Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:11/22/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  NOVEMBER 5, 2021 $513 .13 Invested Total investing value $500 Dividend earnings $13 Escrow $0.00 Ownership Options Entity Individual Investor Default

  Business Response

  Date: 12/12/2022

  Hi there,

   

  Apologies for your misunderstanding of our investment.  Please review the material below:

   

  Why haven't I received dividends in a long time?
  DiversyFund Growth REIT is intended to be a growth asset and not as much an income asset. In the beginning Dividends were paid out of income as the company was identifying and purchasing properties. Once the investment was fully funded, the company stopped the dividends and started putting all the investment money and income into purchasing good properties and making improvements to the properties to be able to raise rents and eventually sell the property for a higher profit (Growth Oriented).

  
  How long before I start seeing returns on my investment?
  Returns will primarily come as properties in the Fund are sold for a profit. Over the last few months, 3 properties have been sold and DiversyFund is planning on a Distribution toward the end of the year. REIT's are required to distribute 90% of profits annually to investors, but keep in mind this is a net number. Some of the funds were reinvested into new properties with good potential as well.

  
  How long before I can get my money out?
  The investment term was 5-7 years for REIT I. We're toward the end of the 5 year period, but the company has chosen to take the extended 2 years to continue the property improvements and/or give time to raise rents after improvements to improve property sale value. As properties are sold, we'll see more disbursements until all properties are sold and funds+ profits are received.

   

  If you have further questions feel free to reach out at ********************************.

   

  Thank you,

  ***********
  

• Initial Complaint

  Date:11/13/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In 2018 or 19 I invested hundred $160000 in a REIT. They told me that I would have yearly Dividends and more importantly a depreciation allowance. I use depreciation to reduce my taxes. I have contacted them several times on this issue but they failed to respond to my satisfaction.

  Business Response

  Date: 12/12/2022

  Hi *****,

   

  Apologies for the issues you have had.  It looks like you have not reached out to us since March in customer service.

   

  I would love to clarify things for you and tell you about the terms of your investment and the upcoming disbursement.  Please email me at *************************************************.

   

  Thank you,

  ***********

• Initial Complaint

  Date:11/04/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  They took my money sand said i cant touch it for seven years. That it was in escrow.I thought that theyd invested it for ne. Sent me a letter and i didnt respond because they told me that i couldnt get my money for seven years.I would like for them to invest my money or **** it back so i cant actually do sonething with it.Since ive complained my account stopped working and it will noy allow me to reset my password.

  Business Response

  Date: 11/08/2022

  Hi *****,

   

  Looking at your interaction with customer service, it seems we got you sorted with your account and added a beneficiary for you.

   

  Thank you for reaching out.  
   
  When investing in the ***** you are buying shares into the entity (into the ***** that owns several multifamily properties. Investors immediately diversified across multiple assets, you aren't investing in one asset, you are diversified across the ****************** portfolio. As we continue to acquire more assets, investors become more diversified.
   
  Please let us know what questions you have.  
  
  

   

  Please let me know if your issue us resolved, also feel free to reach out to ******************************** with further questions.
  

• Initial Complaint

  Date:11/04/2022

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested in Diversyfund back in January of 2021. I made $18.30 in dividends since my investment. My last dividend was in October of 2021. I have not made a cent since. I have attempted to reach out to Diversyfund twice to check on the status of my account. No response was given. I still receive emails on investment opportunities and marketing campaigns for profit.

  Business Response

  Date: 11/08/2022

  Hi there, it seems you are not receiving our emails.  We responded to your email  on Friday:
  Thank you for reaching out. We sent an email Friday January 15th 2022 regarding dividends. I am sorry it was missed. Please see below:
   
  Our Growth REIT I is performing well and has moved on to the value-add stage to maximize potential returns for our investors. With a portfolio of 10 properties, the fund is well-supported and contains a total of **** units across markets that include *******, *****, North and **************, and ****. Professional management and highly marketable locations offer a promising future for growing your potential wealth.What does this mean for our investors? Because REIT I officially closed to new investment dollars on November 13, 2021, dividend reinvestments scheduled for November 15, 2021, and December 15, 2021, were not distributed or reinvested and will be removed from investor dashboards to remain in compliance. 
   
