All Forum Posts by: Lutfiya Mosley

https://www.biggerpockets.com/forums/964/topics/1212762-the-...

https://www.biggerpockets.com/forums/964/topics/1212762-the-...

 I have already spent quite a bit on attorney's fees myself. I agree more people need to inquire. I am a GP on one of their deals. It is a disaster! I was a student they offered to sponsor a deal for and it has cost me everything, literally. 

Sadly, there are quite a few people over 65 on the verge of losing all their retirement money they put into these guy's investments that are doing terribly while they both go start new ones. They have one fund called the Ekahi fund which Jessi who commented above is in. It is a 30M fund on the verge of failure. I am on one property it funded although I was never told that until I discovered it myself recently. There is another fund called Aloha, which is about 30M and is also doing very poorly. They have people invested in individual properties, especially students.

 The property I am on they are trying to avoid foreclosure by turning it over to a rescue fund and diluting investor's money. In the original webinars for this fund, they told them they would return all capital in three years. They are at year 2 1/2 and now say you "might" get 50% in 3-5 more years. I have not received any return on my money. They held a webinar for the Ekahi fund and told them they fired the property management, false they quit due to lack of funds. They said did not need their approval to turn their money over to new GP's but we will let you vote anyway.

I am also on the loan. I have been kicked out of every form of communication relating to this deal. When they decided to inquire about the rescue fund they left me out of all of it then threw me on a call with the lender, rescue fund, an attorney they hired for themselves and a few partners. Talk about mistreating someone and trying to back them into a corner, I had no information. I have since inquired with a new attorney, more money out of my pocket. It does appear everything they have done in the past four years is catching up, people are reporting them but at the same time, they start new investments with new people and keep selling the program. I hope more investors come on and give honest reviews so others can be spared from the worst experience I've had in many years.

Ciel,

Thank you for sharing. To clarify for those reading the company is Prime Corporate Services out of Utah. The Multifamily Mindset also sell a website service called Engager AI to new students as well. Over the four years there’s been many complaints about Prime Corporate Services. It has cost many people including myself a lot of unnecessary money and still is because you deal with the tax portion of opening unnecessary LLCs recommended by supposed professionals. I question if they get kick backs or actually hold ownership in this company. Many education programs that could be scams promote junk services and the quality of all they sell or promote is definitely junk. 
Everyone is suffering because of the damage this company has created and continues to especially those who invested in properties. I forgot to mention another sales tactic is to tell people at the three day class you can charge your investors the 40k tuition. The salesperson says, put it in the closing statement or underwriting template somewhere. Not true. 

No, but I looked that up and it is odd how similar it looks to their website, logo, etc. I am not familiar with them but I learned the hard way that a lot of people, success, and things said in the multifamily syndication industry are just lies period. The success stories that students and coaches shared in the Multifamily Mindset were fabricated by the owners and mostly untrue. They even gave their own money to students after they took them around sharing their testimony of something they hadn't even done yet. Social media profiles, how many properties people have owned, and what they accomplished were simply lies to get people to invest with them or get new people to raise money for them.

There are a lot of questions about whether or not MFM is a scam. The definition of a scam is a deceptive scheme, act, or operation. From this definition and my experience with the Multifamily Mindset and their employees, independent contractors, and sponsors they promote that is exactly what it is in my opinion.

I joined the program in June of 2021. There were no reviews on the company that I could see at the time. After I joined there was one very specific, honest review by Zach Harsh and boy did he get slandered for it. The company was going around the US making a ton of money at the height of its popularity and other people who had similar experiences to him said nothing at all which cost people like me everything I worked towards financially.

First off you, are paying at least 40k for expert mentorship my brochure said. Although not everyone, they pick and choose who they charge what to. They also ask people to look into their financials and assets at the sales event. For no reason that will benefit you. The salespeople also act like they will keep in touch and sponsor deals for you but they don’t. The company had no “coaches” who had experience in this aspect of real estate (multifamily value add syndication). This has been admitted by almost every coach themselves.

Here is a list of other common lies at the sales event which is a three-day “class” you pay $1500 for:

• 1. The salespeople including Tyler Deveraux himself tell people we will get you in your first deal and have it closed in three months. They started having a guy from a company called Pathways come to these events and get people to put 40k on 4 or 5 credit cards which put them in massive debt and wrecked their credit because of this dishonesty as well as other things said in the three days.
• 2. You get paid a 5% acquisition fee and regular cash flow with low risk. I own a property with Tyler Deveraux, Ryan Woolley and their partners Lisa and Greg Parrish. This size fee is a red flag to lenders, they look for 1% so that is what they put on the closing statement. The property I am on with them has been neglected to the point I received a notice of default. Myself and other investors have received no cash flow in over two years. There is a lot of money unaccounted for and nobody will answer any questions. The people you pay to mentor you will fully shut you out and do things behind your back. This has cost me personally in so many ways.
• 3. The salespeople tell you they will keep in touch and hold your hand through the transactions but they will not contact you after they get you to pay unless you have capital for a deal of theirs. Many 506b deals are pitched to new students including ones that are failing and the students have no knowledge in this industry to understand what is being presented. I can name at least four or five.
• 4. Tyler Deveraux, Ryan Woolley, and their partners and sponsors they promote have gotten students and their families and friends into horrific situations with neglected properties and take no responsibility for it. They refuse to give investors the information they ask for such as who is the loan through, what kind of state it is in, and who are the GPs, LPs, profit and loss statements. They have done multiple capital calls on one property just for it to foreclose. There are multiple properties they own in the same condition now. Many students and their family and friends have money in these. Students are so scared they don’t say anything in hopes their family won’t lose it all.
• After four years of running a deceptive business and getting students locked into deals with them and their employees or associates, the owners are trying to split up and there's a lawsuit between them. Three men started this and if you read the lawsuit it should prompt you to steer clear of all of them. Todd Millar is just trying to disappear as if he never participated, taking no responsibility for all the money people are asking for back. Tyler Deveraux continues this mess and takes people’s money for little to no value based on lies at the sales events. Ryan Woolley is saying Tyler abused him and all this isn’t his fault. He is trying to collect all the hurting students for his new investment company.

Tyler Deveraux and Ryan Woolley are both starting new companies. Tyler’s is Nalu capital and Ryan’s is 7Reigns. Both companies have recently closed on transactions with people new to the industry who have no idea how much their current investors are hurting. This should not be allowed. They both have done so many people wrong and so have the sponsors they promote to the students. They have left so many people in terrible financial situations due to dishonesty and if you got involved in an investment with them like I did it will be one of your biggest regrets. I would never get involved with any of these people or anyone associated with them if I could go back so hopefully this helps someone else.