PIC Car Wash 6, LLC

I invested 5 years ago in self storage fund. As time went on the investment thesis fell apart which I understand happens. What I am more disappointed in that the admin team from the company does not address issues or overall strategy. Investment updates conflict and give different information thus making it hard to know what is going on. I regret ever investing with this team and I feel bad for recommending my friends to invest here, as they are also looking at losses.

My experience has been the same as the others who have posted negative reviews here. I invested in PIC Car Wash 2 in June of 2022. Distributions were reduced after only 3 months. It has now been over a year since anything has been paid out. I don't think these guys are up to the task of successfully operating a car wash business. It sounds easy, but as those of us who own and operate successful businesses know, it takes experience and savvy. They apparently lack both. At this point, I am just hoping to recoup some of my initial capital. While I would love to receive a full capital return plus modest interest, I won't labor under that delusion. I just don't think these guys can pull it off. Both principals have nothing but fluff to offer and no real answers. The guy running the operations, Cameron Broom, is as lost as the rest of them. I guess you can't win them all. This will probably be one of the few investments that I have made in recent years that won't work out. I have also noticed that they are pushing their debt fund like crazy in their email communications. Smells like bailout money for their other deals gone bad. They should have just stuck to what they were supposedly good at and not ventured into an industry that they really knew nothing about. Great marketing. Pathetic performance. I would never invest with them again.

When I started investing with PIC, I was very impressed with their track record and performance. I did my due diligence on them and was comfortable with investing. I invested in one of their Car Wash Funds as the returns looked very attractive and their debt looked to be all fixed rate from their Deck. Distributions were going well in late 2023-2024. They updated their projections in March/April 2024 to show even better potential. I decided to also invest an additional amount in that same CW Fund. Then, starting in late 2024, distributions started trimming down...with Q3 and Q4 only being about 10% of the previous quarter amount. Their quarterly updates were not telling the full story, only the operational side of the business which seemed to be struggling. After digging further, I found several huge gaps and concerns. First, their loans were not all fixed, as they stated in their Deck. DSCRs on one of the loans was below 0.5. Their fees for the 3rd Party managing the site were over 10% and the OPEX to NOI was well above the average. After speaking with the two principals and their Investor Relations team, I quickly found out that these guys were in way over their head. To date we have not received a distribution since Q4 2024. The value of the Fund is well below what the full capital stack is set at. At this point, I expect to lose some or all of my money. In their recent "State of the Union" Car Wash presentation it was all pink roses and unicorns, with no details on the future business model and when we could expect to get back on track. They refuse to update their financial projections, as I just don't think they have a strong understanding of the CW market. Their new marketing info is focused solely on their Debt Fund and other investments that look to be "bailouts" of the current catastrophic deals. They also share how "other" groups seem to be struggling with their portfolios (but of course not them) and how they have all the answers. Not a big fan of how they've changed and won't be investing with them again.

I have I’vested with 3 of their investments so far. Evenhough none of them have matured …I have a very good communication & understanding of what they are doing. I am hopeful they will be successful and look forward to giving them a better review!