DANGER: Housing Scam Backed by Jason Calacanis from All-in Podcast [Lofty.Ai]
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- Опубликовано: 10 июн 2024
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📝Disclaimer:
This video is not personalized advice for the viewer.
#meetkevin #househack #JuneVegasEvent
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I think every employee at the company is starting to try to reply to my video with their excuses.
I'm not an employee. I am a member of the LLCs that own the underlying assets. It's not an excuse, my and all these other comments are literally just us trying to fix your math. Stop using the total supply as the circulating supply. The lender tokens are escrowed and cannot be used in your calculations except for cap rate and market cap purposes. COCR is LEVERAGED cashflow, cap rate is DELEVERAGED cashflow. You should know that, but your viewers might not.
Lofty only has 7 employees. The rest of your viewers commenting here are most likely other co-owners. There's several thousand of us.
Unlikely
LOL OMG you're reiterating this is a scam. "Stop using total supply as the circulating supply." If you're selling shares on the TOTAL supply at $53 a share/token, then you're getting massively diluted! You're getting a slice of TOTAL supply - It doesn't matter if some are escrowed at all! 10% of a company can be public. If those shares sell for $1m in value, then the company is worth $10m. The other $9m can be "in escrow," but that doesn't change the fact that the 10% that floats/circulates creates the market cap. Scary!
@@MeetKevin You have a point about the 10% of company's shares publicly traded. Yes, the company would be worth $10M. That's pretty much the structure, yes. "The 10% that floats/circulates creates the market cap." This is correct. The loan getting paid down DOES dilute the owners, which has the effect of reducing the COCR down towards the cap rate. That's outlined in the description of every leveraged co-ownership deal. Where exactly is the scam?
Jerry Chu (CEO) and Max Ball (COO) may have to see if there's a UI update they can do to make that clearer to those unfamiliar with leveraged COCR vs deleveraged cap rate.
Everyone you disagree with is a paid shill?
Never trust the SPAC king Chamath
Racist.
@@libertybelllocks7476huh?
@@libertybelllocks7476you think he said that because he’s Indian 😂 mf you’re a retard the dude literally backed all these spacs losing 100s of million for his own gain
Chamath is a known scammer
Chamath is not a scammer. He sells products and you are the one that should do your own homework whether is product is market fit or not. If you lost money because you didn't do your homework but blindly following Kevin, then that's on you and no one else!!! For the record, Chamath is not invested in Lofty LOL Come on don't follow blindly dude, do your homework, use your brain to think for once. It's made for that.
@@dudeshiya how does his meat taste 🤡🤡
Why don't you invite Jerry Chu on your channel? I bet he'd be happy to discuss your concerns. Maybe don't call other people's businesses a scam as that implies criminality via defrauding investors. (also not an employee at lofty, but I do own tokens there).
He obviously wants Jason. Jerry who can answer all questions won’t get clicks. I’d like to hear Jerry’s response
maybe you are panicking because your low IQ got you to invest in a dud again 🤡🤡
I thought you were also in the housing market. We need a disclaimer at the beginning of the video. Otherwise, it doesn't look good on your video
Its ok to say u were wrong Kevin, cause u were. And gives u an opportunity for more content, get the founders on one of your vids. They are legit, and seeing on Twitter that they want to.
Tell your lawyers to start getting ready to be sued Bro
Are you suing little boy?
Free speech does feel like it's waning in America.
@@mike-2275free speech doesn't protect against misinformation
@@mike-2275to be fair, suing is all the ex-President-who's supposedly-for-free-speech knows what to do
@@mike-2275he called it a scam. He is definitely getting sued. Lofty has been on CNBC twice
I wonder if Kevin plans to make a hit piece like this for EVERY HouseHack competitor? Criticizing their model is one thing, calling it a scam is disingenuous
Pretty much that's what's going on, yup.
