K1 Reporting
Hi Terry, I’m sure you don’t remember but I met you 35 years ago when you came out to Crystal Lake to speak at our bank’s economic luncheon. My question: I used to listen to Jordan Goodman and thought he a rather brilliant person. Based on his recommendation, in 2016 I invested some of my mad money ($450k) in “Secured Real Estate Income Fund I, LLC” as he indicated that is where all his money was. Up until a year ago I got timely monthly payments at 8% of principal. Understandably there has been a hic cup with covid but they expect to be back and running by midyear 2021. In 2020 I only received some of my income ($15K) with the remainder listed as a line item on my statement “Cumulative Distribution Payable”. When I inquired whether the unpaid income was going to be on the 2020 K1 they indicated it would. Inasmuch as this was not paid to me, nor compounded into my principal, and there is no guarantee I will get it, why should I have to pay real tax dollars on monopoly money that I don’t have and they don’t have. Am I being unreasonable?
Terry Says
That investment has been involved in a massive fraud. That had nothing to do with Covid! I assume you read this article about the Ponzi scheme he was involved in.
I’m glad you got some of your promised payments. Have you received the K-1? I dont think they can give you a K-1 for “promised” income; only for income that was distributed! Please let me know when you get it.