  As the ** Growth REIT transitions from our Dividend Reinvestments program to paying out cash dividends to our investors in the future, we will reinvest any current cash-flow into our properties, targeting investments we believe will spur additional appreciation and increase the funds ROI. We anticipate cash dividends for REIT I to be distributed toward the end of 2022/beginning of 2023. Therefore, no further dividends will display on your dashboard until that time but we will provide quarterly updates highlighting our progress.We look forward to serving your investment needs in 2022. Growth REIT II has officially opened to investors, and the portfolio has already co-invested in a ************************************* multifamily property valued at over $46 million. 
   
  Thanks!
  ** team

  Customer Answer

  Date: 11/08/2022

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  *********************************
  
   
  

• Initial Complaint

  Date:10/19/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On August 28,2020 I have invested in Diversyfund for $500. I would like to have my investment return as possible seeing theres no improvement.

  Business Response

  Date: 10/19/2022

  Hi there,

   

  Apologies for the confusion please see the email that you should have received:

   
  Our Growth REIT I is performing well and has moved on to the value-add stage to maximize potential returns for our investors. With a portfolio of 10 properties, the fund is well-supported and contains a total of **** units across markets that include *******, *****, North and South Carolina, and ****. Professional management and highly marketable locations offer a promising future for growing your potential wealth.What does this mean for our investors? Because REIT I officially closed to new investment dollars on November 13, 2021, dividend reinvestments scheduled for November 15, 2021, and December 15, 2021, were not distributed or reinvested and will be removed from investor dashboards to remain in compliance. 
   
  As the ** Growth REIT transitions from our Dividend Reinvestments program to paying out cash dividends to our investors in the future, we will reinvest any current cash-flow into our properties, targeting investments we believe will spur additional appreciation and increase the funds ROI. We anticipate cash dividends for REIT I to be distributed toward the end of 2022/beginning of 2023. Therefore, no further dividends will display on your dashboard until that time but we will provide quarterly updates highlighting our progress.We look forward to serving your investment needs in 2022. Growth REIT II has officially opened to investors, and the portfolio has already co-invested in a ******************************* multifamily property valued at over $46 million. Have further questions? Please visit our FAQ page or contact us at DiversyFund.

   

  Unfortunately, our investments are illiquid and cannot be withdrawn until the end of their term.  Please see further information in your documents tab of your dashboard or at this link: https://diversyfund.com/offering-circular/

  Please feel free to email us at ******************************** if you have further questions.

• Initial Complaint

  Date:10/17/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I open this account for my son, to explain to him how a REIT and dividends work. Four months into the possession of the account, dividends stopped. They claimed it was because they were revamping their system, and I would get a notification as to my dividends in approximately 10 to 12 months. That shouldve been a red flag for me at the time, having worked for the SEC for a number of years, you cant just arbitrarily decide to not bother telling anyone how much money theyre going to make on a REIT. After a year, And not receiving any notification of dividends, or communication of any kind, I decided that this obviously wasnt working as a training aid and attempted to close my account and get my money back. I have made 17 message attempts, 31 emails, and 11 unanswered phone call messages, and Ive heard nothing back. Its like the company has vanished, or simply has stolen the money with no intention of either paying any dividends, or releasing the funds, even though according to my account information it is still there. (Although there has been no increase in dividend in over 12 months). On their website, there is virtually no access to contact information other than leaving messages. This is not the sort of company I would recommend doing business with, and I said seriously consider reporting them to the SEC.

  Business Response

  Date: 10/19/2022

  Hi there,

  Apologies for the confusion with our investment.  According to our records we only have two email thread exchanges with you.  It looks like you missed this crucial email regarding our dividends:

  Our Growth REIT I is performing well and has moved on to the value-add stage to maximize potential returns for our investors. With a portfolio of 10 properties, the fund is well-supported and contains a total of **** units across markets that include *******, *****, North and South Carolina, and ****. Professional management and highly marketable locations offer a promising future for growing your potential wealth.What does this mean for our investors? Because REIT I officially closed to new investment dollars on November 13, 2021, dividend reinvestments scheduled for November 15, 2021, and December 15, 2021, were not distributed or reinvested and will be removed from investor dashboards to remain in compliance. 
   
  As the ** Growth REIT transitions from our Dividend Reinvestments program to paying out cash dividends to our investors in the future, we will reinvest any current cash-flow into our properties, targeting investments we believe will spur additional appreciation and increase the funds ROI. We anticipate cash dividends for REIT I to be distributed toward the end of 2022/beginning of 2023. Therefore, no further dividends will display on your dashboard until that time but we will provide quarterly updates highlighting our progress.We look forward to serving your investment needs in 2022. Growth REIT II has officially opened to investors, and the portfolio has already co-invested in a ******************************* multifamily property valued at over $46 million. Have further questions? Please contact us at ********************************.

