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  • Avatar RU4SCUBA 
    Participant
    Status: Physician
    Posts: 13
    Joined: 12/28/2016

    Has anyone heard anything from Realty Shares lately?
    I know they sent that notification out saying they were no longer providing new investment opportunities, but I’ve sent them a couple emails regarding 1099s and one of my deals was projected to close in October, but they haven’t been returned. I’m still getting my monthly deposits, which is nice, but I’m just wondering what it going on over there?
    Any one else having this problem?

    Thanks!

    #189961 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4263
    Joined: 05/13/2011

    I assume the K-1s/1099s will be available around April 1st like most of these companies. I know there are much fewer people working there than there used to be, so I’d expect pretty piss poor customer service. I’m just hoping the last loan I’ve got out through them is paid back soon.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #189975 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3171
    Joined: 01/21/2016

    I received my 1099 today.

    Historically, their K-1’s have come in late March or early April, and I am hoping that they stick to this timeline.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #190024 Reply
    Avatar RadDoc6876 
    Participant
    Status: Physician
    Posts: 80
    Joined: 03/25/2016

    I received my 1099 from them and have been getting paid on time, so I haven’t noticed a disruption in service.  But I haven’t tried to contact them with any questions or requests.

    #190174 Reply
    Avatar RU4SCUBA 
    Participant
    Status: Physician
    Posts: 13
    Joined: 12/28/2016

    Did you receive your 1099 in the mail or download it from their website. I’ve checked the website and mine is not on there, and haven’t received anything in the mail yet. All of my deals with them are debt, so I’m guessing that should generate at 1099.

    I keep getting paid on time, which is nice, but as I mentioned I have a deal that was set to close in October 2018, one set to close May 2019, one in December 2019. It would be nice to hear something back from them.

    #190185 Reply
    Avatar rrmcpa 
    Participant
    Status: Accountant
    Posts: 8
    Joined: 07/16/2018

    I got a paper 1099 but it is not available online.

    Worse, the “12 month” debt deal I am since May 2017 stopped paying in December and is now in foreclosure.

    Even worse, I just got an update from an equity deal I am in saying they did not receive quarterly reports from the sponsor for Q4.  I googled the sponsor and their website is down.  Could be a coincidence but I think its an expensive lesson.

    Underperformance and losing capital was a known risk going into these, but it really feels lousy that the platform* just quit in the middle of deals and give the sponsors all leverage over RS’s bare bones staff.

    Anyone else seeing an uptick on defaults and sponsors going dark?

    #192839 Reply
    Liked by Vagabond MD
    Avatar RU4SCUBA 
    Participant
    Status: Physician
    Posts: 13
    Joined: 12/28/2016

    How long ago did you receive your paper 1099?

    #192840 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3171
    Joined: 01/21/2016

    How long ago did you receive your paper 1099?

    Click to expand…

    I received a paper 1099 last week.

    But I am not even going to think about the K-1’s for another month.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #192860 Reply
    Liked by Peds
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4263
    Joined: 05/13/2011

    I got a paper 1099 but it is not available online.

    Worse, the “12 month” debt deal I am since May 2017 stopped paying in December and is now in foreclosure.

    Even worse, I just got an update from an equity deal I am in saying they did not receive quarterly reports from the sponsor for Q4.  I googled the sponsor and their website is down.  Could be a coincidence but I think its an expensive lesson.

    Underperformance and losing capital was a known risk going into these, but it really feels lousy that the sponsor just quit in the middle of deals and give the sponsors all leverage over RS’s bare bones staff.

    Anyone else seeing an uptick on defaults and sponsors going dark?

    Click to expand…

    I’ve only got one deal left. It was paying on time until recently. I think it missed January’s payment. I still think the most likely outcome is I get all my principal and interest with late fees back. We’ll see.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #192886 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3171
    Joined: 01/21/2016

    I got a paper 1099 but it is not available online.

    Worse, the “12 month” debt deal I am since May 2017 stopped paying in December and is now in foreclosure.

    Even worse, I just got an update from an equity deal I am in saying they did not receive quarterly reports from the sponsor for Q4.  I googled the sponsor and their website is down.  Could be a coincidence but I think its an expensive lesson.

    Underperformance and losing capital was a known risk going into these, but it really feels lousy that the sponsor just quit in the middle of deals and give the sponsors all leverage over RS’s bare bones staff.

    Anyone else seeing an uptick on defaults and sponsors going dark?

    Click to expand…

    I’ve only got one deal left. It was paying on time until recently. I think it missed January’s payment. I still think the most likely outcome is I get all my principal and interest with late fees back. We’ll see.

    Click to expand…

    Correction: that is the most optimistic outcome. 😉

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #192993 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4263
    Joined: 05/13/2011

    I got a paper 1099 but it is not available online.

    Worse, the “12 month” debt deal I am since May 2017 stopped paying in December and is now in foreclosure.

    Even worse, I just got an update from an equity deal I am in saying they did not receive quarterly reports from the sponsor for Q4.  I googled the sponsor and their website is down.  Could be a coincidence but I think its an expensive lesson.

    Underperformance and losing capital was a known risk going into these, but it really feels lousy that the sponsor just quit in the middle of deals and give the sponsors all leverage over RS’s bare bones staff.

    Anyone else seeing an uptick on defaults and sponsors going dark?

    Click to expand…

    I’ve only got one deal left. It was paying on time until recently. I think it missed January’s payment. I still think the most likely outcome is I get all my principal and interest with late fees back. We’ll see.

    Click to expand…

    Correction: that is the most optimistic outcome. 😉

    Click to expand…

    Looks like they’re one and the same in my mind this time.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #193009 Reply
    Avatar RU4SCUBA 
    Participant
    Status: Physician
    Posts: 13
    Joined: 12/28/2016

    Well, I just got this notification.
    Probably not a good sign. Unfortunately all 3 investments I did were all with the same borrower. I had laddered 3 different investments at 9, 12, and 18 months in different locations. Interestingly I haven’t been paid my February payment for any of these investments.

    “We have been actively pursuing the borrower and have a call scheduled with their senior management in the next few days. We will report back to investors after that call with any meaningful information that we receive. While our ultimate remedy when a loan is in default is to pursue foreclosure, we believe that working towards a settlement with the borrower is likely to result in a higher recovery for investors.“

    #196474 Reply
    Avatar MColantoni 
    Participant
    Status: Physician
    Posts: 1
    Joined: 03/14/2019

    I haven’t had any response from customer service at Realtyshares and their phone number is no longer functional.  I did reach out to the sponsor of my equity investment directly and it seems like the investment is currently on track (early stage investment and no distributions have been paid yet).  I haven’t received a K1 for 2018 yet, despite the sponsor forwarding it to Realtyshares a few weeks ago.

    Is anyone concerned about the fact that equity investments in specific properties are through a Realtyshares LLC?  While the sponsor is managing the investment, if Realtyshares is no longer operational, what happens to the LLC?

    #198326 Reply
    Avatar dronc 
    Participant
    Status: Physician
    Posts: 1
    Joined: 04/16/2019

    No K1 yet, had to file extension. Anyone got K1?

    #206728 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2129
    Joined: 09/18/2018

    I believe you are stuck dealing directly with the sponsor.

    The Sad Demise Of RealtyShares: What’s Next, Alternatives, And Lessons

    #206759 Reply

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