Intro

Happy July and summer. Q2 has been a productive and aggressive quarter here at Courtyard Sihe. We drove operations hard: I seized the reins and personally managed the successful renovation of an apartment; financials are down across the board as we rip off band-aids and attack core issues; and we are rebuilding a new team with learnings from a challenging spring.

Overall I feel optimistic and comfortably familiar in these circumstances as we work to really turn these properties around. Cash balances are healthy and our local network continues to expand the longer we operate. I am months late in major milestones and take full accountability for delays, but feel excited about this upcoming segment in the investing journey.

For more details, read on. Any questions, comments, or concerns, just reply and be in touch. No topic is off the table to partners!

Mission Statement

Courtyard Sihe Partners offers quality affordable housing by renovating multi-family apartments in historic American cities like Cleveland OH.

Highlights

  1. Successfully took on management personally in June 2024, sourcing contractors, managing proposals, and completing renovation of a vacant apartment in June: https://rpmoh008.appfolio.com/listings/detail/c9879f54-e657-42ad-a9cf-c5fd029ee009
  2. Onboarded new incoming executive assistant with help of outgoing assistant with a month of notice
  3. Onboarded new intern who will work with us till end of summer
  4. In final stages of sourcing, interviewing, and selecting new property managers

Lowlights

  1. Lost several months of progress because I was too patient with the old property managers. Once I went full hands-on to manage a renovation that was stalling, they quit within weeks. Iā€™m always balancing driving harder and delegating more, but in this case I am correcting to be more proactive at the beginning, managing expectations as soon as first round interviews with new property managers, and easing up the more a property manager delivers.
  2. Financials are down across the board as we rip off band-aids, attack core issues, and tenants start to live rent free during the eviction and apartment repossession process.

Financials