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

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  • CREGuy
    replied
    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.

    Leave a comment:


  • VagabondMD
    replied
    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.

    Leave a comment:


  • CREGuy
    replied
    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.

    Leave a comment:


  • PhysicianOnFIRE
    replied
    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.

    Leave a comment:


  • CREGuy
    replied
    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!

    Leave a comment:


  • PhysicianOnFIRE
    replied
    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.

    Leave a comment:


  • The White Coat Investor
    replied
    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.

    Leave a comment:


  • wizzies
    replied
    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!

    Leave a comment:


  • PhysicianOnFIRE
    replied
    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.

    Leave a comment:


  • The White Coat Investor
    replied
    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.

    Leave a comment:


  • wizzies
    replied
    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!

    Leave a comment:


  • G
    replied




    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

    Leave a comment:


  • The White Coat Investor
    replied




    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.

    Leave a comment:


  • The White Coat Investor
    replied







    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.

    Leave a comment:


  • wizzies
    replied
    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!

    Leave a comment:

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