All Forum Posts by: Mtgtme Mtgtme

Quote from @Nate Marshall:

Quote from @Mtgtme Mtgtme:

Quote from @Jay Hinrichs:

your total investment with them is 10K or what they are offering you will cause a 10k loss.?

If you cant afford a lawyer and there is small dollars involved then U just have to make the best decision you can.

Class action lawsuits are all talk.. and NO action.. very tough for private investors in deals that went bad to bring these cases

there is not enough money in them .. so attornies are not going to take it on a contingency fee.

My total principal with them is 10K. They are offering 50% as a settlement which is a paltry amount. But .... 50% is better than 0%. :)
I just want to know if there is a better way.

 Likely no. Are they requiring an NDA? 

Following are the extract from the settlement.


3. Release and Waiver. Investor, on Investor’s own behalf or on behalf of its successors and assigns
(collectively, “Releasors”), hereby unconditionally and irrevocably releases and forever discharges Legacy POL, POL
SPV and each of their respective past, present, and future direct and indirect representatives, officers, directors, employees,
affiliates, relatives, stockholders, controlling persons, subsidiaries, successors, and assigns (individually, a “Releasee” and
collectively, “Releasees”) from any and all claims, actions, causes of action, orders, obligations, contracts, agreements,
debts, damages, and liabilities whatsoever, whether known or unknown, accrued or unaccrued, suspected or unsuspected,
both at law and in equity (collectively, “Liabilities”), which any Releasor now has, has ever had, or may hereafter have
against any Releasee for, upon or by reason of any matter, cause, or thing whatsoever arising out of or relating to the
Purchased Notes or the other Purchased Assets, any amounts owed on or rights arising under or with respect to the
Purchased Notes, the Indenture, the Underlying Loans, the Crowd Platform or any transaction or agreement contemplated
thereby or related thereto (collectively, the “Released Liabilities”). Investor hereby irrevocably covenants not to, directly
or indirectly, assert any claim or demand, or commence, institute, or voluntarily aid in any way, or cause to be commenced
or instituted, any claim, action, suit, proceeding, demand, threat or allegation of any kind against any Releasee based upon
or relating to any Released Liability.

Investor hereby acknowledges and agrees that (i) the Payment Amount represents the full and
complete payment for all of Investor’s and its transferees’ and assignees’ rights with respect to the Purchased Assets and
the Payment Amount is less than the outstanding principal balance of, accrued interest on and other amounts owed with
respect to, the Purchased Notes, (ii) upon execution of this Agreement and payment of the Payment Amount, Investor shall
have no further rights in, to or under any of the Purchased Assets and Investor shall no longer hold any interest, or have any
rights under or with respect to, the Purchased Notes or the other Purchased Assets, (iii) Investor shall no longer have access
to its account on any investor portal used for the Crowd Platform, (iv) in the event that Investor receives any payments
(x) from the Crowd Platform arising from the Purchased Notes, (y) in excess of the Payment Amount, or (z) for which
Investor is otherwise not entitled to receive under the terms of this Agreement, Investor shall repay such amounts to Legacy
POL immediately upon receipt thereof, and Legacy POL will have the right to pursue such repayment to the fullest extent
of the law, (v) Legacy POL shall provide Investor with a Form 1099 (if required by applicable law) and/or a principal loss
document in 2022, which shall be sent by email to [____] with a backup copy to [_____________], and (vi) Investor shall
promptly furnish to Legacy POL any additional information as Legacy POL may request from time to time for the purpose
of satisfying any tax or other reporting obligations of Legacy POL or POL SPV with respect to the Purchased Notes and
this Agreement.
Confidentiality. Except as may be required by a court of competent jurisdiction or other governmental
authority or as otherwise required by applicable law, rule or regulation (“Applicable Law”), Investor shall, and shall cause
its affiliates and each of their respective agents and representatives to, maintain in strict confidence the existence and terms
of the Outstanding Notes, the Purchased Assets, the Master Investor Agreement, the Indenture, the Underlying Loans and
this Agreement (collectively, the “Confidential Information”). If disclosure of any Confidential Information is required by
Applicable Law, then Investor shall, to the extent permitted by Applicable Law, notify Legacy POL as promptly as
practicable of such requirement and use commercially reasonable efforts to cooperate with Legacy POL in seeking a
protective order (or similar protection) to prevent or limit such disclosure.

