Three years ago, I sent out the first quarterly Pothos Capital Family, Friends, and Partners newsletter. Since then, my partners and I have: -Acquired two properties - one 7 unit MFH and one “mini resort STR” - and have a third under contract -Become the best STR operators in our market (Central NH White Mountains) -Raised money from a JV partner for the mini resort STR deal and provided first class reporting and investor experience -Completed a cash out refinance on our MFH after doing significant value add and incurring significant brain damage in the process -Launched a property management company and a trash pickup service now at $100k run rate -Started and shuttered a hot tub maintenance business -Helped our local home service partner, Tuck Home Services, go from $500k annual revenue to $2 million and more importantly, build the systems and capacity to scale with us -Have tons of operating data and many connections now to do deals opportunistically and underwrite accurately. All of this was built from ground zero one small step at a time. We arrived in this market in December 2019 with no connections, no track record, limited experience, and even less capital. We still have a long way to go but I couldn’t be more proud of our progress. If you have any interest in getting added to the newsletter, feel free to DM me or fill out the form in the link tree in my profile. Not interested now? No worries. I’ll be sending this newsletter for the next few decades.

@financeguy725 "Evicted by previous landlord for unauthorized rabbits in common area"

Billion dollar idea: An AI email plug in that reminds boomers to reply all.

Per drywall guy this AM, his material costs up 20%. Great stuff!

@resetbasis If the admin was going about tariffs strategically and thoughtfully - A As is par for the course for Trump admin, they make policy via Tweet and sudden annoucements - primary goal to own the news cycle - with unclear strategy and details not at all fleshed out. I'll take B

@moseskagan @Jb2Investments @stillwell Yup, that sounds right. In my Central NH 2nd home market - most folks are wealthy enough to afford second homes but not enough to see value in a $6k / year additional expense like this. At least it's not there yet. Colorado mountain markets probably a different story.

@moseskagan @Jb2Investments @stillwell It's interesting but the pricing would have to be right (high) and VERY wealthy second homeowners who see value. Anything that involves handyman / variable maintenance is not worth it if it's not supporting your equity directly or a large high margin recurring revenue stream.

@moseskagan @Jb2Investments I would say either brokerage or a recurring revenue home service business like landscaping, trash, or pest control if you have the background, right local partner, or acquisition opportunity Bootstrapping PM is very painful as you have said many times and I have learned lol.

@moseskagan Jinx!

@moseskagan This means that if you can get through that initial challenging period and build the reputation and relationships with the best service providers and find the best employees - yes, your moat will be large

just another day in rural class C multi-family

*Random accounts follows me and likes a popular tweet from a few weeks ago* *Check DMs* *Spammy AI sales message sitting in requests*

ChatGPT making me blush

You can make the argument towns and the states also benefit from increased property tax revenue and lodging tax revenue without corresponding demands on services. But there are certainly externalities that need to be dealt with and whose impact varies market to market.

Especially when the weather is nice all the time. But when you’re facing five months of cold and darkness, with extended stretches of near-zero low temperatures, those buried frustrations have a way of pesky surfacing.

@jbrockbuchanan That sounds right!

The final 10-20% not solved through those avenues is probably edge cases that are nuanced and not easily predictable and getting them wrong is the difference between a great stay and mediocre guest. Maybe an AI bridges half that gap but humans still needed 5%-10% of the time.