@@EarlCo found the clown
Lofty isn't selling you tokens necessarily . Each property is a partnership, one where you legally own your percentage of the property. The tokens just make it easier to trade them
Also there are quite a few props that are free and clear. This is just one of the few that isn't.
"Tokens just make it easier to trade them" PRECISELY. I WISH I had set up my current/former rental property partnerships this way so I wouldn't have to keep scrambling every time someone wants liquidity of some or all of their capital to re-invest elsewhere.
Sure, if you want an over-priced partnership share, there ya go. Unless they miswrite their token market caps, the overvaluation is insane.
@@MeetKevin the one you commented about, the 402N has a total market cap of x value, but you cant buy those tokens, they are in escrow (the percentage of the property under a loan). the ones that are being sold are the percentage that are owned free and clear. lofty takes a 1.5% fee i think for facilitating the marketplace, that's it.
Err, their website says 2.5% to buy and 2.5% to sell.
Then - it doesn't matter if the tokens are in escrow or in a shoe box. If someone pays $53 for a 1/12xxx slice, they're paying over $680k for $220k of equity. That's nuts. The risk is insane. Even if that equity grows by $1k/mo via principal paydown, which the "note holder" gets, the you're basically paying $680k for a $220k asset that grows in value by 1k (principal pay down) plus cashflow. That's insane.
@@MeetKevin you're not paying 680k for a 220k asset though. you're paying 250k for a 220k asset. the market cap they show on the site is based on the total number of issued tokens, of which the majority (the percentage owned by the bank with the mortgage) only releases as they pay down the loan. The new co-owned properties are a lot more complicated, so i get the confusion. the majority of the properties are owned free and clear, and i think they'd make a lot more sense for the numbers you use.
Anyway, i'm guessing jerry from lofty will reach out to you at some point to solve the confusion and fix some misunderstandings.
P.S. i'm just a lofty user. it works great. it's definitely not a scam. That's not to say that it wont fail as a startup, but scam it is not.
Edit. you are right that it is 2.5% fee on both sides. i got my numbers mixed up. though considering the normal real estate fees, that's not too bad.
I’ve been an investor through lofty ai for years and have interviewed the CEO. Kevin, I can put you in touch with him if you’d like. Please reconsider labeling things as a scam that are very clearly solid businesses
SCAM
Call it a scam or don't call it a scam, the math doesn't lie.
@@BlueEyeVisuals well, it kind of does actually. Many of the numbers he used were assumptions that were wrong. The math is not right. Lofty is working on a detailed write up tackling the claims made in this video. Keep an eye out for it.
@@JT__Media you fell for a mans slick talk, pathetic cuck 🤡
The answer: ... -> Report -> Misinformation. Job done.
Who needs house hack if you can tokenize.
BINGO, Lofty the startup is a threat to his startup.
@@EarlCo aka you drank the Koolaid 🤡
If chamath is in it say No thanks
In every of Chamath’s IPO’s he sold out 100% around the top and left his All-in Podcast fans holding the bag, without warning, as the stocks crashed afterwards. 😅
The reason you pay $53 instead of $50 per token is because people bought all the $50 tokens and are reselling higher. If you don’t like it, don’t buy it. From there, all the math is wrong in the rest of the video.
This, exactly. The market dictates what price tokens actually close on the order book.
How about the loan. That was hidden from investors. It's a scam whichever way you look at it.
@@SSModi852 Bruh, click on the Financials tab, it's RIGHT THERE.
@@SSModi852 It's in the Financials tab. NOTHING is being hidden (at least from the properties that are highlighted in this video). And I dug, DEEP, because these aren't originally my properties and I try to look for skeletons in the closet. In fact, I've brought up a couple things like a subject property being insufficiently insured, questionable line items in the closing cost disclosures, etc. on some properties that aren't necessarily the ones in the video.
