Here.co Review: What Investors Got Back From Here's 13 Vacation Rentals, Series by Series (SEC Filings)

What Here was, and what is left of it

Here was a Miami startup that let anyone buy shares in a single short-term rental house. Each house sat in its own series of Here Collection LLC, a Delaware series LLC, and each series sold interests at $1.00 under Regulation A, with a minimum subscription of 250 interests ($250) in its March 2023 offering circular. Here Investments Inc. was the managing member, its subsidiary Here PM managed the rentals, and Dalmore Group was the broker-dealer. After a series closed, investors' shares sat in brokerage accounts at Templum Markets, cleared and held by DriveWealth.

Thirteen series were funded, from Series #1 (Largo, Florida, closed April 5, 2022) to Series #18 (Panama City Beach, closed July 24, 2023). There was no Series #5, #10, #12, #14 or #15 among the funded ones, and Series #19 (Park City) was offered in March 2023 but does not appear in any later results table.

Today here.co is a different product: a newsletter of “Airbnb investment deals” published under the Here Investments Inc. name, with no mention of the old series. If you searched “here.co” because you held shares, the page you are reading is the one with your numbers. If you are thinking about buying a vacation-rental share somewhere else, the same numbers are the reason to read an offering circular's fee and leverage sections before its photos.

What each series paid back

The table below joins three filings: the size and closing date of each offering (Form 1-K for 2023), the purchase-agreement price (same 1-K), and the sale and payout figures from the Form 1-U of January 10, 2025. The last column adds the operating distributions declared in Form 1-Us from 2022 and 2023 to the liquidating payment.

Series #1's price is its purchase price from Here's own affiliate, Here Acquisitions, before closing costs; the other prices are the contracts Here's affiliate HCO 1 LLC signed with outside sellers and assigned to each series. A figure in brackets in the “Repaid to manager” column is a negative: in those three series the manager's balance ran the other way. The manager also held shares in every series (between 0.10% and 14.16%, the latter in Series #9) and was paid alongside other holders on those.

The pattern is the point. Five houses sold for more than Here paid (#9 by $220,500, #11 by $100,000, #17 by $97,725, #13 by $20,010, #18 by $4,000), and none of those five series returned more than 57 cents. Series #18 sold for $4,000 above its price and paid $0.47. The money did not disappear in the housing market.

Where the money went

Adding up the 13 rows of the January 2025 table gives the bridge from the sale price to the checks (all sums are our arithmetic from the Form 1-U).

Before any of that, the series had paid the manager a service fee for finding and preparing each house: $1,113,002 in 2022 and $443,000 in 2023, $1,556,002 in total, about 15.2% of the $10,225,203 raised (our arithmetic). Series #18 paid $210,000 on an $800,000 house, Series #11 paid $216,000 on a $1,500,000 house. That fee was spent on day one and comes back on no sale.

The three series funded in 2023 had no mortgage repaid on sale, and they show the second leak most clearly. They raised between 1.74 and 1.78 dollars for every dollar of house price (#16 $694,949 for $400,000, #17 $879,343 for $495,000, #18 $1,410,101 for $800,000; our arithmetic). The difference went to the service fee, the 1% broker fee, furniture, renovation and closing costs, which the 2023 balance sheets carried as part of each house's cost. A buyer in 2024 paid for the house, not for the furniture budget.

The first ten series added the third leak: borrowed money. Here refinanced several of them in 2023 at short terms and high rates. Series #3's new $400,000 loan from Vontive carried 12.50% interest-only for one year; Series #2's $481,200 loan, 10.50% for two years; Series #4's $528,500 loan from Vontive, 10.99% for one year. Combined interest expense was $521,575 in 2023, against combined rental revenue of $702,878. When Series #4's house would not cover its loan, it went to the lender by deed in lieu of foreclosure, and its holders got nothing.

The fees on paper

The offering circular said plainly how the rates were chosen: “We and Here determined these fees internally without any independent assessment of comparable market fees.” A property-management fee of 25% to 40% of gross bookings, paid to an affiliate, comes before cleaning, utilities, repairs, taxes, insurance and interest.

How the houses did while Here ran them

In 2023, with all 13 houses owned for at least part of the year, the series earned $702,878 of rent in total, about 6.9% of the money raised before any expense (our arithmetic). They lost $4,556,563, of which $3,004,669 was an impairment taken at December 31, 2023 that wrote the houses down to roughly the prices they later sold for: Series #11 to $1,600,000, Series #7 to $1,400,000, Series #18 to $804,000. The 1-K adds that at that date the series held no cash. Neither the 1-K nor the semiannual report gives occupancy or nightly rates for any house, so per-property booking data cannot be checked from the filings.

The wind-down, date by date

The original promise was a six-month sale, and the sales were done within five months of the shutdown. The payout took twelve. The July 2024 filing says the manager had sent the money to the custodian with a distribution file, transfer-agent statements and itemized expenses for each house, but “Templum refuses to provide Drivewealth with the necessary instructions” to pay investors. The filings do not say why. The payment eventually went out as a mailed check, with Stretto collecting tax forms and answering investor calls.

