Property Profits Real Estate Podcast

She didn't think she'd find one investor. Then she made a Dream 100 list.
Dr. Nkem Ezeamama is an ER doctor and the founder of Pheenyx Capital. She owns about 800 apartment units, totaling about $153 million in assets, in Georgia, the Carolinas and Tennessee.
She tells Dave Dubeau how she went from passive investor to owner operator, why her investors trusted her before they trusted the deal, and how a simple message to her contacts started her investor base.
She also explains why doctors are tired of being pitched, and why she wants to reach them in residency.
Key topics
• Why an ER doctor wanted more than one income stream
• Not wanting to be the 3 a.m. landlord
• Learning to underwrite 3 deals a day
• Starting at the market peak
• The Dream 100 list and her first message
• Turning a no into maybe not now
• Why doctors need education, not another pitch
About Dr. Nkem Ezeamama
Dr. Nkem Ezeamama is an emergency medicine physician and the founder of Pheenyx Capital, based in Nashville. Pheenyx Capital helps physicians and professionals build wealth through multifamily apartment investing.
Links
Connect with Nkem: https://phcinvest.com
Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate
Want to be a guest on the show? https://www.daveinterviewsyou.com

XSITE Capital stopped buying apartments for over 2 years. Then it all changed.
Tenny Tolofari is a cofounder and head of acquisitions at XSITE Capital. Since 2019, the company has done $276 million in deals, mostly value add apartments in the Southeast.
Tenny tells Dave Dubeau why every seller in the market right now is motivated, and how one very hard $49.1 million deal made them a better company.
He also explains how partners earn a seat at the table, and how the 3 founders met over the Cashflow board game.
Key topics
• Why XSITE Capital paused buying from 2022 to 2025
• Why it's a buyer's market right now
• The hardest deal they've done and what it fixed
• Raising capital from busy professionals
• What a seat at the table means for partners
• How the founders met
• Building a community around awareness
About Tenny Tolofari
Tenny Tolofari is a cofounder, head of acquisitions and chief growth officer at XSITE Capital, based in Charlotte, North Carolina. He has an engineering and cybersecurity background and left his full time job in 2024.
Links
Connect with Tenny: https://xsitecapital.com (or find Tenny Tolofari on LinkedIn)
Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate
Want to be a guest on the show? https://www.daveinterviewsyou.com

Her partners gave her a $54 million project, but not their $10 million fund.
 
So Bethany Finch started her own.
 
Bethany has 30 years in real estate. She started with $250, learned to flip with private money, and now works across build to rent communities, corporate rentals, value add multifamily and a customizable fund.
 
She tells Dave Dubeau why so many retirees are sitting on rentals their kids don't want. She also explains why most of her investors are men, even though she built Empower Her Capital with women in mind.
 
Her big message: stop chasing a retirement number. Ask what an extra $10,000 a month would solve.
 
Key topics
Starting a real estate business with $250
Paying private lenders double what the bank pays
Why your kids may not want your rentals, and what owner financing can do
The $54 million project vs the $10 million fund
Why many women feel investing is risky or fake
Fail faster: a 2 a.m. scare over $30,000 and the coaching call that followed
Monthly cash flow vs a $1.4 million savings target
 
About Bethany Finch
Bethany Finch is the founder of Empower Her Capital. Based in Washington State, she has 30 years of real estate experience across single family flips, multifamily, build to rent, corporate rentals and a customizable fund.
 