Real Estate Agent Kevin is raking in the $$ from these videos criticizing his competition that don't pay huge commissions to Real Estate Agents named Kevin.. Follow Kevin's money if you're looking for scammy mcscamsters lol. Real Estate Agent Kevin is quite a good salesman I suppose. Just please do your own research before taking a salesman's word for something.. for almost anything honestly. Salesmen are always after the sale/money and not focused on the truth... that's really just common sense.
Keep on sellin' Salesman Kevin.
Love when people spew misinformation like this. Get him on and have a discussion with him instead of making this trash click bait
Lofty posted a response on their Twitter page, thoughts Kevin? Looking forward to your response to their response!
Good advice I agree. Also in most cities and states any contract with the word “venture” is illegal and voids the contract.
TBH this is less scam than some real estate buyer club. They charge membership fee, they use your money to buy, they charge ridiculous fees and they take 50% of property. lol
This isn't a buyer club. There are no membership fees. Lofty just provides a marketplace like eBay for buyers and sellers of membership shares.
If I was going to invest in a scam, I would definitely choose the less scammy scam of the scams.
I doubt this video will last long. On here. It gets me thinking is this a play to take out competition or raising a consumer concern? I think it's the latter of course but it gets me thinking 🤔
I call Cap. Daytona is a tourist trap and airbnb is illegal. I was looking to purchase a hotel near the beach in daytona and day rent was like 100 a night.
Is Grant Cardone real estate a SCAM ?
It seems like the numbers could be cleaned up by showing the actual number of shares available. By including the shares "held in escrow/loan" the numbers are way off. My biggest concern is the lack of risk disclosure. What happens in the event of a default? Owner dies? Needs to sell? A home market values drop?
💯agree and I hear Lofty's on it with the next UI update.
Risk disclosure is outlined in other documents that will require more than the cursory scrolling that Kevin did.
Nothing happens when home market values drop unless you sell. It's a rental property, just keep it performant.
The "owner" is a DAO LLC, it cannot "die" because it's not a natural person. As for the seller/co-owner/mortgagor, they ALREADY need to sell some of the equity, that's literally why we're on Lofty in the first place. This question necessitates a fundamental misunderstanding. What happens if ANY member of ANY LLC needs to exit? Typically the Operating Agreement says the Company has to buy out that member. What happens if the other partners don't have the funds to buy the disassociating partner out? Well then you're screwed. Not on Lofty. If a co-owner needs to sell, they just place a Limit/Market Sell Order for their shares and wait for it to be bought at the desired price. Ta-da!
@@EarlCo this guy is compromised !!
@@webdesigntutz I hope not me?
Why did you delete your video from a few minutes ago?
HAMAS video I will address with a remake; I was getting rekt
@@MeetKevin I had a feeling that crowd is trash
👍🏾 could it be under gigastar market participant regulations; like a RUclips channel influencer that shares profits?
Shots fired
So much for 'All Publicity Is Good Publicity.' 😁
You are posting my properties in your video. 440 Louden Ave. and 1580 Andover Dr. Thank you for the free PR. Your math is all off and you did not fully read the property pages.
The sellers who choose to list their properties on Lofty keep the mortgage against the properties in their personal name. The leverage lowers the amount of equity available to sell to investors and compensates them for taking on the extra risk.
Ex. A property is valued at $100,000 and generates $2000 per month in rent and there is a $50,000 mortgage against it. This would mean there is only $50,000 available to sell to the investors but the rental income remains the same at $2000 per month or $24000 per year. Now let's deduct the the taxes and insurance which are $2000 and $2000 in this cash. You have $20000 of net cashflow per year. If you divide the net cashflow ($20000) by the available non-leverage equity ($50,000) $20,000/$50,000 and you get a 40% Cash-on-Cash Return despite the Cap rate being 20% without leverage $20000 annual net cashflow / $100000 property value.
Thank you for the proper math!
No one cares
There's no way your lender is going to allow you to do all this without calling the loan. Once your lender realizes you create an LLC in Wyoming claiming ownership of that property, you're going to be in big trouble.
