Today we’d like to introduce you to Carl Mabry.
Hi Carl, thanks for sharing your story with us. To start, maybe you can tell our readers some of your backstories.
My first real job out of college was at Memphis Housing Authority as an Internal Auditor. Part of my job was to visit all of the public housing projects that the Memphis Housing Authority operated at that time to assess the operations of the public housing projects in accordance with HUD guidelines.
Words cannot describe the living conditions that I saw while visiting the public housing projects. I couldn’t believe that people were paying to live in extremely substandard housing. The apartments were small, they smelled bad, and they were infested with bugs and rodents. A lot of the residents were going to work every day, however, they couldn’t afford to live in better housing. I knew from this experience that I wanted to get into developing quality affordable housing for working-class people.
I left Memphis Housing Authority after only being there two years. It was just too depressing and I felt like no one really cared about these deplorable living conditions. I went to work for a private third-party fee management company that managed apartment communities throughout the Southeast. This is where I learned about the apartment industry and about apartment development. I felt that I found my purpose. I could make a little money while helping people with a basic need, housing.
I created a for-profit development company and a nonprofit development corporation called Bluff City Community Development Corporation with the help of three of my fellow co-workers who wanted to give back by also creating housing options for Memphians. Starting a business is difficult, but starting an apartment development business was virtually impossible. We didn’t have any money and we didn’t have any banking connections which is necessary to operate and maneuver in the real estate world.
I prayed and I worked extremely hard for five years learning and reading anything and everything about real estate and apartment development. Those five years taught me that nothing good can be obtained without sacrifice and that successful people turn obstacles into opportunities.
I’m sure you wouldn’t say it’s been obstacle-free, but so far would you say the journey has been a fairly smooth road?
Nothing has ever come easy for me. I struggled in school due to a learning disability. In elementary school, I was in the math resource class and I had to take speech due to a speech impediment. Throughout school, I would study as twice as hard as the other kids, however, I continued to struggle. I felt like a failure and wanted to give up so many times.
The five years that it took me to learn the apartment development business and to actually start developing apartments, was an extremely challenging time for me.
I had a full-time job during the day, I put my accounting degree to use and started an accounting business to make money to use for my real estate development business, while also trying to get my for-profit and nonprofit businesses off the ground. It was quite difficult balancing everything, especially with a new wife and son.
We’ve been impressed with Bluff City Community Development Corporation and Results Management, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
Results Management LLC does real estate development consulting, apartment management, and apartment development.
Bluff City Community Development Corporation is a non-profit that does affordable housing and economic development.
Results Management LLC is how I eat, Bluff City CDC is how I am able to sleep.
I specialize in apartment management and apartment development of affordable housing developments for working-class Memphians. We don’t just build housing, we try to build communities. Your housing is how you define yourself and in most cases determines how far you go in life.
We don’t build housing that we wouldn’t want to live in which is what a lot of the other affordable housing rental developers do. We try to balance making a profit with serving our community.
Can you talk to us about how you think about risk?
As the saying goes, nothing ventured, nothing gained. You either go hard or you go home.
Every apartment development deal that I have ever done has been risky. There are so many factors that are out of your control and a lot can go wrong in which you can lose it all. One bad real estate deal can wipe you out and can cost you all of your other real estate deals. More times than not, the banks require that you have personally guarantee your real estate development deal.
This adds an extra layer of stress especially if you have a wife and family. I try to take measured risks, due to the fact that I have had to start over from scratch twice due to apartment project deals going bad. I have learned that on the other side of fear & risk is the reward.
Contact Info:
- Email: carl.bluffcitycdc@gmail.com
- Website: bluffcitycdc.com and resultspmc.com
- Instagram: @Carl.Mabry
- Facebook: Carl Mabry
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