September 14, 2025 • 22 mins
Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Lamar Fletcher.
He is a real estate investor and entrepreneur focused on affordable housing solutions. He is the founder of Fletchers Capital Affordable Housing Fund LLC, a Georgia-based company dedicated to real estate and rental investments.
🔑 Lamar Fletcher’s Affordable Housing Plan
-
Investment in Affordable Housing
- Fletcher’s fund acquires and revitalizes distressed properties to create affordable housing options.
- His strategy ensures high-quality housing while maintaining affordability for families.
-
Community-Focused Development
- His projects aim to provide stable housing for low-income families and underserved communities.
- He integrates affordable units into larger real estate developments to promote inclusivity.
-
Private Equity & Capital Raising
- Fletcher operates as a private investment group, allowing investors to support affordable housing while earning returns.
- His fund focuses on sustainable financial models to expand housing accessibility.
-
Support for Vulnerable Populations
- His initiatives include housing solutions for domestic violence survivors and individuals facing financial hardship.
- He advocates for equal housing opportunities across different income levels.
📘 About Lamar Fletcher
Lamar Fletcher is a Georgia-based entrepreneur specializing in real estate investment and affordable housing development. He has founded multiple companies, including Fletchers Capital Affordable Housing Fund LLC, which focuses on rental and leasing properties. His work is centered on creating sustainable housing solutions while generating investment opportunities.
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Episode Transcript
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Speaker 1 (00:00):
Hi, I'm Rashan McDonald. I host this weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides off for everyone. It's time to stop reading other
people's success stories and start living your own.
Speaker 2 (00:13):
I'm here to help you reach your American dream.
Speaker 1 (00:15):
If you want to be a guest on my show,
please visit Moneymaking Conversations dot com and click to be
a guest button. My next guest founded a private equity
firm focused on high quality, affordable, single family and multifamily
mixed use real estate developments. He launched a program for
women who are victims of domestic violence. Please welcome to
(00:37):
Money Making Conversations Masterclass. Lamar Fletcher, How you doing?
Speaker 3 (00:40):
Lamar?
Speaker 4 (00:41):
Hey, you guys, I'm doing well. How you doing well?
Speaker 2 (00:44):
You're Georgia native, you know.
Speaker 1 (00:46):
For those who are unaware, I do see my guests
on video, even though this is an audio interview, and
he has Georgia Bulldog read all over himself. He's ridiculous, y'all.
He's ridiculous. All these joya read. But I understand when
you won two national championship back to back, you can
promote yourself like that. But mister Lamar, you on the
(01:08):
show to talk about what you're doing in the community.
Give us a little background about you. Who is Lamar Fletcher.
Speaker 3 (01:14):
Okay, I'm Lamar Fletcher. I'm Lamar Fletcher. I'm born and
raised here in Atlanta, Georgia. I grew up over in
the west West side of Atlanta, specifically know as Vine
City and English Avenue communities. I graduated from Frederick Douglas
High School. So I'm at real Atlanta native born and raised.
You know, when you say Atlanta, we're talking about Atlanta here,
(01:36):
you know. And I was fortunate enough to be able
to go forward a boss my studies in complete graduate
school at University of Georgia, where I was able to
continue a vass career and background in finance and finance.
Speaker 1 (01:51):
Now, let's let's talk about it. Let's give it a
little descriptive about where you come from. Okay, Fourth Ward.
I came from Fifth Ward. That's a n impoverished community
in Houston, Texas. People have stereotypes by people who come
from Fifth for some of the stereotypes about your community
and some of the people people expect.
Speaker 2 (02:08):
To come out of the community. Tell us a little
bit more description of what four forard really.
Speaker 3 (02:12):
Is You're talking about the community that was played with violence,
the highest rate of poverty in the nation, with lack
of opportunities for progression. And I like to tell people that,
you know, I like to look at myself as a
dominant rough you know, one of the very few that
made it off the block, you know, because I knew
(02:33):
that there was something that I had in me to
go far and beyond and be able to reach back
and pull support some of my friends and family members
back up behind me from the ac collabse success and
I'll be able to achieve. So, you know, I just
just thankful that, you know, you know, I had the
vision throughout my years of childhood and adulthood to know
(02:56):
that it was something that was a calling and a
purpose amongst me that I had to fulfill. Regardless of
how hard it was, what stomp roadblocks I had to
cross over, I just knew that it was something I
had to achieve that was greater than myself for the
upbringing of my community which I came from.
Speaker 1 (03:13):
We know, Lamar, thank you for coming on Money Making
Conversation master Class. You know, when I read this founded
a private equity firm. What exactly is a private equity firm.
Speaker 3 (03:24):
So, private equity firm is the institution a firm that
basically raises capital privately from private investors, private individuals for
the sole purpose of investments. Investments can be a vasserrate
from real estate to buying businesses, doing cryptocurrency, or whatever
the asset class may be. But the sole purpose is
(03:44):
pulling capital together from several private individuals to invest.
Speaker 1 (03:49):
And so your degrees in finance right, University of Georgia. Okay,
did you just get an undergraded undergraduate.
Speaker 4 (03:56):
Degree undergrad undergrad undergrad undergradugree?
Speaker 1 (04:00):
And so you decided out, you know something, I'm gonna
do something about my community.
Speaker 2 (04:03):
I'm gonna create affordable housing.