The auditor and the reports

The audit reports in all three of Here Collection's annual reports (for 2021, 2022 and 2023) were signed by BF Borgers CPA PC of Lakewood, Colorado. On May 3, 2024 the SEC announced it had settled charges that the firm failed to conduct audits in accordance with PCAOB standards, with a permanent ban on appearing or practicing before the Commission; Here's own 1-U of May 10, 2024 describes the ban and says it dismissed the firm on May 9, 2024 and was looking for a new one. It also says the Borgers reports for 2022 and 2023 carried an explanatory paragraph on the company's ability to continue as a going concern. No new auditor was announced, no annual report for 2024 was filed, and the Form 1-Z ended the company's Regulation A reporting. The 2022 and 2023 financial statements above are the only audited figures that exist, and they were audited by a firm that settled SEC charges of not following audit standards. Read them with that in mind; the 2024 liquidation table, which is what holders were paid on, was never audited at all.

The manager filed its own report as a crowdfunding issuer. Here Investments Inc.'s Form C-AR for 2023 (CIK 1945875) shows total revenue of $1,263,075.38 in 2022, of which $1,185,592.16 was sourcing fees, and $778,749.42 in 2023, of which $443,000 was sourcing fees. It lost $2,311,741.04 and $1,811,928.63 in those years, raised $1.2 million under Regulation CF in July 2023, had 2 employees and $6,642,351.83 of liabilities at the end of 2023. In plain terms: the manager earned most of its money when a house was bought, not while the house was rented.

Here compared with Arrived's vacation rentals

Arrived sells the same kind of product, one house per Regulation A series, including short-term rentals, and is still operating. The Here record gives a holder of any such series four specific things to read in that series' own offering circular and annual report, rather than in the listing page:

• Raise per dollar of house price. Here's 2023 series raised about $1.75 for every $1.00 of house. Whatever share of your money goes to fees, furniture and closing costs is spent at the start and is not part of what a buyer pays later.
• Debt and its terms. Here's loans were short and priced at 10.50% to 12.50%. A one-year interest-only loan has to be refinanced or repaid on someone else's schedule.
• What the manager is owed on sale. Deferred fees and advances were repaid to Here ahead of holders: $923,343 net across the series.
• Who runs the exit. At Here, the sale price was the manager's call and the payout depended on a broker and custodian the investor did not choose.

Our Ark7 review and the fractional real estate guide cover the platforms still operating; our list of real estate crowdfunding failures places Here among the others that closed.

What a holder can do with this

• Check that you were paid. The January 10, 2025 Form 1-U says the check went out on or about December 31, 2024 only to investors who had filed a Form W-9; late filers were asked to send it to HereCollectionW-9@stretto.com by February 15, 2025, with Stretto's distribution call center at (877) 670-2127. If you never received or cashed a check, that address and number are the ones in the filing; an uncashed check may also have moved to a state unclaimed-property program.
• Work out your own amount. Multiply your interests in each series by the payout in the table above. Someone with 1,000 interests in Series #7 (cost $1,000) received $250 on liquidation plus $13.60 of operating distributions (our arithmetic).
• Do not count on more. The claims reserve was $286,000 in total. The filing says any unused part could be paid out later but “it is not expected at this time that there will be any future payments.”
• Taxes. The 1-K says each series elected to be taxed as a corporation, so the payout is a liquidating distribution on shares, not a K-1 item. How to report the loss depends on your basis and the year you were paid; that is a question for a tax preparer.
• Watch the next one. If you hold another single-property series, a short alert when its filings change is the cheapest early warning there is.

FAQ

Sources, read October 6, 2026: Here Collection LLC (CIK 1876769) filings on SEC EDGAR: Forms 1-K for 2021 (accession 0001096906-22-001809), 2022 (0001096906-23-000948) and 2023 (0001096906-24-000970); Forms 1-SA for the half-years to June 30, 2022 (0001096906-22-002373) and June 30, 2023 (0001096906-24-000007); offering circulars on Form 253G2 of March 1, 2022 (0001213900-22-009941) and March 29, 2023 (0001096906-23-000664); Forms 1-U of October 11, 2022, December 2, 2022, February 17, 2023, May 31, 2023, June 5, 2023, August 9, 2023, January 3, 2024 with Exhibit 99, the twelve property-sale 1-Us of January to June 2024, May 10, June 21, July 22 and August 26, 2024 and January 10, 2025 (0001096906-25-000028); Form 1-Z (0001096906-25-000614); and Here Investments Inc.'s Form C-AR for 2023 (CIK 1945875, 0001096906-24-000973). The here.co home page was read on the same date. Totals, ratios, per-share sums and the “total back per $1” column are our arithmetic from those filings. This is analysis of public documents, not investment, legal or tax advice.