MH Fraud Lawsuit

I was researching a couple of different fund sponsors and came across this article.

Do any Investors on this forum have experiences with Ryan and Jamie Smith’s offerings? I was close to leaping in, but this has me hesitant.

Cathy

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I can add that I invest in real estate to increase my control otherwise I would invest in mutual funds. Currently I invest in residential housing. A fund such, as this just gives others the needed financing and takes the control out of my hands while holding the risk.

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Good job doing your due diligence. Tread carefully before investing in blind pool funds.

They are currently having arbitration vs Frank, Dave and Eric Fund.
Seems like they are in trouble again. Very good marketers it appears, but not good operators at all?

Hi Catherine, I just posted on here about the syndication I work for, The Boa Vida Group, which has a 20+ year track record in this space and we are doing a syndication this year. Love to discuss it further with you if you want to reach out, 843-568-4057 or can email me at ryan@theboavidagroup.com

There’s a good real estate community on Twitter for anyone interested. I posted something about this very topic just now: https://twitter.com/jdmiser/status/1527120039110922247?s=20&t=dF0DdhFRxJZ4y3mrlBw6-w

BETTER THAN AN EPISODE OF AMERICAN GREED.

Case 2:21-cv-01648-GW-JC Document 1 Filed 02/22/21 Page 3 of 27 Page ID #:3
COMPLAINT
10. In 2017, Fund 7 reported a loss of $407,561. In 2018, Fund 7 reported a
net loss of $1,295,480. In 2019, the Fund reported an even larger net loss of
$6,672,488.

  1. In addition to the “refinancing” proceeds distributed to Class C, the
    Smiths and Dahn Corp. further crippled Fund 7 by paying excessive fees to the Fund 7
    Manager and other entities within their control.

  2. Since Fund 7 was established through the end of 2019, the Smiths and
    Dahn Corp. have been paid at least $9.7 million in various fees through their
    ownership and control over the Fund 7 Manager and other entities.

  3. By comparison, for that same period of time, Fund 7 reported only
    $8,378,679 in distributions to investors, which, upon information and belief, includes
    distributions to the Smiths and Dahn Corp., through their ownership and control over
    Class C

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@catherinehumboldt

If you plan on investing in an MHP Fund, then go with Equity Lifestyles, Sun Communities, or UMH. All publicly-traded REITs. They will offer you a few key elements. 1st being GAAP, and secondly they will provide you with liquidity. I suggest you dollar cost average into the fund you pick.

If you want to buy MHP then just go buy one. I know, easier said than done.

One of the MAIN reasons you want to buy your own park is control. When you own the park you have a lot of control over the outcome. If you trust someone else to provide you with Passive income you lose all control.

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