Speaker 1 (04:06):
Explain to everybody what exactly be cause you know, a
lot of people use the word affordable housing. It seems
like every political election, every local mayor or government or
president's election, they always talking about we're going to provide
affordable housing to you, give you a shot to be
a homeowner.
Speaker 2 (04:21):
What exactly is affordable housing?
Speaker 3 (04:23):
Oh, I try to sell affordable housing in my in
my way is with anything thirty percent of ami you know,
area media income are below that.
Speaker 4 (04:34):
Basically to meet the metrics of.
Speaker 3 (04:36):
Where you make sure that a person is expending all
their income on housing. You know, so when I look
at it, we want to make sure that only a
very small fraction, no more than thirty percent is going.
Speaker 2 (04:55):
Mhm.
Speaker 4 (05:02):
It may be based upon.
Speaker 3 (05:03):
The area median income range, and I don't think that
that's that's not really affordable housing because everybody in that
area may not be shaped around what the area income
may say it may be. So we look at affordable house,
we just look at more of the individuals that we're
targeting at the lowest bracket.
Speaker 4 (05:24):
And make sure that it's affordable for those families.
Speaker 2 (05:28):
Okay, let me, let me give me.
Speaker 1 (05:30):
I'm gonna throw numbers at you because you know it's
affordable because you said affordable houses a.
Speaker 2 (05:34):
Third of your income, correct, yep?
Speaker 1 (05:37):
Okay, So so basically that's what your mortgage rate should
be that you pay every mond it's a third of
your income, because you don't want it to exceed that,
because sudden, you just paying a.
Speaker 2 (05:46):
Mortgage and you can't do anything.
Speaker 1 (05:48):
You can't pay life bibs, you can't pay food, and
so you just trapped in the house. You got a house,
but you can't do nothing else. That's what you're trying
to do when you say affordable housing. So in these communities,
you know, because of the fact that it becomes a
government and a political ploor all the time, say they
offer it it's a sixty thousand dollars home or one
hundred thousand dollars home or a two hundred thousand dollars loan.
Speaker 2 (06:09):
What is affordable housing?
Speaker 1 (06:10):
I guess I'm trying to get a number that you
can help my listeners understand. When you use the term
affordable housing, what exactly are you talking about?
Speaker 3 (06:19):
I think to you know, for the years the city
have confused with income levels based on a job.
Speaker 4 (06:28):
When we talk about affordable housing, we're not.
Speaker 3 (06:31):
We're not misconsured with income levels, but instead of tying
it with the home actual home level or whatever the
home costs may be. So we don't want to buy
a home regardless across the board, or sell a home
that it seeds two hundred and fifty thousand.
Speaker 4 (06:45):
Because we know that because the interest.
Speaker 3 (06:48):
Rates, which is things that we can't stop, if a
person get a mortgage or if they get.
Speaker 4 (06:52):
A payment on a home, it can be easily unaffordable.
Speaker 3 (06:55):
If it is seed the two fifty range, So we
try to stick with the over purchase price and keep
that condition within a certain range, which most of the
time they don't to see three hundred thousand to make
sure that if a person made thirty or up to
sixty thousand, they will be able to afford a home
between one fifty and three hundred. So we're building homes
(07:17):
around that range, starting off this year where we're building
a tiny home village and the first.
Speaker 1 (07:22):
Home right and how many bedrooms and bathrooms are that?
When you say then how what's the square footage of that?
Speaker 3 (07:37):
It would be like five hundreds for a foot to
start up to one thousands.
Speaker 2 (07:41):
For the foot Okay, okay, cool.
Speaker 1 (07:44):
Now when you're talking about building these homes, and how
do you recruit the people for this affordable housing opportunity?
And what qualifications do they have to have? You know,
because that's the whole part. You know, if you're not
in you know, your credit might be under seven hundred,
your income level, your job, how do you get a
person in that home that you're building right now?
Speaker 2 (08:06):
Through food to your firm, your private equity firm.
Speaker 3 (08:09):
Well, right now, we've been working with agencies such as
you know, different domestic violence agency that deal with these
women are single moms that have been impacted by the
survivorship of abuse. The problem that we've noticed that through
the program that these mothers have went through abuse sometimes
financially or they had someone taking care of them financially
(08:32):
and they never had financial peace or they was able
to be able to take care of their own financial burdens.
So because of that, we spent a lot of time
teaching financial literacy, took these families, teach them how to manage,
how to budget, and how to earn income first to
start off with.
Speaker 4 (08:49):
Throughout the twenty.
Speaker 3 (08:50):
Four month program, they go through a rigorous credit repair program,
all alongside with the advisor that helped them to build
their credit and also put them with a home mortgage
officer along with a realtor that helps them to prequalify
for a home that will be within their base of
affordability with the tiny home community. We're so happen to
(09:14):
have twenty two individuals that are already pre qualified from
that program to be able to go forward and get
one of the tiny homes at completion because they have
completed the overall program that we have provided to help
these women become financially I would.
Speaker 5 (09:32):
Say, sadly, please don't go anywhere. We'll be right back
with more Money Making Conversations Masterclass. Welcome back to the
Money Making Conversations Masterclass hosted by Rashan McDonald.
Speaker 2 (09:51):
It's really be really interested. Now, what is motivating you?
