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#41
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by cgblack - June 11, 2021, 12:46:07 PMA disappointing update on 1 Sand and Sea:
=====
IRM currently classifies this investment as a Tier 3 asset. Distributions from this
investment have not been distributed in accordance with the original business plan.
Since the last update, the house did sell. It was previously mentioned the closing was
delayed primarily due to the actions of one of the Managing Members (MM). The MM
who was trying to cause the delay demanded he get back his equity investment before
he would consent to the sale of the house. The active MM who completed the house
said the other MM decided not to contest the sale.
The house sold for $9,000,000 and after $450,000 of real estate commissions and
approximately $190,000 of other selling costs, the net sale price was $8,360,000. The
MM reported that the total acquisition, construction and financing cost was $10,528,196,
so the loss was $2,168,196.
The MM who has been involved in completing the house is a CPA. We have requested
much more detail than just a summary of the expenses. We will continue to work on
obtaining the detailed information to determine if the expenses were legitimate and
there was an actual loss. We are also taking steps to determine if there is any recourse
against the MMs for the apparent loss on this investment.
======
This is outrageous. Here is the original listing for this investment:
======
The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf.
======
Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
=====
IRM currently classifies this investment as a Tier 3 asset. Distributions from this
investment have not been distributed in accordance with the original business plan.
Since the last update, the house did sell. It was previously mentioned the closing was
delayed primarily due to the actions of one of the Managing Members (MM). The MM
who was trying to cause the delay demanded he get back his equity investment before
he would consent to the sale of the house. The active MM who completed the house
said the other MM decided not to contest the sale.
The house sold for $9,000,000 and after $450,000 of real estate commissions and
approximately $190,000 of other selling costs, the net sale price was $8,360,000. The
MM reported that the total acquisition, construction and financing cost was $10,528,196,
so the loss was $2,168,196.
The MM who has been involved in completing the house is a CPA. We have requested
much more detail than just a summary of the expenses. We will continue to work on
obtaining the detailed information to determine if the expenses were legitimate and
there was an actual loss. We are also taking steps to determine if there is any recourse
against the MMs for the apparent loss on this investment.
======
This is outrageous. Here is the original listing for this investment:
======
The total investment, including purchase price, hard and soft costs, and closing costs is approximately $5,572,642. The senior debt will contribute approximately 47.5% of project costs, while RealtyShares investors will contribute approximately 35.9%, leaving the sponsor with a 16.5% contribution to total project cost. The estimated sales price upon completion is $6,600,000, or $3,185/sf (1). However, in order for the Sponsor to return the investors' equity, preferred return, and annualized exit fee upon sale, the sales price need only be $5,112,903, or $2,468/sf.
======
Suddenly a net sales price of $8,360,000 comes out as a loss. Something stinks about this one!
#42
Financial Advice From The Community / Reader Profiles / How to Create Central Bank Dig...
Last post by Vinn - May 04, 2021, 04:21:55 AMAbbreviated from Central Bank Digital Currency, CBDCs are digital or electronic representations of national fiat currencies. Leveraging distributed ledger technologies such as blockchain, CBDCs enable central banks to increase payment efficiency while drastically lowering transaction costs.
Although similar to cryptocurrencies such as bitcoin or ether, CBDCs have substantial distinctions. While the former is mostly unregulated, CBDCs function under the governance of a nation's central financial authority. Furthermore, CBDCs are mostly stablecoins, backed by physical assets of value, such as gold or other foreign currencies; this eliminates the volatility crisis facing ordinary cryptocurrencies.
Combining these factors, then, CBDCs are more secured, efficient, transparent, and cost-minimized versions of money deposited in your bank account. In 2020, China's central bank began an experiment with digital yuan in Suzhou, Chengdu, and Xiong'an. According to its governor, Li Bo, the 'testing had shown that the issuance and distribution mechanism of the digital yuan, or e-CNY, are compatible with the existing financial system, and help minimize the impact on the banking sector.'
Following suit, the Reserve Bank of India has also expressed plans to explore CBDCs; so have Bank of England, Bank of Canada, and the central banks of Uruguay, Thailand, Venezuela, Sweden, and Singapore, among others. Against this backdrop, let us discuss how central banks can build robust CBDCs over the XinFin Digital Contract (XDC) network.
Creating CBDCs with XinFin XDC Network
Having discussed the overall benefits of using blockchains for CBDCs, and especially why central banks might prefer using XinFin, let us now look at the creation process. As such, based on the asset backing them, CBDCs can be of four broad types: fiat-collateralized, crypto-collateralized, commodity-collateralized, and non-collateralized.