  You can also see your agreement in your documents tab, along with all of our terms on this page: https://diversyfund.com/offering-circular/

  Please feel free to reach out if you have further questions.

   

• Initial Complaint

  Date:10/10/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested $2000.00 with Diversyfund and I want my money back! They're not cooperating...They stole my money! I want my funds back!A lot of their policies regarding the dividends and returns were not properly disclosed.

  Business Response

  Date: 10/19/2022

  Hi there,

   

  It looks like you missed our email:

  Our Growth REIT I is performing well and has moved on to the value-add stage to maximize potential returns for our investors. With a portfolio of 10 properties, the fund is well-supported and contains a total of **** units across markets that include *******, *****, North and **************, and ****. Professional management and highly marketable locations offer a promising future for growing your potential wealth.What does this mean for our investors? Because REIT I officially closed to new investment dollars on November 13, 2021, dividend reinvestments scheduled for November 15, 2021, and December 15, 2021, were not distributed or reinvested and will be removed from investor dashboards to remain in compliance. 
   
  As the ** Growth REIT transitions from our Dividend Reinvestments program to paying out cash dividends to our investors in the future, we will reinvest any current cash-flow into our properties, targeting investments we believe will spur additional appreciation and increase the funds ROI. We anticipate cash dividends for REIT I to be distributed toward the end of 2022/beginning of 2023. Therefore, no further dividends will display on your dashboard until that time but we will provide quarterly updates highlighting our progress.We look forward to serving your investment needs in 2022. Growth REIT II has officially opened to investors, and the portfolio has already co-invested in a ************************************* multifamily property valued at over $46 million. Have further questions? Please or contact us at ********************************.

  Customer Answer

  Date: 10/19/2022

  the company is just telling me how their business works, I am not interested in that; what I need is a full refund of the money they took without giving any notice in advance that the money will be held for years. 
  

  i still need my money back, not interested in dividends, I just want my investment. 

  Business Response

  Date: 12/05/2022

  Hi ******,

  
  

  It seems this investor is not familiar with the investment they opted into with us.  Please share the following:

  Why haven't I received dividends in a long time?
  DiversyFund Growth REIT is intended to be a growth asset and not as much an income asset. In the beginning Dividends were paid out of income as the company was identifying and purchasing properties. Once the investment was fully funded, the company stopped the dividends and started putting all the investment money and income into purchasing good properties and making improvements to the properties to be able to raise rents and eventually sell the property for a higher profit (Growth Oriented).

  How long before I start seeing returns on my investment?
  Returns will primarily come as properties in the Fund are sold for a profit. Over the last few months, 3 properties have been sold and DiversyFund is planning on a Distribution toward the end of the year. REIT's are required to distribute 90% of profits annually to investors, but keep in mind this is a net number. Some of the funds were reinvested into new properties with good potential as well.

  How long before I can get my money out?
  The investment term was 5-7 years for REIT I. We're toward the end of the 5 year period, but the company has chosen to take the extended 2 years to continue the property improvements and/or give time to raise rents after improvements to improve property sale value. As properties are sold, we'll see more disbursements until all properties are sold and funds+ profits are received.

  Where can I get more detailed updates about the investment?

  1. Watch the property level updates on the investor Dashboard.
  2. Watch for Monthly email updates.
  3. Watch for ******************** call updates.
  4. Check 'Annoucements' on the Forum
  5. If you want to really dig in, check out the SEC filings that are required semi-annually.
     SEC Filing site

  
  

  Please let me know if they have further questions.

