July 20, 2015
Rich Uncles LLC, a REIT based in Costa Mesa, has filed for an IPO and hopes to raise $1 billion through the offering. The new company will be called Rich Uncles REIT and will buy real estate loans with the help of individual investors. The crowdfunding firm currently has about 11,000 members who are investing and owns 25 properties around the state.
Rich Uncles looks to offer 100 million shares to the public at $10 each. Ray Wirta, former chairman of CBRE and a past exec of the Irvine Co., founded Rich Uncles with lawyer Harold Hofer, who formerly owned a boutique real estate firm.