Speaker 1 (09:54):
You know, because of the fact that you know, you
go to college, get a financial degree, the private equity firm,
and you're gearing your success on affordable housing. You know,
this is Money Making Conversations master Class. What is your
business model?
Speaker 4 (10:11):
Well, well, you know.
Speaker 3 (10:12):
When I think about you know, I love affordable houses
for one, because the city provides subsidies for to make
housing safe and affordable. Again, we've been really dabbling around
in space one because it's it close to me because
I remember growing up over in the west South Atlanta
and to have affordable halls, and back in my day,
it wasn't necessarily the safest. So the cheapest, the cheaper
(10:36):
you pay, the harder it is, and the most the
more unsafe the conditions may be. Which now we're fortunate
enough to have the opposite of that, where Atlanta is
becoming more of a safe area and they are beginning
to build affordable halls and then more safer and thriving communities.
So because of that, now I'll be able to spend
(10:57):
more of my time just trying to target different area
is that we can go in that may have been
disadvantaged or depressed or dispressed, and we look to provide
housing opportunities at an entry level that help families be
able to not only be able to afford it, but
they won't help to take on such a big down
payment that may exceed something that we know they couldn't
(11:19):
afford to do in the first place.
Speaker 4 (11:22):
So most of our down payment costs in between five and.
Speaker 3 (11:25):
Ten thousand, and even with that, we have charitable you know,
charitable donations and also subsidy programs that help to provide
the down payment assistance. So affordable housing provide a lot
of opportunities where people are able to get that assistance.
One because it's not alrageously high. I want to behalf
of the down payment.
Speaker 1 (11:46):
Now let's talk about you as an individual. You know
I'm talking to Lamar Fleccher. Excuse me, Lamar Fleccher. You
believe that every family should have a quality housing opportunity
despite their income level. Sounds very personal to you and
Lamar talk to us.
Speaker 4 (12:03):
Absolutely, I believe very home. Every family should have a home.
Speaker 3 (12:06):
You know, as I pick it back on my story
growing up, you know, because we wasn't you know, my
parents didn't have the fortune to have high paying jobs.
We was kind of limited, you know to you know,
haulsing that was sometimes distressed, didn't necessarily have heat or
air or based or basically the basic needs of a home.
(12:28):
And I believe that because of that experience, that haulsing
should be an essential need and something essential that everybody
have quality, a quality usage of alongside their lifetime. You know,
I've seen where, you know, families because they don't have
this income level, they will get this type of housing.
You they will get hit in the public hallsing back
in the day, such as the Old Bluff you know,
(12:50):
the Old we have, the Cannonsville, you have the Old
Born Homes, all these communities that was considered public housing
that they host us in because we was at a
certain restricted level of income.
Speaker 4 (13:01):
That was marginalized.
Speaker 3 (13:02):
And now today I'll fight to make sure that the
marginalized individuals still have a shot at home ownership and
that is affordable, and that is an opportunity for them
to be in a safe community regardless up there income.
Speaker 1 (13:15):
Cool Lamar preaching, y'all, did you hear him? You know,
he got a got a voice, went up a little
bit talking about marginalizing using those words. You know, did
you pull out of a book that's a Georgia degree. Therefore,
when you're talking about how does this work, what's your website?
Because I really want people to understand and do a
little research on it, because Georgia big state, the southeast
(13:36):
part of the country may have relatives, cousins, sister, brother,
people moving down here. Because all my life, man, you know,
my fight is to let people know there is a
different way to win. Yes, don't allow people to just
tell you your story, and this is read this story. It's
the only story that you could read and you'll be
able to succeed in. And you are now on the
(13:57):
same page. I provide information, I provide platform to get
your story out. Where's what's your website and how this
is work?
Speaker 2 (14:04):
Talk to us?
Speaker 3 (14:04):
Like Lamar, my website is Fletchers Multi Family Fund and
it's basically a website that gives the entirety of what
our firm stands for. And it shows you know, what
the things that we're currently working on in the affordable
housing space. So we're always looking for investors that alive
with what we're doing and then understand the need for
(14:26):
quality housing because you know, it could be your family,
it could be you, you know, and the day we're
living in Even the rich people are looking for affordable housing.
So this is not an issue that's just for low income.
This is all American issue. And you know, those that
can chip in and help invest and earn and grow
their wealth by way of helping to make a difference
(14:47):
in affordable housing. I think there's no better way to
grow your wealth than knowing that alongside a difference was
made in a lots of others.
Speaker 1 (14:55):
It's really amazing when you start using words like diversity,
the equity and inclusion, when you start using like afforded halls,
and people immediately think that's just black people. They just
immediately think, you know, black people need a help in hand.
That angers me so much because that is not the case.
You know, a minority today is white women, black people,
(15:16):
Latinos and lesbian uh, people who are physically disabled. That's
a minority like Italian. I'm not sure, going to tell
you Asian community, and so that's really annoys me about
the Spanish community as well. I think I said Latino earlier,
But I'm just saying that that doesn't get descripted when
it's written out in the political game. You know, they
(15:38):
want to destroy DEI and they point one hundred percent
of black people when they start talking about affordable housing.
Speaker 2 (15:43):
They look one hundred percent of black people.
Speaker 1 (15:45):
And you clearly said it, affordable housing is not just
for black people. When they after screaming about three million homes,
they're not talking about three million affordable homes for black people.