@@zerohecks4864 A lot of people care. Evidently, Kevin cares enough to make a video about @alecvanbeek2835's properties. So maybe it's just you? But you care enough to comment too, apparently.
Thanks for coming on the live stream Alec and Earl!
Hmm UCLA protest video down so soon?
yep
I wanted to see that. I like this video also. Call the grifters out.
The same Jason Calacanis that claimed $XRP IS DEFINITELY a security, right before Judge Torres ruled that it indeed IS NOT a security, so he should know what he's talking about.
underrated comment
That decision is going to get overturned 100%. Book it.
is this factually correct? "Housing Scam Backed by All-in Podcast."
Not so much an outright scam, but more of a complicated Fees play on unsophisticated investors… there is an actual product being offered, just not on the most favorable terms for the end users/ participants…. It’s always interesting how the legality straddling businesses find ways to make money lol great breakdown
thanks!
It's 2.5% on each side, literally identical to a real estate broker's standard commissions. I don't like it either, I think the NAR sets fees too high. Yeah yeah, "everything is negotiable" but the market standard is 2.5-3% on each side, AND the SELLER pays BOTH sides! The NAR already got a judgment on that recently. It's just not fair to sellers. At least Lofty is actually transparent about 2.5% on each side.
40x in four years sounds more like a scam.
Now do..Island Project. ..same stuff..fractional RE..$30,000 start up...amtv
Don't start defending regulators because they are competing with your business.
The token idea seems like it could be an idea.... but not this way.
Isnt the whole point of tokens free and fast transactions??
They are free (
You should do one of these on that scammer Ryan Pineda
Just because a company goes bankrupt means it’s a scam?!? LOl
Who sanctions/legitimizes the tokens? Are they backed/secured by the banks or SEC? What happens if they just decide to make more tokens? Who has a say in that? Who owns the deed?
1) The DAO LLC Operating Agreement, and the State of Wyoming.
2) Who decides to make more tokens? Only the members have legal right to do so and must vote and achieve a 60% supermajority to succeed. Same as in any multi-member LLC. This actually just happened on one of the properties where one of the members lost access to his wallet securing his tokens, so he proposed a governance vote to reissue them since he didn't actually sell, give away, or lose legal ownership, he just lost the "password" to the wallet proving that he had such legal ownership, so he had to rely on Lofty's internal records to show that he did not sell, gift, or transfer his original shares that were now locked and as good as burned. The proposed measure passed.
3) The DAO LLC owns the deed.
@@EarlCo whomever owns the deed owns the property? Then Everything else is a moot point shall the LLC go under? If so, no thanks. Is the investor protected at all?
@@3Comas The LLC owns the deed to the property. I don't understand your question. How does ANY LLC go under? A DAO LLC is still just an LLC and has the same weaknesses as any other LLC.
@@EarlCo Copy, thanks for the explanation.
@@3Comas Happy to help bring clarity, because clarity brings competence which brings confidence!
At the rate property is going up you will get your money back in 12-18 months?
I don't see how that's possible or a reasonable expectation.
Did he change the thumbnail??? Didn't it have Jason's face on it before??
Yeah that's what the threat of the lawsuit was probably partly about, libel and defamement and misuse of image.
@@EarlCo so all bark no bite? 🤡 you thought you said something huh 😂😂
Houses in block will make it easy for renters to short lol aka they’ll destroy the house
Kevin said Jason from All-In called him today threatening to sue him, and refused to address any of Kevin’s claims. Those ALL-IN guys always seemed shady to me.
I really want to hear from Jerry and not Jason.
NKLA was VC backed :O
So was uber.
They are just entertainers like you.
If I were to sell my Lofty Tokens now, would I get all of my money back?
Minus the trading fees, and depends on how much you set your limit order to and depends on how much it settles for from another buyer. That's the whole point of an exchange providing liquidity.