While collateralized CBDCs usually have a 1:1 backing, non-collateralized ones leverage Seigniorage Shares Systems. But for each of these types, the process of creating CBDCs on XinFin is mostly similar and extremely easy. It only takes a few minutes, and the steps are as follows:
Step 1: Visit the MyContract website, to start creating your stablecoin, either on the XinFin Mainnet or the XinFin Apothem Network.
Step 2: Log in to the portal, either with XinPay or your private key.
Step 3: Enter the details of your stablecoin, such as name, symbol, supply, and so on.
Step 4: Review the details carefully; mistakes can lead to loss of funds and also credibility among potential users.
Step 5: Click on the 'Issue Token' button, and voila, your CBDC is ready for use; confirm the issuance using XinFinScan.
Read original article: https://www.thecryptoupdates.com/how-to-create-central-bank-digital-currency-cbdc-over-xinfin-xdc-network/
Although similar to cryptocurrencies such as bitcoin or ether, CBDCs have substantial distinctions. While the former is mostly unregulated, CBDCs function under the governance of a nation's central financial authority. Furthermore, CBDCs are mostly stablecoins, backed by physical assets of value, such as gold or other foreign currencies; this eliminates the volatility crisis facing ordinary cryptocurrencies.
Combining these factors, then, CBDCs are more secured, efficient, transparent, and cost-minimized versions of money deposited in your bank account. In 2020, China's central bank began an experiment with digital yuan in Suzhou, Chengdu, and Xiong'an. According to its governor, Li Bo, the 'testing had shown that the issuance and distribution mechanism of the digital yuan, or e-CNY, are compatible with the existing financial system, and help minimize the impact on the banking sector.'
Following suit, the Reserve Bank of India has also expressed plans to explore CBDCs; so have Bank of England, Bank of Canada, and the central banks of Uruguay, Thailand, Venezuela, Sweden, and Singapore, among others. Against this backdrop, let us discuss how central banks can build robust CBDCs over the XinFin Digital Contract (XDC) network.
Creating CBDCs with XinFin XDC Network
Having discussed the overall benefits of using blockchains for CBDCs, and especially why central banks might prefer using XinFin, let us now look at the creation process. As such, based on the asset backing them, CBDCs can be of four broad types: fiat-collateralized, crypto-collateralized, commodity-collateralized, and non-collateralized.
While collateralized CBDCs usually have a 1:1 backing, non-collateralized ones leverage Seigniorage Shares Systems. But for each of these types, the process of creating CBDCs on XinFin is mostly similar and extremely easy. It only takes a few minutes, and the steps are as follows:
Step 1: Visit the MyContract website, to start creating your stablecoin, either on the XinFin Mainnet or the XinFin Apothem Network.
Step 2: Log in to the portal, either with XinPay or your private key.
Step 3: Enter the details of your stablecoin, such as name, symbol, supply, and so on.
Step 4: Review the details carefully; mistakes can lead to loss of funds and also credibility among potential users.
Step 5: Click on the 'Issue Token' button, and voila, your CBDC is ready for use; confirm the issuance using XinFinScan.
Read original article: https://www.thecryptoupdates.com/how-to-create-central-bank-digital-currency-cbdc-over-xinfin-xdc-network/
#43
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by sdnerd - April 14, 2021, 03:01:17 PMIt would certainly be nice if they gave some type of update. It's been around 1.5 months since we've heard anything.
#44
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by JD - April 14, 2021, 06:26:33 AMQuote from: DigitalNomad on April 07, 2021, 04:45:08 PMQuote from: barnold24 on April 07, 2021, 04:23:01 PM
Has anyone received any tax documents or updates regarding timing of the K-1's?
No, I haven't received any of my 4 K-1s.
Me either and simply assuming it'll be another required extension year.
Only RS/IRM missing them, yet again. My other sites have delivered pretty much all of them by now.
#45
Financial Independence Retire Early (FIRE) / Re: Ideas to spend some wealth...
Last post by stevesheets - April 07, 2021, 09:55:09 PMDo you get the cable channel AWE - "A Wealth of Entertainment"?
Started watching a few shows there, and has resulted in plenty of ideas for spending:
- Dream Cruises - luxury european cruises
- Boys Toys - fancy cars, etc
give it a try, haha
Started watching a few shows there, and has resulted in plenty of ideas for spending:
- Dream Cruises - luxury european cruises
- Boys Toys - fancy cars, etc
give it a try, haha
#46
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by DigitalNomad - April 07, 2021, 04:45:08 PMQuote from: barnold24 on April 07, 2021, 04:23:01 PM
Has anyone received any tax documents or updates regarding timing of the K-1's?
