when I give them publicity. Only one has asked me not to share their name. However, NOBODY likes it when I talk about the bad things that happen (like the delayed distribution this last quarter with CityVest). So my latest updates don't name names specifically. But if you follow along regularly you can usually figure out who I'm talking about.

                            My preference is evergreen funds. They're pretty easy to get on the debt side, much harder on the equity side.
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

                            Comment


                            • #15
                              Originally posted by wizzies View Post
                              great information and insight. thanks gentlemen!
                              do either of you have any other funds you're really liking? not looking for direct endorsement so don't feel any pressure or liability concern...lol.
                              i was prepared to move forward recently with a few other CityVest Funds, but haven't been entirely impressed with my experience over the last couple years and am looking elsewhere to continue with fund investing. thanks again in advance for your thoughts!
                              We're looking at building a house, possibly starting this year, so any money that I direct to real estate in the next year or so will be going directly into the house we build.

                              I've been gradually growing my passive RE investments over the past three and a half years or so, and I detailed the returns I've seen and my evolution as an investor in a blog post earlier this week.

                              Comment

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