F Street 2025 Comprehensive
Review and Ranking

New To The Review (rating pending first full survey...see below)

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What is F Street ?

To avoid the financial conflicts-of-interests that are rampant on virtually every other review site, I DON'T accept any money from any outside sponsor or platform for ANYTHING (including but not limited to affiliate ads, advertising etc.). See code of ethics for more.

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F Street is a newer site that has an impressively wide variety of investments. At the time of viewing, it offered both residential and commercial investments. It also featured multiple asset classes (including multifamily and industrial), and multiple strategies (including construction and value add). Additionally, it also offered investments in multiple capital stack locations including equity and debt and even a 1031 exchange.

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What's the latest investor feedback on F Street ?

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F Street is a new-comer to the Real Estate Crowdfunding Review. So it hasn't yet accumulated a large enough number of investors to provide meaningful survey results (which are used to gauge investor satisfaction and produce rating/ratings). Now that it's been reviewed, that will presumably change in the future. And F Street investors will be surveyed the next time the site surveys are updated.

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How does F Street work?

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F Street sources the deals and then displays them on their website. See below for more details.
 

What are F Street Pros and Cons?

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F Street claims to have $647 million AUM and $192 million. And if accurate, this is impressive for a newish site.

As mentioned above, it also has a very wide variety of investments to choose from. And, it also currently has impressive volume (5 offerings at time of review).
 

On the other hand, F Street does not provide it's full track record (I couldn't find it on the public website nor on investment offering reviewed...see below). In my opinion this is inadequate transparency for evaluating the risk, and something I hope they change in the future.
 

Also the bio pages of principals have no information on them (beyond name and picture).  So they are missing basic information that's vital for doing due diligence (such as evaluating applicable experience).

Additionally, CEO, Scott Lurie’s Linked In page says that he has no past experience managing other people’s money as a real-estate investment fund manager. For certain investors, this will be an immediate dealbreaker.
 

The deck also didn't mention F Street putting in any skin in the game/co-investment. If there’s little to none, then certain investors will find this unacceptable.
 

Finally, F Street adding bitcoin to their treasury strategy will be viewed by some investors as great and others as gimmicky and an unnecessary risk increase.​

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F Street Quick Pros & Cons Summary

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• Advantages:

  • Great volume and variety for a newish platform (5 offerings at time of review)

  • The claimed experience of $647 million AUM and $192 million capital raised is positive for a new platform

  • Wide variety of offerings: both residential and commercial,  multiple asset classes such as multifamily and industrial), multiple  strategies including construction and value add, multiple capital stack locations including equity and debt and even 1031 exchange.
     

• Disadvantages:

  • Does not provide track record (not on public website nor on investment offering reviewed).

  • CEO, Scott Lurie, has no past experience managing other people’s money as a real-estate investment fund manager.

  • Bio pages of principals have no information on them ( beyond name and picture)  including information vital for doing due diligence such as applicable experience.

  • Didn't mention putting any skin in the game/coinvestment (at least in the investment that I reviewed).

  • Adding bitcoin to treasury strategy will be viewed by some investors as gimmicky and an unnecessary risk increase.
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• Accolades: none
   

Is Investing In F Street Legal?

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FStreet is only legally available to accredited investors.

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What does an F Street investment look like?
 

Here is my step-by-step due-diligence on a random F Street investment. So it may or may not be a typical investment.

I'm not an attorney, accountant nor your financial advisor. So always consult your own financial professionals before making any financial decisions. This is just my personal opinion and could contain errors, so use at your own risk.

Every investor has a different risk tolerance, comes from a different financial situation and has different financial goals. So an investment that looks great to one investor will look terrible to another (and vice versa). And by the same token, there are also many ways to due-diligence (and no one "right" or "wrong" way"). This is my method, and others will do it differently. Also I'm a very conservative investor, so something that I feel is too risky could be a perfect fit for someone else who is coming from a different place.

This investment is located in West Allis, Wisconsin and it's title is: "F Street 92, LLC".

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Asset class

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​My first step is to make sure that the asset class and strategy even make sense for my portfolio. (If you don't know how to do this, you can see how I do this in The Conservative Investor's Guide to Due Diligence). Let's say it makes sense for my portfolio and jump in.

Sponsor Experience

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My next step is checking the sponsor's experience.

A recession can occur at any time and the repercussions can be severe to investments. So I don't want a newbie sponsor learning expensive lessons with my money. And instead, I want them to have gone through a downturn before and done well.

So, I require full real estate cycle experience in the exact strategy (ground-up development in multi-family in this case), with little to no investor money lost.
 

