All Forum Posts by: Lisa Verna Staggers
Lisa Verna Staggers has started 7 posts and replied 40 times.
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
I got the same update and am hopeful as well. We’ll see….!
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
I think your thinking about this the right way. Have no expectations and be pleasantly surprised if you get any capital back. I am in the same boat for AVAF1.
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
As of now, AVAF1 has a funding gap of approximately $10M. They said they will share what the plans are to close the gap once all the funds are in but they are still moving out with the execution plan as scheduled so we shall see.
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
Those are all good points.
i’m in fund 1 and was very, very close to investing in Fund II but decided against it at the last minute based on some gaps in communication that made me a bit uncomfortable. I am so glad I decided against it.
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
Does this mean that AVAF2 has a capital call as well? Is that the latest? Does anyone have the email announcement?
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
My thought process has been: Sure, I’m happy to invest in all these new deals you are aggressively marketing as soon as you return my invested capital from fund 1 of course.
Post: Ashcroft capital: Additional 20% capital call
- Alexandria, VA
- Posts 54
- Votes 19
Quote from @Scott Rye:
I want the fund to survive, thrive and payback LP's.... But I have lost confidence in the decisions of this group for a variety of reasons. The Ashcroft Fund 1 capital call pays back the GP nearly $10-11M for purported 'loans" they made to support the fund last year....Even though LP's were not advised/notified last year that the GP's had to make such "investment". I gave them the opportunity to do right with our funds during the initial investment (and they might make it workout), but now there are just too many red flags with the Capital Call and the new deal....Do not let the friendliness for Joe, Frank and there podcast sway you...do your continued DD and ask the questions...I will not add funds to this capital call. I will take the haircut/dilution risk, go smoke a bunch of "hope-ium" that they can squeeze blood from this turnip in 3,4,5 yrs from now...If not, such is life. By way of example, the sum of all of our Syndication investments are about 3% of our NW. Be careful how you size your investments and adjust for your level of risk and ability to withstand to loose on occasion...Good luck to all...Cheers!
There’s are al great points. I’m curious: is this an all or nothing raise meaning they must raise the total amount to execute the entire plan or are they able to keep partial funds to pay themselves back? For example, as of today, the claim to have raised $
Post: Section 8 - What's the catch? (Out-of-State Investing)
- Alexandria, VA
- Posts 54
- Votes 19
Usually 2-4% higher than the standard fee. And that’s the minimum. For example, my property in a B location with market tenants always cost less to manage which is my point. In my experience overall- costs are going to be higher. As they should be, it takes more effort to wait for inspectors, make repairs, ensure rules are adhered to, etc. and that should be factored in. Also, I am sure there are many quality property managers out there, but unfortunately the pickling were slim in my particular sub market.
Post: Section 8 - What's the catch? (Out-of-State Investing)
- Alexandria, VA
- Posts 54
- Votes 19
I have found it very difficult to find an effective property manager to manage section 8 tenants. They require a lot more hands on care and this could put extra stress on you if you are not local.
Quote from @Victor Patel:
Troy,
Some landlords prefer Section 8 while others will shy away from it altoghether. I am a real estate broker and investor in the Cincinnati area. I have dealt with a many section 8 and non section 8 tenants over the years and got to the point where I didn't want to deal with section 8 anymore. While the rent is guaranteed, I learned that the maintenance issues far outweighed any rent guarantees.
Section 8 conducts yearly inspections which is great. Some issues are to be taken care of by the tenant and others by the landlord. If the tenant doesn't take care of their issues than you become responsible. 9 out of 10 times you become responsible.
I always conducted my own inspections well ahead of any section 8 inspections to get ahead of the game and fix any issues that may arise due to section 8 inspections. However, maintenance costs seemed to be never ending. There was always a leaky faucet, clogged toilet, broken light fixture, lost keys, overgrown grass, trash in the yard, etc. Many times the tenant would not pay their portion of the rent on time if at all.
Not trying to sway you one way or the other but just trying to give you my experience of 30+ years as a landlord and broker. Reach out if you have any questions!
These issues were less prevalent with tenants that were not on section 8.