@@EarlCo ignore this comment people, this guy is compromised!!!
Where's the ucla video??
gone soz
Ha, I was out at “tokenized”
Bye!
@@EarlCo buy tulips instead of any “investment” that involves tokens. Free advice.
Is this what they are trying to do with bitcoin in the future?
Nope, and there is no "they" in Bitcoin. Bitcoin is the only real money, not fiat currency. Gold, arguably, just not as portable or divisible or transmittable over vast distances at near the speed of light.
In my Opinion.
$5 says this video will be deleted in 1 month. Let’s see how embarrassing this becomes for Kevin. Lofty is a flagship project on algorand.
embarrassing to algorand.
Hey Kevy
Is pace morby legitimate?
Yes but he only focuses on subject-to deals, not the dozens of other creative acquisition methods.
Sounds like crypto but with houses.
I like the All in guys but this seems like low key speculation play.
You are wrong!!!
Frankly this is a rather bad video. Not factoring in any of the actual legal work behind Lofties concept or behind the concept of a DAO.
Ultimately Lofties concept is end 2 end decentralized and that is likely hard to understand for many.
As far as I could tell from talking to them and investing there they are absolutely not a scam and one of the more genuine new start up ideas.
Hey Kevin! Is Landa.app also a scam???
Lofty AI is not a scam
Picking a fight with the Besties? Uh ooh.. :)
Why don’t you invite Jerry on your channel instead of throwing accusations like that???!!! You lost my respect already but now you are not even worth my attention. Actually I think you are the scammer
How is this any difference than the property I bought next to Snoop Dogg in the Metaverse?
What if they pay the debt down with your token purchases? Then you would be getting the complete profit of the rent.
You're already getting the complete profit of the rent. Debt service is paid by the mortgagor, not the tokenholders. Paying down the debt only dilutes everyone's equity as escrowed tokens are released back to the mortgagor proportional to the principal balance paid as time goes on.
This could possible be one of the biggest baseless claims with the title scam for clickbait.
In the first 30 seconds he says “I could be wrong but”
Proving again that people are doing everything they can donFUD Algorand and the projects built on top of the blockchain.
Bullish on Fud from someone who made zero factual claims. “Imagine if tried to buy 100% of the tokens” lmao who does that.
It's actually not even possible to buy 100% of the tokens unless you simply take title by buying the property from the DAO LLC entirely. Lofty caps each owner at 15% of shares so no one has a majority. That said, theoretically one could open and KYC multiple accounts under different "owners" (like your kids, your spouse, siblings, etc.) and place a limit buy order at a sufficiently high price that at least 60% of other owners WILL exit at, then control those shares and trigger and force a capital transaction or other governance decision, but that is probably against Lofty's TOS. Can't say Lofty or the other DAO LLC members can or can't stop it, but you're also assuming people even have their shares listed for sale. Good luck executing that at a reasonable price!
Taxes
Could be wrong with my analysis? LOL! So much for having conviction in your own analysis.
30 seconds in and I can already tell you this guy is a joke
They are DAOs Kevin! You are acting like the banks that are scrambling bcos defi is disrupting them. The idea of lofty is to eliminate all the middle men involved in buys and sales of assets. It gives people without money an ability to purchase fractions of a property and it pays like clock work. Your video is misleading and your math don't take into account the obligations of the lister. 😅😅 Kevin kevin kevin
Eliminate the middle man by becoming the middle man and charging excessive fees on excessive valuations?
@@MeetKevin 2.5% ACTUALLY on each side is not excessive, according to the NAR. I personally think it's expensive, but NAR says not excessive.
@@MeetKevin excessive valuations? Kinda like HHs? LMAO
@@MeetKevincheaper fees than US estate agents.
This "scam" has been around since 2021 and has continued to grow. They must be doing something right.
Someone told me the SEC has been sniffing around Lofty already.
