Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Chris Tessmann

Chris Tessmann has started 1 posts and replied 20 times.

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Dutch Mendenhall any response to any of us?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Dutch Mendenhall any response?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Jay Hinrichs this has already been a three month long process in which I have been told the refund was approved and given three separate dates that I was to have the whole refund in hand. All these dates have come and gone with zero refund. 

This is also on the heels of their update call last night where one of the focal pitch points was discussing the "millions and millions and millions" liquid in place to purchase more properties. Like I said before - if I, as an individual investor, can make the fee payment at once, how can RADD, as an entity with that type of professed liquidity, not refund the exact same amount - not more, not less - at once? They've had that money from me since August. 

This isn't a foolish line in the sand that I'm drawing, I'm dealing with a pattern of unfulfilled promises, unresponsiveness, and delays without even an attempt at explanation that put me in the position of having to act as if nothing being said is real. 

@Dutch Mendenhall wrote on this same thread 18 days ago (and hasn't replied to anyone on here since): 

"I want to assure you that your refund has been approved, and steps are being taken to expedite the process. As of now, the refund is scheduled to be issued soon. I apologize for the lack of communication and for the inconvenience caused by the delay.

Transparency, responsiveness, and reliability are indeed core values for us at RADD, and I am committed to ensuring that your concerns are addressed promptly and efficiently."

It's one thing to say the right things, but you actually have to follow through for the words to have any meaning. All I'm asking for is that actual follow through.

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Jingjing Zou... I have not. I did wake up to an email yesterday offering a 15 minute call with @Dutch Mendenhall for this (Friday) afternoon, but as I told them (and have remained consistent with since this started), all communications have to be in writing. 

What followed after that was an offer from them to start making weekly payments until my entire Inner Circle membership fee was refunded over 10 weeks, followed by sending me a new e-sign settlement doc with those stipulations in place of the original - even after I refused the "payment plan" option via email earlier today (as you can imagine, given the experience thus far, the last thing I'm interested in chasing my money/answers even further/longer). They have not responded again (other than sending the e-sign doc) since this morning.


@Stuart Udis I pretty much avoided looking into any of the Philadelphia offerings knowing I had no idea about the area or the local rental environment/landscape. Wish I could be more help. 

@Dutch Mendenhall Why is RADD making this such a painful process. If I, as a single investor, can make my payment all at once, why on earth does the RADD Inner Circle need 10 weeks (EDIT) AFTER an already three-month-long process to this point?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

So I actually did start a review w/ BBB, and that's what kicked off the the last round of communications/promise the refund was coming last week, but now haven't heard anything since another no-update-update on Friday.

@Dutch Mendenhall it's been a while since you chimed in - are you actually intending to send this refund?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Dutch Mendenhall are these refund checks actually getting sent out?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

Well, Tuesday (and now Wednesday) have passed and I still don't have my refund. I have been in contact with the same representative that sent the update last week that I would see the refund yesterday, and they don't have any answers other than "they are still waiting on confirmation," and "I just don't have a solid answer for you." (Keep in mind, as @Dutch Mendenhall stated in his response on this thread 9 days ago, "I want to assure you that your refund has been approved, and steps are being taken to expedite the process.")

Tuesday was the third date/deadline for refund issuance that THEY have set that has now come and gone without delivery. @Dutch Mendenhall, how many times does something have to be confirmed/approved between your Chief Operating Officer, your Director of Compliance, your Director of Special Operations, or "another department?"

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

Actually just received an email as I was typing that last response out stating that I can expect to see funds next week Tuesday. Will keep the thread updated!

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

@Chris Seveney - there are a couple of different things in play here, and while I can't speak to other's experiences w/ different RADD avenues, what I'm trying to get rectified here is the initial "Inner Circle" membership fee to be refunded ASAP. That's separate from actual investing money - the "cover charge," if you will.

Wanting to see them in action vs blindly going all-in from the jump w/ RADD IC, my thought process was to get into a c"onsilidated" SDIRA from where other funds were, and knowing those are basically untouchable for quite some time (at least for me), seeing where things went vs. putting in liquid cash from day 1. 

I'm going to leave the minute details out, but it was quite the adventure trying to get my money in the right place (and that wasn't due to error or time issue on my part, or dragging of feet in the bigger financial institutions), even when using direct preferred/recommended vendors to RADD IC. And once it finally happened, let's just say that there were a number of other changes that prompted me to request the membership fee refund.

All that said, no JV (or other) investments were ever placed between myself and RADD IC.

@Dutch Mendenhall, when can i expect my refund?

Post: RAD Diversified Review — It Wasn't Pretty

Chris Tessmann
Pro Member
Posted
  • Rental Property Investor
  • Spring Branch, TX
  • Posts 20
  • Votes 17

Hey @Dutch Mendenhall,

Checking in again. Haven't received any updates via email from your staff or here. When can I expect the refund dispersal?

Thanks,

Chris