Links
Connect with Bethany: https://empcfund.com
Prefer to watch on YouTube? https://www.youtube.com/@propertyprofitsrealestate
Want to be a guest on the show? https://www.daveinterviewsyou.com
 

How many units can you fit on a property?
Brian Koons says that used to be the main question.
Now he asks a different one: What creates a good rental product in a good neighborhood?
Expanded Description
Brian Koons works in the San Diego ADU market, where high property prices make cash flow difficult without getting creative.
His focus is often on distressed single family homes and small multifamily properties where more units can be added.
Brian explains why he likes projects that end with four units. In his experience, that gives him a useful balance between density, parking, yard space, privacy, and easier lending compared with projects that move into the five unit and commercial lending space.
He also shares why distressed properties give him more flexibility. A project might be renovated and sold, sold with permits, completed and sold, or completed and held as a rental.
Brian also talks about how his thinking has changed over time. Instead of trying to squeeze as many units as possible onto a lot, he now pays close attention to livability and often prefers larger two and three bedroom ADUs.
Key Topics and Takeaways
Why distressed one to four unit properties can offer several exit options
Why Brian sees four total units as a useful sweet spot
The importance of parking, privacy, yard space, and neighborhood character
Why Brian now prefers larger two and three bedroom ADUs in many projects
Why current cash flow is only one part of his long term investment thesis
How Brian uses different architects and contractors for different project types
Guest Information
Brian Koons is a San Diego developer and development manager.
He spent eight years in the Marine Corps before moving into development. He later ran development for a company with 580 projects before starting his own business.
Today, he manages projects for himself, investors, and property owners who want help building ADUs.

A tax lien purchase does not always lead to a property. For Jim Tannehill, that is part of the model.
Jim and his team may evaluate hundreds of properties before an annual tax sale. They narrow those properties down, set maximum bids, purchase tax liens, and then wait through the redemption period.
If the owner pays the taxes and required costs, Jim gets his principal back along with interest. If the lien is not redeemed and the legal process is completed correctly, his team may eventually acquire the deed.
Jim explains that the tax sale is only one piece of the puzzle. Once a property is acquired, his team still has to decide whether selling it, renovating and selling it, or holding it as a rental makes the most sense.
Jim also shares why discipline matters. His team stays inside specific buying parameters instead of chasing every cheap property that appears at the auction.
Key topics and takeaways:
Why Jim sees tax sales as an acquisition strategy rather than the entire business
Why his team may drive by 500 to 1,000 properties before an auction
How roughly 220 possible bids can turn into around 100 winning liens
Why only about one third of those liens may become deeds today
How redeemed liens return principal plus interest
Why renovation money is included in the original capital budget
The mistake that led Jim to buy a garage instead of the house he thought he was bidding on
Why parcel numbers and county GIS information matter
How Jim decides whether to sell, renovate and sell, or hold a property
Guest Information:
Jim Tannehill is a real estate investor who has spent roughly a decade building a portfolio of income producing properties. His company self manages a portfolio in the 200 property range, with a focus on duplexes and single family homes.

A shelter is not always the final stop before someone gets permanent housing. Felicia Edelman says many people need a middle ground first.
Felicia and her husband have operated transitional shared housing in South Los Angeles since January 2010. Their residents include men coming from jails, prisons, treatment centers, hospitals, shelters, the streets, and other agencies.
Felicia explains how the model works financially and operationally. Their typical duplex has five bedrooms on each side, with shared rooms and 20 to 30 men across the property. Residents generally pay between $600 and $800 per month. Utilities are included, and Felicia says they do not require an application fee, security deposit, credit check, or background check.
She also explains why onsite management matters. Many of their house managers were once residents themselves and have personal experience with jail or prison. Felicia says this helps new residents feel understood and gives each house people who can set the tone and help de escalate problems.
Key topics and takeaways:
Why Felicia calls transitional housing the middle ground between shelters and permanent housing
How shared rooms make the housing more affordable for residents
Why a typical SOS Housing duplex may house 20 to 30 men
How former residents become onsite house managers
Why Felicia believes community inside the house is important
How residents sometimes shop and cook together
Why the typical stay is about three to six months
How the shared living model can also work on a smaller scale
Guest information:
Felicia Edelman is a shared housing expert with SOS Housing. She and her husband opened their first transitional housing location in January 2010.