Happy AAPI Heritage Month everyone! I’m fresh off an extended trip from China and getting back into the swing of things. It’s much chillier in NYC than it was in Beijing (70’s-80’s in mid April over in Asia) but I’ve got some sizzling Q2 updates for you.

Mission Statement

Courtyard Sihe Partners increases access to quality affordable housing by renovating multi-family apartments in America’s historic cities, such as Providence RI and Cleveland OH.


Isn't she lovely~
  1. Fund 1 continues to be oversubscribed with funds raised now at $150k (original target was $100k for fund 1.)
  2. Bought property two to meet investor demand: 8901 St Clair Ave., Cleveland, OH 44108
  3. This past weekend we started drafting proposals for yearlong leases and rent adjustments for tenants
  4. Successfully onboarded a part-time administrative assistant to help with fund operations
  5. In the process of applying for rent assistance for the first time from a Cleveland non-profit for a tenant
  6. Started getting photos for renovations from properties for these investor updates
  7. Collecting rents and starting to get preliminary dividends from properties* (more context below)


  1. Stabilization for property one is behind schedule; we closed on this property in Dec and could have started refinancing after 90 days. It is now 180+ days and we’re still in the processing of converting tenants to annualized leases (the big requirement for refinancing.)
  2. Despite getting dividends, the fund needs to budget for property tax, insurance, and eventually, mortgage. This payment is sometimes done by the property management firm, but in this case, the fund will handle payment operations and is a big reason for hiring the administrative assistant.
  3. Upon closing on property two, we have let the one vacant apartment sit idly for 4+ weeks due to miscommunication. We have received a quote for renovation from a word of mouth referral so this should be on track to get turned around soon, but reducing this time loss will be critical to scaling.
  4. Rents for property two are lower than property one, but the tenants are long-term, on time in payments, and getting acclimated to our team. We are making rent adjustments but balancing tenant longevity with bringing property economics to market conditions.

How You Can Help

  1. If you know real estate investors, professionals, or personal friends in Cleveland, feel free to share what I’m doing so I build out my network locally
  2. Feel free to respond and let me know what other details you’re curious about in these investor updates


  1. Thank you to entrepreneur friends who helping me access resources on hiring an assistant and best practices
  2. Thank you to my new investors for joining me in this new venture

Stories & Photos

Folsom: New Heaters Installation

St. Clair: Routine Work Orders Post Purchase

Key Metrics

1. Folsom

  • 2/4 units annualized leases PENDING
  • 2/4 units rent assistance PENDING

2. St. Clair

  • 3/4 units annualized leases PENDING
  • 1/4 units renovation PENDING

Quick Recap

Demand for the fund has surpassed expectations and we are growing to accommodate said demand. As such, we are very much facing the usual growing pains and learning to implement new workflows to improve outcomes. Goals for Q3 are to execute on the refinancing of at least one property to ensure we can complete our financing cycle.

Bests and until next time,

Muhan & the Courtyard Team