No, I haven't received any of my 4 K-1s.
#47
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by barnold24 - April 07, 2021, 04:23:01 PMHas anyone received any tax documents or updates regarding timing of the K-1's?
#48
Taxes / Tax Planning
Last post by teeta - April 07, 2021, 02:17:49 PMGreetings all! Hope all is well.
Just curious at what point (income level) do you guys using CPA or tax strategist to optimize your taxes. I've been doing my own taxes for years so i have a decent knowledge but always wanted to have a second set of eyes that could better my tax situation. Many thanks in advance!
Just curious at what point (income level) do you guys using CPA or tax strategist to optimize your taxes. I've been doing my own taxes for years so i have a decent knowledge but always wanted to have a second set of eyes that could better my tax situation. Many thanks in advance!
#49
Real Estate Crowdfunding / Re: Thoughts On RealtyShares C...
Last post by Allover - March 24, 2021, 07:49:00 AMHello All,
No news in this case really is just that. No news. IRM continues to drag its feet with yarns about lost documents and the like. Apparently now the documents have been found. Its a miracle!!
Meanwhile our money is basically dead.
How would you react if someone called you on the phone and said : " Hey, send me XXX amount of dollars in and in 3 or 5 years, if your lucky, I will send you your own money back. "
BTW : Little to no interest from the legal community about chasing some of these scumbags down. Ian at the Law Firm in Boston says that case not going well. May not move forward at all. Other attorneys showing zero interest in pursuing the sleazeballs who stole our money from the naive children we gave it too.
Once again : If you know anyone who is in law enforcement at any level......even better in a district attorneys office // DOJ// SEC // Postal Inspector......make sure that you tell them about this situation. The only way that we are ever going to get any "justice" is going to be if someone with a badge and gun shows up at the RS / IRM offices and says :
"We need to see the files."
Even then its doubtful this will help us get our money back........but at least someone will be made to answer for their actions. If the Fed can put Charles Keating in jail for being a bad banker.....then some people at RS can be held accountable.
Best of luck to all.
#50
Financial Independence Retire Early (FIRE) / Re: Ideas to spend some wealth...
Last post by berkel - March 04, 2021, 11:12:32 AMI was going to suggest a car, but you've got that covered. Great choice!
My wife and I are in our late 40s and approaching financial independence. We have had a traditional path through staying employed and saving diligently. My wife missed a couple of years working, since our son had many medical issues when he was born (6 months in the NICU, long story). No real side hustles, although I've started blogging as a hobby for now.
We max out our 401ks, contribute to our Roths through the back door, and invest in an after tax brokerage account and Fundrise. We aren't as thrifty as we could be, and enjoy driving new cars (Audi Q7 for her and a BMW m340xi for me). We also splurge on family vacations with our family, renting a home on Cape Cod MA for a week on or near the ocean. We've also taken family vacations to Disney and would like to go to the Caribbean once things get a little more normal. Maybe even some time with just the wife and I now that our kids are older! We put a lot on hold when our kids were young and due to the health complications.
I do like some electronics and will splurge on a new OLED tv soon too, but also planning on more time in Retirement for hobbies like learning French, guitar, mountain biking, trying to workout, etc. These activities don't require too much money, but could definitely spend too much on a mountain bike.
My wife and I are in our late 40s and approaching financial independence. We have had a traditional path through staying employed and saving diligently. My wife missed a couple of years working, since our son had many medical issues when he was born (6 months in the NICU, long story). No real side hustles, although I've started blogging as a hobby for now.
We max out our 401ks, contribute to our Roths through the back door, and invest in an after tax brokerage account and Fundrise. We aren't as thrifty as we could be, and enjoy driving new cars (Audi Q7 for her and a BMW m340xi for me). We also splurge on family vacations with our family, renting a home on Cape Cod MA for a week on or near the ocean. We've also taken family vacations to Disney and would like to go to the Caribbean once things get a little more normal. Maybe even some time with just the wife and I now that our kids are older! We put a lot on hold when our kids were young and due to the health complications.
I do like some electronics and will splurge on a new OLED tv soon too, but also planning on more time in Retirement for hobbies like learning French, guitar, mountain biking, trying to workout, etc. These activities don't require too much money, but could definitely spend too much on a mountain bike.