This video is very misleading
This is utter garbage clickbait and misinformation. At least do your research before making a video 🤦🏻♂
Amtv has been trying to pull the same shit for 2 yrs now
UCLA video?
When was the appraisal done? Just wondering if it was not recent and the property could be worth more now(?).
Cancel that. The appraisal was done last Dec. Great breakdown, Kevin!
I predict this video will be gone by tomorrow
Unlikely
@@MeetKevinthumbnail change is step 1 😂
I thought bro was in the middle for the Israel Hamas war
Math is hard!
With Chamath's track record, I would believe Kevin
You have it backwards. You are the scam. I hope you have good lawyers.
Seems like a scam wham
Dude, lofty is not a scam. Choose your scams wisely. The government has even recognized them in a paper not to long ago about tokenization of assets. Lawyer up
Financial innovation. Is this AI or crypto lol
There's zero AI despite what the Top-Level Domain suggests.
Wow another youtuber who cant read - did you ever try and ask
😱
Flip Flop Flip Flop Flip Flop
What a bad DD.
But Kevin…😂
great breakdown, wish your membership was a bit more affordable $500+ is out of my budget
Wow this is quite crafty!😮
Landa
A lot of investors are mad about this one Kevin😂
Lol the protest video looked important from what I saw but it went private. I wanted to listen to the rest of it. Must have been too divisive? Hope you didn't lose a bunch of dumb subs or something.
omg so divisive like a firing squad
Can’t have gone down too well methinks. The only violence I have seen has been from the Zionist counterprotesters & the police.
Kevin should follow the money that’s behind the political elite’s double standards on Israel/Gaza! ……I’m sure it would be pretty disgusting 🤔
@@MeetKevin well I appreciate you prospective and opinion on all these things, but I get you have a business and family to look after. Thanks for trying!
@@MeetKevinThat’s annoying, wish people could just agree or disagree with you and move on. I’m sure it gets very toxic , fast.
I missed it. What was it about in short ?
If it was one of the other 3 on all-in i would wonder if it is a scam, but since JCal is the investor, im positive it is a scam. JCal is an imposter.
Interesting! Thanks for keeping us posted on this stuff, love the breakdown of how to analyze things like this. 👏
This "due diligence" is incorrectly done and needs to be re-done.
@@EarlCo how so?
@@jcorrea6515 Check my multitude of other extensive paragraphs of comments.
@@jcorrea6515 Check my other paragraphs of comments.
ya man , it is right what u saying kev, but it is the ai in the name i buy it :) now we have to recherge if that coin is serious or they staying behind it.
Kevin never stop your a gift to retail
Thank you for exposing!
HELLO SEC ☎️
I only wish they'd give Jerry Chu a call, but they won't, because it's beyond their purview by virtue of not being securities. The SEC won't give Jerry Chu the time of day.
@@EarlCo i heard SEC is building a case against lofty AI right now, whoevers involved is screwed
@@gamingguru2135 Crossing my fingers I can finally grab my popcorn and watch this battle go out in courts!
This video is a joke. Have you done any research..? I own multiple properties as part of a DAO. I had hoped to see some actual real analysis. What a waste of my time. Lofty has constantly met expectations. Keep it up guys.
This is genius for squatters. They now have evidence they paid for and own a portion of the property they are squatting in 😂
That is definitely something we all have to think about, as it is legal equitable interest.
@@EarlCo pretty sure it says in teh lofty dao paperwork that you're not entitled to any sort of ability to live at the property
@@xicor333thanks, you are correct, it is in the LLC Operating Agreement
this is a paid hit piece
A real estate agent named Kevin is mad about, more or less, a real estate company that doesn't use Agents... lol Sorry Kevin didn't get his 5+% commission cut from these real estate transactions.. honestly, I don't use Lofty, but a couple of my friends do. Kind of like Real Estate Agent Kevin, I don't know everything about the company, but I do know my friends haven't moved their money for over a year and seem fine with it.