All Forum Posts by: Cj Powderhorn

@Jason Graves is it really worth pissing off your wife? I’ve noticed all of the responses have been from men so far😂.

How engaged is your daughter in school and extracurricular activities? Having an ‘only’, team sports are very important for her development to me. More important that teaching her how to make money (for now).

I’d recommend letting your daughter get as involved as she would like to be-with YOUR investments. I assume they will all be hers one day, anyway. Have her review the books, balance accounts, email contractors or something else?

Maybe your wife is extremely risk adverse due to past experiences or has another valid reason for not wanting to engage in REI...

Sounds like you are very successful professionally and happy personally-don’t see a strong enough reason to ‘rock the boat’.

@Joseph ODonovan thanks for letting me know.  I believe they are looking primarily in West and SW Philly. My apologies as I am not extremely familiar with the area - I plotted the locations on googlemaps, my  mistake.  These are zipcodes from a previous fund-the exact properties have been identified yet for the fund I am looking at. It is still in a planning phase as I don't have anything other than preliminary paperwork or a cash call date yet.I guess that my initial post was too vague. My apologies. Cj

19131, 19139, 19151 are some of the zipcodes.  Do you need more info?

Hi, looking at a deal to buy, rehab, rent and eventually sell about 20 rowhomes in Philly.  Primarily to provide 'work force', stable housing. Most won't be complete until Sept/Oct so hopefully rental payment restrictions will be gone.

Backed by a $15M LOC already in place.Expected return of initial investment (+x%) at refi at end of year one. This is the 3rd fund for the organization. Other two are doing well. More upside for this one as original purchase prices have fallen, but more risk as well possibly.

Returns are quoted quite high. Expenses as well:  showing a GP Aq fee of 3%, development fee of 5%, GC fee of $7500 per property, PM start fee of $1000 and PM fee of 5%, Additionally, one of the partners owns a very large brokerage so I am sure there will be commissions on the buy/sell.  Do the fees really matter if the returns come thru?  I've researched other projects, talked to references, etc. I have the property info on the other two funds and they are going as planned.

Would love to know your thoughts....

Hi, I lived in Memphis for 6 years. I also have 7 SFR and 1 duplex in 7 different zipcodes there! I'm happy to share my experiences with any out of state investors (especially from California as some of the prices in the south are probably unbelievable). I started investing there in 2005 and am closing on a property next week. Real Estate is not my primary job so I am happy to share what I have seen with different providers, areas, etc.

 @Paul Son Memphis and Nashville are very, very different markets.  Think Oakland and San Jose....for those of you from CA.  Slightly exaggerated but very different places.

I have properties in Memphis - one A and the rest are probably C to D based on this forum.  I actually sent an email to my property managers prior to ANY laws regarding late rent, eviction, etc. to NOT charge late fees and work with the tenants.  I do believe as a landlord that I have a responsibility to my tenants-that is why I am conservative with my reserves, etc.  I have worked with tenants in the past who have lost their jobs and had other hardships. 

When I have to make a major repair (replace a roof) and the tenant insists on being there, I give them a $50 discount at the end of the project on the next month's rent.  Does if really matter to me? No.  But the good will it builds for someone living month to month makes a huge difference.  The tenant in this property is in a 'bad' area in Memphis and he has been there for 8 years!

is it both smart  and compassionate business? I think so.  To us, it may be one of one, one of 10,or one of 100 rentals but to the tenants it is their HOME.  Turn the tables a bit and think how you would feel in that same situation. I have friends who are PA's, dentists, business owners and they are in the same situations right now - albeit on a grander scale-but not being able to pay your rent/mortgage or have to sell your home if it is $500 or $5 million is a scary place and a bit of compassion may be the difference between a renter who stays for years or a renter who eventually is evicted and leaves the home in poor condition.

I received all of my rents for April and May. I also give credit to my property managers as they added the ability to pay with a credit card - and they are paying the fees in lieu of charging the tenants or owners.  They also treat everyone with respect which I think has built enormous credibility.

Jumping off my soapbox now :) Don't forget tomorrow is Mother's Day!

Lesley Resnick seems to have a lot of resources and has been very responsive.

@William Robison

'C properties in B areas appreciate fast in the urban core of KC', what zipcodes/areas are these? Thanks!

@William Robison thanks for the thoughtful, informed post. In the KC area, I assume C class properties don't really appreciate very much? Do you have any thoughts on areas that will show a short term drop in prices and/or have some built in appreication?

I'll be happy to message you my story.