They're talking about three million affordable homes for everybody.
Speaker 2 (15:59):
Now when you put your.
Speaker 1 (16:00):
Modeled down, you're talking about affordable homes for everybody.
Speaker 2 (16:03):
Correct, Yep.
Speaker 3 (16:04):
Absolutely, this is all all American issues, not just one
that we're targeting. You know, we wan't read.
Speaker 2 (16:14):
For everybody.
Speaker 1 (16:15):
Now, let me ask you this, Okay, when you start
talking about affordable housing, is it restricted to certain areas
of a city in general, a certain zip code that
you can put affordable housing?
Speaker 2 (16:26):
And how does that work?
Speaker 4 (16:28):
Well, I will say, you know, I'm glad you asked that.
Speaker 3 (16:31):
That's a good question because when you look at affordable housing.
You have certain parts of the city that I would
say that offer more support for affordable housing because I
guess more of their demographic group will aligned with the
need for affordable housing. So you might have Aerasite, Swani
or duns Crete that may not offer affordable housing because
(16:54):
majority of their population is deemed to be you know,
maybe you know, quality network or being able to have
a quality stable income. So that's something that we've been
struggling with because I believe that affordable houses should be everywhere,
not just based on income, because we got people that
have high income levels that are struggling with income, you know,
(17:17):
you know, because of financial literacy. So we try to
fight to put affordable housing everywhere. I don't want to
just target low income or distress communities that has traditionally
been the you know, been the focal point for many.
We want to go into the white communities, the rich
to pour all over and basically provide some inclusion because
(17:37):
everybody needs a side of affordability to be able to
achieve the American dream.
Speaker 1 (17:43):
Well, I tell you this, when it comes to affordable
houses in certain areas, it's talk. It's called housing evaluation.
You know, you got a million dollar house, you got
one hundred thousand dollars house right down the street.
Speaker 2 (17:54):
They call that a pump.
Speaker 1 (17:55):
They come, they're they're appreciate their or evaluate your house,
or praise your house based on a one hundred thousand
dollars house down the street. And so that's where the
argument comes. And that's that's a justifiable argument, because you're
in the business of your house going up, not down
when you walk in, and so that's a justifiable argument.
And I can I have no reason to go against
(18:17):
anybody who thinks that they're fighting for that right because you.
Speaker 2 (18:21):
Buy a home for value. You know, when you buy.
Speaker 1 (18:25):
A car, you drive that car off that parking lot.
Speaker 2 (18:27):
Value immediately drop.
Speaker 1 (18:28):
When you buy a house, your goal is not to
put the key in the door and it's suddenly devalued.
You want to stand there and watch the value go up.
Of course, when the value go up, property tax go up.
That's the whole purpose of going into communities who are
being underserved and offering affordable housing, which improved bringing up
(18:49):
the property tax. And the word that's throwing out a
lot of gentrification. Talk to me about that word. If
that word get screamed a lot with what you're trying
to do, sir, or it's another word that shouldn't be
used in your line of work.
Speaker 4 (19:04):
Well, in all line of work.
Speaker 3 (19:05):
We we don't really deal with gentrification as much. We
deal with those that say that we are going against gentrification,
which sometimes those that are there for different for a
different reason that may not support affordable living. They would
say that we're you know, we're against gentrification, and sometimes
I guess you could say we are because what we
(19:28):
are really because we're just for all inclusive communities. So
we believe that community should be a result of all
types of people of all income levels, and gentrification, unfortunately,
just don't doesn't support that. It supports only one level
of income of people, and that is something that we
fight against every day.
Speaker 4 (19:48):
But we don't fight against We.
Speaker 3 (19:49):
Just basically push the push the notion to provide more
haulsing in the midst of these areas that may be
growing ast to make sure that there are some stabilized
areas in Atlanta for those that just may not be
at the high level of living yet.
Speaker 1 (20:06):
Wow, I'm talking with Lamar Fletcher. He founded a private
equity firm Listen Up everybody's focused on high quality, affordable
single family and multi family mixed use real estate developments.
Speaker 2 (20:18):
And more importantly, he has.
Speaker 1 (20:19):
A program for women who are victims of domestic violence.
Lamar Fletcher, as we close, please give out your website
again and any contact information, because definitely people need to
just at least inquire and find out the type of
man that you are, the type of company you're building,
and the type of communities you're trying to change.
Speaker 3 (20:37):
Absolutely, thank you, restill, Yeah, you know again. You know,
we're Fletchers Multi Family Real Estate Fund. Our website is
Fletchers Multifamilyfund dot com and our number to reach us
is for zero four seven eight one four nine four
seven again for zero four seven eight one forty nine
(20:58):
forty seven. And we're always happily looking for partners that
align with you know and have a heart for affordable
housing because we're continue to push the needle and we
can't do it ourselves.
Speaker 4 (21:09):
So we understand the power of.
Speaker 3 (21:11):
Collaboration and partnerships, and we're looking for every partner to
understand a moss what's going on in America and the
importance of affordable housing, to like the financial future and
opportunity for those that may be less fortunate to have
a shot at the American dream of homeownership.
Speaker 2 (21:31):
Preach brother, go go Bulldogs Dogs Dogs for coming on
Money Making Competation Master Class. Brother, I hope you enjoyed
the interview.
Speaker 3 (21:41):
Man.
