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

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  • #16
    Originally posted by PhysicianOnFIRE View Post

    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.
    Took a peek at your post. For some unsolicited advice, I would just caution that while you're certainly diversifying yourself across multiple platforms, syndications and geographically, you're assuming a massive amount of risk in regards to asset class. Almost everything you have invested in is on the residential side either via MF or fix-and-flip deals. One downturn in that sector and you could find yourself in quite the hole to dig out of. Just my unsolicited two cents!

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    • #17
      Originally posted by VagabondMD View Post
      <blockquote class="d4pbbc-quote">
      <div class="d4p-bbp-quote-title"><a href="https://www.whitecoatinvestor.com/forums/topic/dlp-income-growth-fund-i-dlp-access-fund-2/#post-244203">The White Coat Investor wrote:</a></div>
      <div class="d4p-bbp-quote-body">

      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.
      <div class="d4p-bbp-quote-expand">Click to expand...</div>
      </div></blockquote>
      Wow, must have been quite a thread on FB (and quite a story)!
      The thread is still there. It was a very unfortunate setup. The woman's email account was compromised and that's how the scammers learned of her potential RE investment. They worked quickly, falsely exchanging emails and sent inaccurate wire information. Alan was led to believe that she was no longer interested and she was led to believe her money had been sent.

      Any time you are asked to wire money, it's a good idea to call and verify the account and wire info, using a phone number you know to be legitimate, at least to the best of your knowledge.

      I'll add that the only connection I had to this failed and fraudulent transaction was that it was discussed in my Facebook group after the fact.

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      • #18
        Originally posted by PhysicianOnFIRE View Post

        The thread is still there. It was a very unfortunate setup. The woman's email account was compromised and that's how the scammers learned of her potential RE investment. They worked quickly, falsely exchanging emails and sent inaccurate wire information. Alan was led to believe that she was no longer interested and she was led to believe her money had been sent.

        Any time you are asked to wire money, it's a good idea to call and verify the account and wire info, using a phone number you know to be legitimate, at least to the best of your knowledge.

        I'll add that the only connection I had to this failed and fraudulent transaction was that it was discussed in my Facebook group after the fact.
        Unfortunately, I have to deal with this all too often. Fortunately, most of the time it's pretty easily foiled. Calling to verify is always good, and make sure that you call the actual number for the company, not whatever phone number they put in the email.

        My BIL is an insurance attorney, and specializes in cyber claims so he deals with a lot of these situations. Your scenario is now a very common/popular technique for scammers. They gain access to your email, but they simply monitor it and wait for an opportunity to present itself such as wiring funds to a sponsor for instance, then knowing that you're anticipating an email regarding that, they put together a fraudulent email with their own bank info and their victims are likely to fall for it since they're expecting it.

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        • #19
          Originally posted by CREGuy View Post

          Unfortunately, I have to deal with this all too often. Fortunately, most of the time it's pretty easily foiled. Calling to verify is always good, and make sure that you call the actual number for the company, not whatever phone number they put in the email.

          My BIL is an insurance attorney, and specializes in cyber claims so he deals with a lot of these situations. Your scenario is now a very common/popular technique for scammers. They gain access to your email, but they simply monitor it and wait for an opportunity to present itself such as wiring funds to a sponsor for instance, then knowing that you're anticipating an email regarding that, they put together a fraudulent email with their own bank info and their victims are likely to fall for it since they're expecting it.
          This is one of many reasons I do all of my personal business and confidential communication through a secure email service.

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          • #20
            Originally posted by VagabondMD View Post

            This is one of many reasons I do all of my personal business and confidential communication through a secure email service.
            That helps. The problem is that's only half of the equation. The experiences I've had have never come from a breach on my end. Typically I'm sending out an invoice, then suddenly I get a call from my "client" who is asking me for bank info for wiring. They know what it's for, what the exact amount is etc., the problem is that I have pretty strong relationships with my clients and know how they operate (and frankly who the POC is in the Acct Dept), which doesn't add up to what the scammers are trying to do.

            Again it's great to have a secured email on your end, but if there is a breach on the other side, it doesn't matter.

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