Mark Kelly

Jan 28, 2017

Invested in multiple Praxis deals.  None have gone full circle, but I can give some feedback:

First one (fix and flip) is underperforming, but very likely due to timing on my part.  The fund closed to new capital immediately after I got in because deal flow dried up. (this fund opens and closes as the market ebbs and flows)

Second (Income fund) should begin to perform very soon now that the refinance happened and all capital invested.  The problem here is we expected to get most or all of our funds back on a refinance, but that did not happen.

Third is a Houston multifamily value-add and so far to date everything looks very good and above their proforma numbers.  We'll see what happens on the refinance of this, but I am very optimistic about this.

Last is a condo conversion -- this fund should be done this year and so far all looks good and is moving along as planned.

I will note here:  I visited Praxis, their offices and was truly impressed with their team.  Very transparent and have no problem letting investors know when things aren't going as planned.  When there was a fire at the apartment unit, investors knew about it the very next day.  Communication is excellent.  As you can see above, performance is a mixed bag, but the first two are very market specific and likely has more to do with the market ebb and flow.

All in all, I am pleased with Praxis and likely will invest again, but probably not until one investment pays off.

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