Speaker 2 (21:41):
It's a great journey filled with a lot of information. Again,
this should point you in the direction of the.
Speaker 1 (21:46):
American dream and you out there making it happen that I
appreciate you.
Speaker 2 (21:49):
Brother.
Speaker 1 (21:50):
This has been another edition of Money Making Conversation Masterclass
posted by me Rushaun McDonald. Thank you to our guess
on the show today and thank you our listening to audience.
Speaker 3 (22:00):
Now.
Speaker 1 (22:00):
If you want to listen to any episode I want
to be a guest on the show, visit Moneymaking Conversations
dot com. Our social media handle is Moneymaking Conversation. Join
us next week and remember to always leave with your gifts.
Speaker 2 (22:12):
Keep winning.
Hi, I'm Rashan McDonald. I host this weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides off for everyone. It's time to stop reading other
people's success stories and start living your own.
Speaker 2 (00:13):
I'm here to help you reach your American dream.
Speaker 1 (00:15):
If you want to be a guest on my show,
please visit Moneymaking Conversations dot com and click to be
a guest button. My next guest founded a private equity
firm focused on high quality, affordable, single family and multifamily
mixed use real estate developments. He launched a program for
women who are victims of domestic violence. Please welcome to
(00:37):
Money Making Conversations Masterclass. Lamar Fletcher, How you doing?
Speaker 3 (00:40):
Lamar?
Speaker 4 (00:41):
Hey, you guys, I'm doing well. How you doing well?
Speaker 2 (00:44):
You're Georgia native, you know.
Speaker 1 (00:46):
For those who are unaware, I do see my guests
on video, even though this is an audio interview, and
he has Georgia Bulldog read all over himself. He's ridiculous, y'all.
He's ridiculous. All these joya read. But I understand when
you won two national championship back to back, you can
promote yourself like that. But mister Lamar, you on the
(01:08):
show to talk about what you're doing in the community.
Give us a little background about you. Who is Lamar Fletcher.
Speaker 3 (01:14):
Okay, I'm Lamar Fletcher. I'm Lamar Fletcher. I'm born and
raised here in Atlanta, Georgia. I grew up over in
the west West side of Atlanta, specifically know as Vine
City and English Avenue communities. I graduated from Frederick Douglas
High School. So I'm at real Atlanta native born and raised.
You know, when you say Atlanta, we're talking about Atlanta here,
(01:36):
you know. And I was fortunate enough to be able
to go forward a boss my studies in complete graduate
school at University of Georgia, where I was able to
continue a vass career and background in finance and finance.
Speaker 1 (01:51):
Now, let's let's talk about it. Let's give it a
little descriptive about where you come from. Okay, Fourth Ward.
I came from Fifth Ward. That's a n impoverished community
in Houston, Texas. People have stereotypes by people who come
from Fifth for some of the stereotypes about your community
and some of the people people expect.
Speaker 2 (02:08):
To come out of the community. Tell us a little
bit more description of what four forard really.
Speaker 3 (02:12):
Is You're talking about the community that was played with violence,
the highest rate of poverty in the nation, with lack
of opportunities for progression. And I like to tell people that,
you know, I like to look at myself as a
dominant rough you know, one of the very few that
made it off the block, you know, because I knew
(02:33):
that there was something that I had in me to
go far and beyond and be able to reach back
and pull support some of my friends and family members
back up behind me from the ac collabse success and
I'll be able to achieve. So, you know, I just
just thankful that, you know, you know, I had the
vision throughout my years of childhood and adulthood to know
(02:56):
that it was something that was a calling and a
purpose amongst me that I had to fulfill. Regardless of
how hard it was, what stomp roadblocks I had to
cross over, I just knew that it was something I
had to achieve that was greater than myself for the
upbringing of my community which I came from.
Speaker 1 (03:13):
We know, Lamar, thank you for coming on Money Making
Conversation master Class. You know, when I read this founded
a private equity firm. What exactly is a private equity firm.
Speaker 3 (03:24):
So, private equity firm is the institution a firm that
basically raises capital privately from private investors, private individuals for
the sole purpose of investments. Investments can be a vasserrate
from real estate to buying businesses, doing cryptocurrency, or whatever
the asset class may be. But the sole purpose is
(03:44):
pulling capital together from several private individuals to invest.
Speaker 1 (03:49):
And so your degrees in finance right, University of Georgia. Okay,
did you just get an undergraded undergraduate.
Speaker 4 (03:56):
Degree undergrad undergrad undergrad undergradugree?
Speaker 1 (04:00):
And so you decided out, you know something, I'm gonna
do something about my community.
Speaker 2 (04:03):
I'm gonna create affordable housing.
Speaker 1 (04:06):
Explain to everybody what exactly be cause you know, a
lot of people use the word affordable housing. It seems
like every political election, every local mayor or government or
president's election, they always talking about we're going to provide
affordable housing to you, give you a shot to be
a homeowner.
Speaker 2 (04:21):
What exactly is affordable housing?
Speaker 3 (04:23):
Oh, I try to sell affordable housing in my in
my way is with anything thirty percent of ami you know,
area media income are below that.
Speaker 4 (04:34):
Basically to meet the metrics of.
Speaker 3 (04:36):
Where you make sure that a person is expending all
their income on housing. You know, so when I look
at it, we want to make sure that only a
very small fraction, no more than thirty percent is going.
