v3.8.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Related Party Transaction [Line Items]          
Due from Related Parties $ 26,456   $ 26,456   $ 108,433
Due to Affiliates 871,189   871,189   383,422
Additional Paid-in Capital [Member]          
Related Party Transaction [Line Items]          
Due from Related Parties [1] 4,005   4,005   0
Due to Affiliates [1] 0   0   79,645
Acquisition Fee [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 0 $ 0 0 $ 474,121  
Due from Related Parties 0   0   0
Due to Affiliates 0   0   0
Incurred To Related Parties (1,014,559)   (2,498,129)    
Asset Management Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [2] 264,927 46,575 573,081 54,141  
Due from Related Parties [2] 0   0   0
Due to Affiliates [2] 483,135   483,135   29,577
Property Management Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 6,996 0 7,618 0  
Due from Related Parties 0   0   0
Due to Affiliates 7,617   7,617   0
Expense reimbursements from Sponsor [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [3]   (434,332)   (434,332)  
Due from Related Parties [3] 22,451   22,451   79,862
Due to Affiliates [3] 0   0   0
Incurred To Related Parties [3] (584,230)   (1,945,160)    
Waiver of Assets Management Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 42,485 (11,798) [2] 119,524 (11,798) [2]  
Due from Related Parties [2] 0   0   0
Due to Affiliates 0 [2] 11,798 0 [2] 11,798 0 [2]
Incurred To Related Parties [2] (42,485)   (119,524)    
Capitalized Acquisition Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 1,014,559 0 2,498,129 0  
Due from Related Parties 0   0   0
Due to Affiliates 0   0   274,200
Capitalized Financing Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 174,500 0 261,950 0  
Due from Related Parties 0   0   0
Due to Affiliates 0   0   0
Reimbursable Organizational and Offering Expenses [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [1] 453,377 187,101 1,591,498 187,101  
Due from Related Parties 4,005   4,005    
Costs reimbursable from Rich Uncles REIT I [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [4] 0 0 0 0  
Due from Related Parties [4] 0   0   28,571
Due to Affiliates [4] 0   0   0
Due to Rich Uncles REIT I [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [5] 17,269 0 17,269 0  
Due from Related Parties [5] 0   0   0
Due to Affiliates [5] 17,269   17,269   0
Payable to TIC [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [6] 363,168 $ 0 363,168 $ 0  
Due from Related Parties [6] 0   0   0
Due to Affiliates [6] $ 363,168   $ 363,168   $ 0
[1] As of September 30, 2017, the Sponsor had incurred $5,844,047 of organizational and offering costs on behalf of the Company. However, the Company is only obligated to reimburse the Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds.
[2] To the extent the Advisor elects, in its sole discretion to defer all or any portion of its monthly asset management fee, the Advisor will be deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the three and nine months ended September 30, 2017, the Advisor waived $42,485 and $119,524, respectively, of asset management fees, which are not subject to future recoupment by the Advisor. The Advisor waived $11,798 of asset management fees for the three and nine months ended September 30, 2016.
[3] The Company records payroll costs related to Company employees that answer questions from prospective shareholders. The Sponsor has agreed to reimburse the Company for these investor relations payroll costs which the Sponsor considers to be offering expenses in accordance with the Advisory Agreement. The receivable related to this is reflected in “Due from affiliates” in the Condensed Consolidated Balance Sheets.
[4] The Company incurred $28,571 of costs in conjunction with due diligence for a property acquisition which is owed to the Company from Rich Uncles REIT I as of December 31, 2016 and reflected in “Due from affiliates in the Condensed Consolidated Balance Sheets.
[5] The Company incurred $17,269 for the nine months ended September 30, 2017 of interest on its unsecured credit facility. This amount was the result of a bank error. The monthly interest payment that was due on the unsecured credit facility was withdrawn from REIT I’s bank account rather than from the Company’s bank account.
[6] After closing the acquisition of the Fujifilm property, the Company received $363,168 from the title company. These proceeds represent cash received by the title company in excess of the amounts needed to acquire the property. At September 30, 2017, these proceeds are payable to the TIC which owns the property.