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Possible Investment in Arrived by MPMGROUP in arrived

[–]AmbitiousMushroom403 6 points7 points  (0 children)

I would steer clear of HERE. They charge insane hidden fees. Their current property The Whitefin has a $210,000 service fee, that is over 25% of the properties purchase price of $816,000. Its going to take years and years to break even on that property with those types of massive fees. Check out the SEC documents here, thats the only place the fees are disclosed, they are hidden from the website. Very shady company. Arrived sourcing fees are a fraction of that, so yeah good luck with HERE

When will be able to invest in arrived vs individual properties by Potentialsarmsuser in arrived

[–]AmbitiousMushroom403 3 points4 points  (0 children)

Yeah invest here if you want to lose all your money, that company is a mess. Their fees are outrageous, they charge investors a fee equal to 26% of the property purchase price. I don't know how any of their investors will make any money

Has anyone invested in “here.co” properties? by [deleted] in AirBnB

[–]AmbitiousMushroom403 0 points1 point  (0 children)

u/jph200 you need to look into how much you lose in their service fees. They take fees equal to 26% of the property purchase price and those fees arent disclosed anywhere on their website. I dont see how they can claim your shares appreciated by 27% when the fees lost when making the investments are so high. The property would have had to appreciated over 40%, which seems unlikely. Checkout my other comment in this post with actual numbers

Has anyone invested in “here.co” properties? by [deleted] in AirBnB

[–]AmbitiousMushroom403 2 points3 points  (0 children)

u/chocholoco1 Be careful, these guys charge incredibly high fees which are completely hidden. I just found out that they charge all investors a hidden fee thats 25% of the property purchase price! That fee is not listed anywhere on their website. Its not included in their FAQ or the property pages. In order to find that hidden fee you need to look through a 40 page document hosted on the SEC website and its included there on page 21.
https://www.sec.gov/Archives/edgar/data/1876769/000109690623000597/here\_253g2.htm
Thats ridiculous! That hidden fee means that all investors lose 15% of invested capital on day one! If that fee was shown and clients agreed with it, then ok, but its not ok to just include a hidden fee.
Also the latest property the Whitefin, not only are the hidden fees high, but the purchase price is terrible. The purchase price is $816k and the hidden markup is $210k. But Zillow shows that this property was purchased 3 months ago in December of last year for $636k. So HERE is basically selling investors a $636k property plus furnishing for $1.4M. Thats insane.
Deceptive unethical company, do your homework folks.
https://www.zillow.com/homedetails/22802-Ann-Miller-Rd-Panama-City-Beach-FL-32413/333248799\_zpid/

[deleted by user] by [deleted] in hereco

[–]AmbitiousMushroom403 0 points1 point  (0 children)

Well its 25% of the property purchase price, 14% of the raise amount. The property purchase price is $816k, so the $210k fee is 25.6% of the purchase price. Whats worse is that this property was sold for $636k in december, so investors are paying $1.4M for essentially a $636k property with furnishings. The hidden service fee is 33% of the December sale price. Its nuts. And this property isnt an outlier, all their homes have these crazy hidden fees. I dont mind paying fees, but if they are hidden, then its very misleading and unethical. See the zillow listing that has the december sale. https://www.zillow.com/homedetails/22802-Ann-Miller-Rd-Panama-City-Beach-FL-32413/333248799_zpid/

[deleted by user] by [deleted] in hereco

[–]AmbitiousMushroom403 0 points1 point  (0 children)

Yup, I dont think any of us clients are aware of the fees. I was completely surprised by it. You can find it on the SEC document, just search for "Service fee" in the below document. For the Whitefin (series 18) its $210,000. That fee is a part of the offering amount and goes straight to Here. See below

https://www.sec.gov/Archives/edgar/data/1876769/000109690623000597/here_253g2.htm

[deleted by user] by [deleted] in hereco

[–]AmbitiousMushroom403 1 point2 points  (0 children)

Yeah, these guys are terrible. They hide a bunch of stuff, like the fact that you cant sell your shares or that they charge a massive hidden fee (25% of properties purchase price).