Speaker 2 (04:55):
Mhm.
Speaker 4 (05:02):
It may be based upon.
Speaker 3 (05:03):
The area median income range, and I don't think that
that's that's not really affordable housing because everybody in that
area may not be shaped around what the area income
may say it may be. So we look at affordable house,
we just look at more of the individuals that we're
targeting at the lowest bracket.
Speaker 4 (05:24):
And make sure that it's affordable for those families.
Speaker 2 (05:28):
Okay, let me, let me give me.
Speaker 1 (05:30):
I'm gonna throw numbers at you because you know it's
affordable because you said affordable houses a.
Speaker 2 (05:34):
Third of your income, correct, yep?
Speaker 1 (05:37):
Okay, So so basically that's what your mortgage rate should
be that you pay every mond it's a third of
your income, because you don't want it to exceed that,
because sudden, you just paying a.
Speaker 2 (05:46):
Mortgage and you can't do anything.
Speaker 1 (05:48):
You can't pay life bibs, you can't pay food, and
so you just trapped in the house. You got a house,
but you can't do nothing else. That's what you're trying
to do when you say affordable housing. So in these communities,
you know, because of the fact that it becomes a
government and a political ploor all the time, say they
offer it it's a sixty thousand dollars home or one
hundred thousand dollars home or a two hundred thousand dollars loan.
Speaker 2 (06:09):
What is affordable housing?
Speaker 1 (06:10):
I guess I'm trying to get a number that you
can help my listeners understand. When you use the term
affordable housing, what exactly are you talking about?
Speaker 3 (06:19):
I think to you know, for the years the city
have confused with income levels based on a job.
Speaker 4 (06:28):
When we talk about affordable housing, we're not.
Speaker 3 (06:31):
We're not misconsured with income levels, but instead of tying
it with the home actual home level or whatever the
home costs may be. So we don't want to buy
a home regardless across the board, or sell a home
that it seeds two hundred and fifty thousand.
Speaker 4 (06:45):
Because we know that because the interest.
Speaker 3 (06:48):
Rates, which is things that we can't stop, if a
person get a mortgage or if they get.
Speaker 4 (06:52):
A payment on a home, it can be easily unaffordable.
Speaker 3 (06:55):
If it is seed the two fifty range, So we
try to stick with the over purchase price and keep
that condition within a certain range, which most of the
time they don't to see three hundred thousand to make
sure that if a person made thirty or up to
sixty thousand, they will be able to afford a home
between one fifty and three hundred. So we're building homes
(07:17):
around that range, starting off this year where we're building
a tiny home village and the first.
Speaker 1 (07:22):
Home right and how many bedrooms and bathrooms are that?
When you say then how what's the square footage of that?
Speaker 3 (07:37):
It would be like five hundreds for a foot to
start up to one thousands.
Speaker 2 (07:41):
For the foot Okay, okay, cool.
Speaker 1 (07:44):
Now when you're talking about building these homes, and how
do you recruit the people for this affordable housing opportunity?
And what qualifications do they have to have? You know,
because that's the whole part. You know, if you're not
in you know, your credit might be under seven hundred,
your income level, your job, how do you get a
person in that home that you're building right now?
Speaker 2 (08:06):
Through food to your firm, your private equity firm.
Speaker 3 (08:09):
Well, right now, we've been working with agencies such as
you know, different domestic violence agency that deal with these
women are single moms that have been impacted by the
survivorship of abuse. The problem that we've noticed that through
the program that these mothers have went through abuse sometimes
financially or they had someone taking care of them financially
(08:32):
and they never had financial peace or they was able
to be able to take care of their own financial burdens.
So because of that, we spent a lot of time
teaching financial literacy, took these families, teach them how to manage,
how to budget, and how to earn income first to
start off with.
Speaker 4 (08:49):
Throughout the twenty.
Speaker 3 (08:50):
Four month program, they go through a rigorous credit repair program,
all alongside with the advisor that helped them to build
their credit and also put them with a home mortgage
officer along with a realtor that helps them to prequalify
for a home that will be within their base of
affordability with the tiny home community. We're so happen to
(09:14):
have twenty two individuals that are already pre qualified from
that program to be able to go forward and get
one of the tiny homes at completion because they have
completed the overall program that we have provided to help
these women become financially I would.
Speaker 5 (09:32):
Say, sadly, please don't go anywhere. We'll be right back
with more Money Making Conversations Masterclass. Welcome back to the
Money Making Conversations Masterclass hosted by Rashan McDonald.
Speaker 2 (09:51):
It's really be really interested. Now, what is motivating you?
Speaker 1 (09:54):
You know, because of the fact that you know, you
go to college, get a financial degree, the private equity firm,
and you're gearing your success on affordable housing. You know,
this is Money Making Conversations master Class. What is your
business model?
Speaker 4 (10:11):
Well, well, you know.
Speaker 3 (10:12):
When I think about you know, I love affordable houses
for one, because the city provides subsidies for to make
housing safe and affordable. Again, we've been really dabbling around
in space one because it's it close to me because
I remember growing up over in the west South Atlanta
and to have affordable halls, and back in my day,
it wasn't necessarily the safest. So the cheapest, the cheaper
(10:36):
you pay, the harder it is, and the most the
more unsafe the conditions may be. Which now we're fortunate
enough to have the opposite of that, where Atlanta is
becoming more of a safe area and they are beginning
to build affordable halls and then more safer and thriving communities.
