Investor · Anchorage, AK · Member since 2016 · 222 posts · 294 votes
Has anyone out there actually invested any money with Lonestar Development partners in Austin, Texas? They have about 5-6 projects going on in the Austin area, and I'm curious if they are legit. I've tried calling 3 times but no one seems to answer the phone. If you have, what kind of returns were/are you getting?
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
5y
I spoke with their investor relations person on the phone after Ken Harris recommended them. They seem knowledgeable, but I get the sense they're growing too fast. It's also hard to tell who is good at underwriting and who is just lucky in the current environment we have.
BTW....the investor relations guy never followed up with me like he claimed he would. They're out-manned right now.
Investor · Pflugerville, TX · Member since 2014 · 114 posts · 19 votes
5y
@Bryan Hancock
Hey Brian,
Thanks for the reply. I have talked to one of their partners. He’s trying to raise money for an opex fund. They claim they’re trying to acquire more. I don’t typically like to invest with people I can’t verify. They’re offering 15% fir 18 months.
On a separate note, I’m in Pflugerville and have properties in Georgetown. Do you know of any area that are cash flowing in the area?
Wouldn’t recommend it. Not a great experience and current projects taking years. They sell on grandstanding but the results aren’t there. A little digging in public records nets negative results.
I was interested in this business after watching a presentation on BTR. A quick check reflects quite a bit of financial instability for Lonestar Development Partners. Public records show Chris Kopacek with Lonestar development partners has multiple lawsuits from investors and business partners, lawsuits for failure to pay loans and expenses, garnishments, and even an arrest for failure to pay child support.
Leann Marie (review above) is affiliated with Chris Kopacek according to public records. Considering it seems he also failed to pay her sums owed, I highly doubt she wrote this positive reflection or in the least her views have changed since then.