• Initial Complaint

  Date:10/02/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  So I invested $2500 in 2021 (Growth Reit I) and then the company stopped paying dividends 11/2021, without notice (they claimed it was in email but I never saw it). Since I was on auto pay they took it upon themselves to just assume that since Growth REIT I was now closed (5 year timer start) they would just start putting my monthly investment in a new plan without a signed contract. I complained stating I would not invest anymore money until I see return on my investment and got the Growth Reit II money (which I never signed up for) returned so I was happy about that. Well since it been almost a year since they stopped paying dividends and claimed at the end of 2022 or first part of 23 whatever that mystery date actually is. So checking in after almost a year on the $2500 + $11 in dividends I see the balance is $2510.83, So if all my money is 100% invested and all dividends are 100% re-invested, please tell me why my balance is lower (I know only .17 cents but dont say all earnings are reinvested if in fact they are not). If they are reinvested then my bal. Would show $2511.00 with 100% being reinvested. Also I see that you have my projected date 7 years not 5 years from close of REIT I. I know the date Growth REIT I closed and I will see you in 5 years. Please reinvest my .17 (skimmed) cents back into your property and return my balance to it true invested balance. If you are honest, your company with thrive but skimming cents on dollar hoping no one notices is fraudulent. Do the right thing, reinvest 100% as you boast/claim. I will see you again mid 2023 see if your claims on dividend are true too. Oh those quarterly statements on investments, still dont see those when I asked last year and you said it was coming. Now I know why you dont like statements because you can actually lose money apparently, even if 100% is reinvested.

  Business Response

  Date: 12/12/2022

  Hi there,

   

  Apologies for the trouble you have had with the closing of ********.  According to our records you did indeed confirm your refund made it to your account on 10/23/22.

   

  Please let me know if this is not the case and I will gladly help assist you at *************************************************.

   

  Thank you,

  ***********

  Customer Answer

  Date: 12/12/2022

  I am not talking about my Growth Reit II which was refunded.  I am talking about my $2511.00 which still is sitting in Growth Reit I.  I still have those funds, I was only reimbursed or closed Growth Reit II deposits because I never signed a contract for Growth Reit II thats why you refunded those two deposits. I am saying that my $2511.00 in Growth Reit I is somehow lowered to $2510.83, please advise where I lost .17 cents and provide a statement showing the reduction of .17 cents from my account.  Please do better, my account is worth $2511.00, not what you show it and I am not talking about the automatic withdrawls you took out and returned to me from Growth Reit II. Please attach the most recent statement on my account for BBB and I to review. Thank You. 

  Business Response

  Date: 12/12/2022

  Hi ******,

   

  I apologize for the misunderstanding.   Please email me directly at ************************************** to handle your inquiry.  Everything looks correct on our end but I want make sure I walk through the specifics of your investments.

   

  Thank you,

  ***********

• Initial Complaint

  Date:09/22/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested monies with DiversyFund. I added additional monies in February 2022 of $500. When I opened up my portfolio last week, I did not see the additional $1000. Upon emailing the company, they said the monies could not be invested because the product no longer existed and the monies was sent back. I asked when and where was the money sent because I am not showing it in my bank account. It has been several days and I have 4 emails asking that question. I just need to know where my $500 is and if and where was it sent back to if indeed it was sent.

  Business Response

  Date: 12/12/2022

  Hi  there,

   

  According to our email exchanges you did confirm that you received the refund we processed.  If for any reason  this has changed, please email ********************* and I will personally assist you with this matter.  If you did receive the email please  close  out this complaint.

   

  Thank you and have a great day!

  Christopher

• Initial Complaint

  Date:09/08/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I invested $1000 with Diversyfund into REIT II. I understood it was a long term investment and was excited about it. on 6/10/2022, I received and email stating the the funds I invested into REIT II were never actually invested, due to internal error and still in escrow. I was on vacation while I was reading this email and glanced over it very quickly, the email did not lay out the specifics, I thought it just meant it was a delay and if I wanted to I could accept the terms they would place me back in to REIT II. Nope. That's not what it meant at all. REIT II had closed. It meant my funds were now going into REIT III which I Never wanted. Once I realized this, I emailed Diversyfund on 6/16/2022 about the mistake and asked for a refund instead. That same day, ********** with DiversyFund emailed me back and apologized that I would not be continuing on the Diversyfund and that my refund would be processed and I should expect it back within 4 weeks. It is now 9/8/22 and no refund. I have not received a response back from DiversyFund on any of my emails on 8/2/22, 8/8/2022, 8/10/22. Now, it just feels like they have ghosted me and are not being an honest company.

  Business Response

  Date: 12/12/2022

  Hi Amity

   

  We apologize for the experience you had with this.   Our customer service team was trying to give you what you requested but she misspoke.  Your opt into REIT 3 was already complete  and the money already was invested into the fund.  We look forward to providing you updates for REIT 3 and exceeding your expectations in the future.  Please feel free to email us a ******************************** and we will gladly provide you with additional information.  We apologize again for the back and forth.

   

  Thank you,

  ***********