So because of that, now I'll be able to spend
(10:57):
more of my time just trying to target different area
is that we can go in that may have been
disadvantaged or depressed or dispressed, and we look to provide
housing opportunities at an entry level that help families be
able to not only be able to afford it, but
they won't help to take on such a big down
payment that may exceed something that we know they couldn't
(11:19):
afford to do in the first place.
Speaker 4 (11:22):
So most of our down payment costs in between five and.
Speaker 3 (11:25):
Ten thousand, and even with that, we have charitable you know,
charitable donations and also subsidy programs that help to provide
the down payment assistance. So affordable housing provide a lot
of opportunities where people are able to get that assistance.
One because it's not alrageously high. I want to behalf
of the down payment.
Speaker 1 (11:46):
Now let's talk about you as an individual. You know
I'm talking to Lamar Fleccher. Excuse me, Lamar Fleccher. You
believe that every family should have a quality housing opportunity
despite their income level. Sounds very personal to you and
Lamar talk to us.
Speaker 4 (12:03):
Absolutely, I believe very home. Every family should have a home.
Speaker 3 (12:06):
You know, as I pick it back on my story
growing up, you know, because we wasn't you know, my
parents didn't have the fortune to have high paying jobs.
We was kind of limited, you know to you know,
haulsing that was sometimes distressed, didn't necessarily have heat or
air or based or basically the basic needs of a home.
(12:28):
And I believe that because of that experience, that haulsing
should be an essential need and something essential that everybody
have quality, a quality usage of alongside their lifetime. You know,
I've seen where, you know, families because they don't have
this income level, they will get this type of housing.
You they will get hit in the public hallsing back
in the day, such as the Old Bluff you know,
(12:50):
the Old we have, the Cannonsville, you have the Old
Born Homes, all these communities that was considered public housing
that they host us in because we was at a
certain restricted level of income.
Speaker 4 (13:01):
That was marginalized.
Speaker 3 (13:02):
And now today I'll fight to make sure that the
marginalized individuals still have a shot at home ownership and
that is affordable, and that is an opportunity for them
to be in a safe community regardless up there income.
Speaker 1 (13:15):
Cool Lamar preaching, y'all, did you hear him? You know,
he got a got a voice, went up a little
bit talking about marginalizing using those words. You know, did
you pull out of a book that's a Georgia degree. Therefore,
when you're talking about how does this work, what's your website?
Because I really want people to understand and do a
little research on it, because Georgia big state, the southeast
(13:36):
part of the country may have relatives, cousins, sister, brother,
people moving down here. Because all my life, man, you know,
my fight is to let people know there is a
different way to win. Yes, don't allow people to just
tell you your story, and this is read this story. It's
the only story that you could read and you'll be
able to succeed in. And you are now on the
(13:57):
same page. I provide information, I provide platform to get
your story out. Where's what's your website and how this
is work?
Speaker 2 (14:04):
Talk to us?
Speaker 3 (14:04):
Like Lamar, my website is Fletchers Multi Family Fund and
it's basically a website that gives the entirety of what
our firm stands for. And it shows you know, what
the things that we're currently working on in the affordable
housing space. So we're always looking for investors that alive
with what we're doing and then understand the need for
(14:26):
quality housing because you know, it could be your family,
it could be you, you know, and the day we're
living in Even the rich people are looking for affordable housing.
So this is not an issue that's just for low income.
This is all American issue. And you know, those that
can chip in and help invest and earn and grow
their wealth by way of helping to make a difference
(14:47):
in affordable housing. I think there's no better way to
grow your wealth than knowing that alongside a difference was
made in a lots of others.
Speaker 1 (14:55):
It's really amazing when you start using words like diversity,
the equity and inclusion, when you start using like afforded halls,
and people immediately think that's just black people. They just
immediately think, you know, black people need a help in hand.
That angers me so much because that is not the case.
You know, a minority today is white women, black people,
(15:16):
Latinos and lesbian uh, people who are physically disabled. That's
a minority like Italian. I'm not sure, going to tell
you Asian community, and so that's really annoys me about
the Spanish community as well. I think I said Latino earlier,
But I'm just saying that that doesn't get descripted when
it's written out in the political game. You know, they
(15:38):
want to destroy DEI and they point one hundred percent
of black people when they start talking about affordable housing.
Speaker 2 (15:43):
They look one hundred percent of black people.
Speaker 1 (15:45):
And you clearly said it, affordable housing is not just
for black people. When they after screaming about three million homes,
they're not talking about three million affordable homes for black people.
They're talking about three million affordable homes for everybody.
Speaker 2 (15:59):
Now when you put your.
Speaker 1 (16:00):
Modeled down, you're talking about affordable homes for everybody.
Speaker 2 (16:03):
Correct, Yep.
Speaker 3 (16:04):
Absolutely, this is all all American issues, not just one
that we're targeting. You know, we wan't read.
Speaker 2 (16:14):
For everybody.
Speaker 1 (16:15):
Now, let me ask you this, Okay, when you start
talking about affordable housing, is it restricted to certain areas
of a city in general, a certain zip code that
you can put affordable housing?
Speaker 2 (16:26):
And how does that work?
Speaker 4 (16:28):
Well, I will say, you know, I'm glad you asked that.