Unfortunately, F Street doesn't appear to disclose its full and complete track record. It does not appear to be on their public website nor could I find in the pitch deck (where it typically is found on other offerings). And if this is correct, then the track record is something that every sophisticated investor will look at, to understand the sponsor’s experience and performance and understand the risk.

So if they truly did not provide this, then in my opinion this is woefully inadequate transparency and a major red flag (and I hope they change their mind and start providing this in the future).

On the "About Us" page, the principals / co-founders also don't show any bio information at all.  Nor was there a single word about having previous experience in managing other people’s money via real-estate offerings/funds (like most sponsor show).

So I searched for, and found CEO Scott Lurie’s Linked-in page. And it turns out that he appears to have no past experience managing other people’s money as a real-estate investment fund manager).

This lack of experience is an immediate dealbreaker for me. 
On the other hand, a different investor who is not as concerned with cycle and sponsor risk will be fine with less experience than I am.

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Skin-in-the-game

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Another thing I look at, is the amount of co-investment (which is also called "skin in the game"). I generally like to see the sponsor put in at least 5% (and preferably 10%) of their own money into the deal, and on the same terms as investors. This aligns them better and reduces risk. 

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Unfortunately the F-Street site does not show how much skin in the game the sponsor has.  And in my experience, this is generally the sign of a sponsor who puts in little to none. 

Either way, an investor who is interested in this deal will probably want to inquire with them to find out how much.

For me, anything less than 5% is a dealbreaker.  On the other hand a more aggressive investor will prefer lower skin in the game (as they want to see higher projected returns and that generally requires a sponsor to push the risk envelope).
 

Debt

To minimize the chances of default and losing 100% of the investment, I like to see conservative use of debt at 65% LTV or less. I also like to see a sponsor eliminate refinance risk by locking in long-term debt at 7 to 10 years. And finally I generally want to see them eliminate interest rate risk, by locking in a fixed interest rate.

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In this case the debt is at right around 70%. For me, this is too high and an immediate dealbreaker. On the other hand a different investor who is not as concerned about default risk will prefer higher debt, because it allows the sponsor to project higher potential returns.

Fees and promotes

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Kudos to F Street for laying these out in the pitch deck in an easy to find and access manner. And most of the fees look normal/fine to me.  

The one potential issue is the asset management fee. Typically I like to see this is 1 to 2% of assets under management. They list it as 1% of EGI (and hard to tell what this actually translates to).

So an investor who is interested in this deal, will want to translate this into the usual % of AUM (and then see if they are okay with the result or not).

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Other

If the investment has passed all my initial checks, I would have dived in further to check out the sponsor, the property itself, the projections, etc. To learn how I do those things, check out  The Conservative Investors Guide to Due Diligence (and for debt... The Comprehensive Guide to Hard Money Loan Investing.)

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Where can I discuss F Street further?

You can do this with thousands of other investors in the private investor club. While the club is free, membership is restricted to investors who have no business connections to sponsors or platforms. Also, all members must agree to keep all club info confidential by signing a nondisclosure agreement. Click here to join or get more info.

Who are F Street Competitors?

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Here are the reviews and rankings for other similar sites.

• Ark7

• FinResi

• Share SFR

• CrowdStreet

• 1031 Crowdfunding

• Real Crowd

• ArborCrowd

• Carlton Crowdfund

• Share States

• Roofstock

• Roofstock One

• SBRE Funds

• First Real Fund

• Realty Shares

• Equity Multiple

• Realty Mogul

• C.K. Mack

• Lending Home

• Holdfolio

• CityVest

• Prodigy Network

• Instalend

• Cadre

• All other sites (ranked and reviewed)
   

How do I invest in debt?

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Looking to learn more about investing in debt (hard money loan investing)? Here's our 4-part step-by-step series (The Comprehensive Guide to Hard Money Loan Investing).

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• Hard Money Loan Investing Guide: Part 1 - What is it?

• Hard Money Loan Investing Guide: Part 2 - How to protect from loss

• Hard Money Loan Investing Guide: Part 3 - The Due Diligence Check List 

• Hard Money Loan Investing Guide: Part 4 - Top 15 hard money loan funds

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How do I invest in equity and/or debt?

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Looking to learn more about real-estate investing?

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• What are the 4 investment strategies? (Part 1: core and core+)

  • What are the 4 investment strategies? (Part 2: value-added and opportunistic)

• Should I invest in residential or commercial real estate? (Part 1: residential)

  • Should I invest in residential or commercial real estate? (Part 2: commerical)

• What is the difference between equity and debt?

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Related:

How to pick? Check out our step-by-step guide.
 

• The quick guide to picking conservative real-estate deals
   

• Top 25+ accredited investor sites (ranked and reviewed)