Quote from @Jay Hinrichs:

your total investment with them is 10K or what they are offering you will cause a 10k loss.?

If you cant afford a lawyer and there is small dollars involved then U just have to make the best decision you can.

Class action lawsuits are all talk.. and NO action.. very tough for private investors in deals that went bad to bring these cases

there is not enough money in them .. so attornies are not going to take it on a contingency fee.

My total principal with them is 10K. They are offering 50% as a settlement which is a paltry amount. But .... 50% is better than 0%. :)
I just want to know if there is a better way.

Hello:

I wanted to start this thread, as I see a lot of investors on this forum who are the victims of the vicious company called Patch Of Land (POL). Now it came out under a new mask called Patch Lending.

I have two properties underwater. Total 10K investment.  For one property it appears POL got the money back including interest. For the second one,  POL says the title was a fraud ( so much to the due diligence this company did). Now they do not want to tell how much they received on the property that they got payments. POL has appointed a guy by the name of Carlos ( who happens to be the co-founder of POL  ironically) who is offering 50 cents on a dollar. The contract for settlement is a bit stringent. The settlement contract does not allow the investor to pursue POL in the future with any claims.

Questions:

1. Has anyone in this forum taken the settlement offer? I have already burnt my fingers investing in this shady company, so trudging carefully. If you have considered the settlement offer, appreciate it if you can share your thoughts.

2. I have seen posts from folks considering a class action suit. I searched for any links and did not find any. I cannot afford an attorney. Hence I am a bit pushed to the corner.

Please suggest any options.

Quote from @Jennie W.:

Hi, I think I'm being scammed?  Today I saw Bigger Pockets name on an online ad for Patch of Land.  So I'm hoping you can help me?  I purchased and closed on a property from Patch of Land in 2020.  This month the local Title Co contacted me, saying they discovered they have $1000 of my earnest money. (A different Title Co was used to close).  They need Patch of Land to release our funds.  A guy with Patch of Land said they will only release it if I split it with him.  I called and talked to the guy myself.  He said he is not required to sign anything.  If I want my funds released, I have to give him half.  He said he is the only guy there trying to close stuff up for them.  This is so shady please advise.

Patch of Land is a scam. Do not mince the words. The guy you talked could be Carlos Tabibi who has acquired the funds left out and milking the last penny. DO NOT SHARE 50%.What service did he he do to earn 50%?

Hello, I am a newbie with real estate and want to see what one needs to check while purchasing the land.

1. Type of land: What is the difference between developed/zoned/undeveloped land? What is preferred?
Is it worth buying commercial-zoned land 6-8 acres or purchase undeveloped land of 25-30 acres?

2. What checks I need to do to protect the investment?

3. Soil testing: what to look for in the soil testing. Should I go with the seller report or do I need to get it done myself. what could be the red flags.

Any comments/experiences please share to educate me. If there are any resources I need to go through please guide me. TIA

Thank you all.

Hello: I was offered to invest in a multifamily apartment in Dallas.here are the details: 256 Units apartments in southeast Dallas submarket. Average unit size 850 Sq Ft Property is situated on high traffic roads 175.$900 K spent to renovate the exterior and amenities. Value add opportunity to upgrade the 82% of units. 

5-year business plan with 15%IRR with 8% cash on cash. Cost segregation initial study is done and 50% depreciation can be taken in year 1 with bonus depreciation and 80% in 5 years. An additional upside is not included in the underwriting (upside from the laundry room).Assumption Loan is approved for 79% LTV. The minimum investment is $50,000. A management company will be managing the property.

Here are some questions.

1.I did not understand this paragraph at all. 
5-year business plan with 15%IRR with 8% cash on cash. Cost segregation initial study is done and 50% depreciation can be taken in year 1 with bonus depreciation and 80% in 5 years. An additional upside is not included in the underwriting (upside from the laundry room). Assumption Loan is approved for 79% LTV. 
Can someone share your experience?

2. Also is it a good investment? What questions should I ask? What red flags should I look for.

Please let me know.