Speaker 3 (16:31):
That's a good question because when you look at affordable housing.
You have certain parts of the city that I would
say that offer more support for affordable housing because I
guess more of their demographic group will aligned with the
need for affordable housing. So you might have Aerasite, Swani
or duns Crete that may not offer affordable housing because
(16:54):
majority of their population is deemed to be you know,
maybe you know, quality network or being able to have
a quality stable income. So that's something that we've been
struggling with because I believe that affordable houses should be everywhere,
not just based on income, because we got people that
have high income levels that are struggling with income, you know,
(17:17):
you know, because of financial literacy. So we try to
fight to put affordable housing everywhere. I don't want to
just target low income or distress communities that has traditionally
been the you know, been the focal point for many.
We want to go into the white communities, the rich
to pour all over and basically provide some inclusion because
(17:37):
everybody needs a side of affordability to be able to
achieve the American dream.
Speaker 1 (17:43):
Well, I tell you this, when it comes to affordable
houses in certain areas, it's talk. It's called housing evaluation.
You know, you got a million dollar house, you got
one hundred thousand dollars house right down the street.
Speaker 2 (17:54):
They call that a pump.
Speaker 1 (17:55):
They come, they're they're appreciate their or evaluate your house,
or praise your house based on a one hundred thousand
dollars house down the street. And so that's where the
argument comes. And that's that's a justifiable argument, because you're
in the business of your house going up, not down
when you walk in, and so that's a justifiable argument.
And I can I have no reason to go against
(18:17):
anybody who thinks that they're fighting for that right because you.
Speaker 2 (18:21):
Buy a home for value. You know, when you buy.
Speaker 1 (18:25):
A car, you drive that car off that parking lot.
Speaker 2 (18:27):
Value immediately drop.
Speaker 1 (18:28):
When you buy a house, your goal is not to
put the key in the door and it's suddenly devalued.
You want to stand there and watch the value go up.
Of course, when the value go up, property tax go up.
That's the whole purpose of going into communities who are
being underserved and offering affordable housing, which improved bringing up
(18:49):
the property tax. And the word that's throwing out a
lot of gentrification. Talk to me about that word. If
that word get screamed a lot with what you're trying
to do, sir, or it's another word that shouldn't be
used in your line of work.
Speaker 4 (19:04):
Well, in all line of work.
Speaker 3 (19:05):
We we don't really deal with gentrification as much. We
deal with those that say that we are going against gentrification,
which sometimes those that are there for different for a
different reason that may not support affordable living. They would
say that we're you know, we're against gentrification, and sometimes
I guess you could say we are because what we
(19:28):
are really because we're just for all inclusive communities. So
we believe that community should be a result of all
types of people of all income levels, and gentrification, unfortunately,
just don't doesn't support that. It supports only one level
of income of people, and that is something that we
fight against every day.
Speaker 4 (19:48):
But we don't fight against We.
Speaker 3 (19:49):
Just basically push the push the notion to provide more
haulsing in the midst of these areas that may be
growing ast to make sure that there are some stabilized
areas in Atlanta for those that just may not be
at the high level of living yet.
Speaker 1 (20:06):
Wow, I'm talking with Lamar Fletcher. He founded a private
equity firm Listen Up everybody's focused on high quality, affordable
single family and multi family mixed use real estate developments.
Speaker 2 (20:18):
And more importantly, he has.
Speaker 1 (20:19):
A program for women who are victims of domestic violence.
Lamar Fletcher, as we close, please give out your website
again and any contact information, because definitely people need to
just at least inquire and find out the type of
man that you are, the type of company you're building,
and the type of communities you're trying to change.
Speaker 3 (20:37):
Absolutely, thank you, restill, Yeah, you know again. You know,
we're Fletchers Multi Family Real Estate Fund. Our website is
Fletchers Multifamilyfund dot com and our number to reach us
is for zero four seven eight one four nine four
seven again for zero four seven eight one forty nine
(20:58):
forty seven. And we're always happily looking for partners that
align with you know and have a heart for affordable
housing because we're continue to push the needle and we
can't do it ourselves.
Speaker 4 (21:09):
So we understand the power of.
Speaker 3 (21:11):
Collaboration and partnerships, and we're looking for every partner to
understand a moss what's going on in America and the
importance of affordable housing, to like the financial future and
opportunity for those that may be less fortunate to have
a shot at the American dream of homeownership.
Speaker 2 (21:31):
Preach brother, go go Bulldogs Dogs Dogs for coming on
Money Making Competation Master Class. Brother, I hope you enjoyed
the interview.
Speaker 3 (21:41):
Man.
Speaker 2 (21:41):
It's a great journey filled with a lot of information. Again,
this should point you in the direction of the.
Speaker 1 (21:46):
American dream and you out there making it happen that I
appreciate you.
Speaker 2 (21:49):
Brother.
Speaker 1 (21:50):
This has been another edition of Money Making Conversation Masterclass
posted by me Rushaun McDonald. Thank you to our guess
on the show today and thank you our listening to audience.
Speaker 3 (22:00):
Now.
Speaker 1 (22:00):
If you want to listen to any episode I want
to be a guest on the show, visit Moneymaking Conversations
dot com. Our social media handle is Moneymaking Conversation. Join
us next week and remember to always leave with your gifts.
Speaker 2 (22:12):
Keep winning.
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