JP Lumblley & Associates, LLC

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DFW Multifamily Newsletter 

October, 2011 

In this issue...
Free First Year AAGD Membership
Big Hat, No Cattle
Sound like a Texan!
Available for Sale
Stimulus Money Floating Around
Follow up Links
  
  
  
  
  
  
  
  
  
  

Welcome to this issue of the Dallas Income Properties Newsletter.  This newsletter is a complimentary service of JP Lumbley and Associates, LLC,  We are brokers who are specialists in multifamily sales and have been active in multifamily sales since 1979. 

 

Joseph Lumbley, Broker

TREC Broker's License #0275796

Bishop Arts District Office

819 N. Bishop Avenue

Dallas, Texas, 75208

214-405-3417 (cell)

214-941-3417 (office)

JP Lumbley & Associates, LLC

Free Apartment Association of Greater Dallas Membership

 

 

As a way of saying "Thank You" to our buyers, our firm has agreed to pay the first year's membership dues in AAGD (Apartment Association of Greater Dallas) for all of our multifamily buyers.  We strongly believe that all multifamily owners should participate in their local apartment association, both for their own benefit and for the good of the industry.

 

We welcome Rusty Rippamonti to AAGD as our first new member under this program.  In July, Rusty bought one of our listings, a small multifamily property in the Oak Lawn area. He's an intellectual property attorney in Dallas.

Seminar Suzies

 Big Hat, No Cattle

Big Hat, No Cattle

 

 

The last ten years has seen a marked change in the income property sales ecosystem. Much of this sea change can be laid at the foot of cable TV infomercials promising that "You, too, can be Donald Trump and become a billionaire in the income property business". Get-rich-quick books have been around for ages, but it's only with the exponential growth of cable TV outlets that these books have morphed into your typical 30-minute infomercial promising instant wealth for the paltry sum of $195 for a course and DVDs. Today, the hot topics for seminars are foreclosures, short sales, and income properties.  If you're marketing your property, these folks can drive you crazy.

 

This article will show you some of the methods that brokers use to identify these time-wasters, saving you both time and your sanity. Click here to read the full article. 

Since we've already exposed you to a few choice "Texanisms", we thought you might enjoy reading a few more:

 

1. AS WELCOME AS A SKUNK AT A LAWN PARTY.
Self-explanatory.

2. TIGHTER THAN BARK ON A TREE.
Not very generous.

3. BIG HAT, NO CATTLE.
All talk and no action.

4. WE'VE HOWDIED BUT WE AIN'T SHOOK YET.
We've made a brief acquaintance but have not been formally introduced.

5. HE THINKS THE SUN CAME UP JUST TO HEAR HIM CROW.
He has a pretty high opinion of himself.

6. IT'S SO DRY THE TREES ARE BRIBIN' THE DOGS.
We really could use a little rain around here.

7. JUST BECAUSE A CHICKEN HAS WINGS DOESN'T MEAN IT CAN FLY.
Appearances can be deceptive.

8. THIS AIN'T MY FIRST RODEO.
I've been around awhile.

9. HE LOOKS LIKE THE DOG'S BEEN KEEPIN' HIM UNDER THE PORCH.
Not the most handsome of men.

10. THEY ATE SUPPER BEFORE THEY SAID GRACE.
Living in sin.

11. TIME TO PAINT YOUR BUTT WHITE AND RUN WITH THE ANTELOPE.
Stop arguing and do as you're told.

12. AS FULL OF WIND AS A CORN-EATIN' HORSE.
Rather prone to boasting.

13. YOU CAN PUT YOUR BOOTS IN THE OVEN BUT THAT DON'T MAKE THEM BISCUITS.
You can say whatever you want about something, but it doesn't change what it is

14. WE'RE EATIN' HIGH ON THE HOG.
Things are going really well.

15. PIGS GET FAT, HOGS GET SLAUGHTERED.
Be greedy but don't be too greedy. 

  

Current Hot Listings & Upcoming Listings

 

We currently have several small multifamily deals available for purchase:

 

North Oak Cliff Area:

 

16 Units near Calatrava Bridge, blocks from new $400K+ townhouses.  Currently under contract but we'll accept backup offers

 

Two Commercial Tracts in Bishop Arts District.  Under Contract

 

20+ units, Winnetka Heights historic district.  Not officially on the market but will be soon

 

10+ units, Bishop Arts District.  Listing in progress.

 

Waxahachie:

 

19 Units in Historic District.  Available now

 

24 Units in Historic District.  Looks like something out of "Gone with the Wind".  Available now.

 

Arlington:

 

20+ units in West Arlington.  Listing in progress

 

Irving:

 

28 units.  Townhouse designs consisting of 7 fourplex buildings.  Available now.

 

Cleburn:

 

Small RV park/Mobile Home park.  23 spaces.  Available now.

 

Call Joe Lumbley at 214-405-3417 for more details. 

Stimulus Money Floating Around

Our client told us it felt like winning the lottery

 


One of our clients (a fellow AAGD member) has informed us that she recently cashed in on a City of Dallas Weatherization program in the Balch Springs/Mesquite area that she compared to "winning the lottery".

 

This program is available to apartment tenants who meet certain income eligibility requirements.  Eligibility is by tenant, but the benefits flow to the owners.  The application process is rather cumbersome, with an 18-page application required for each tenant, but the results are well worth it for both the tenants and the owner.  Under this program they replaced the individual HVAC systems, windows, and attic insulation on all but two of her units.

 

Tenants have reported that their utility bills have dropped by as much as 50%.  The city is looking for another 30-50 unit property in the Balch Springs/Mesquite area for another grant. 

 

In response to this article which appeared in our first newsletter, another AAGD member in the Balch Springs area has begun the process of getting a weatherization grant and has moved into the application process. 

 

If you'd like specifics, and contact information, please email me at joe@lumbley.com or call Joe at 214-405-3417.

 

FREE Apartment Association Membership

to all our new buyers in 2011. 

 

For all our new multifamily buyers, we will sign you up for membership with the Apartment Association of Greater Dallas (AAGD) upon closing of the deal.  We'll cover your initiation fees, per-unit fees (for the sold units) and pay your first year's dues as our way of saying "Thank you" both to AAGD and to our buyers.  If an AAGD buyer purchases one of our listings, we'll pay your basic yearly membership dues and the per-unit dues for the newly-purchased units.  Gamber Real Estate transactions not included in this promotion.
Save 10% on brokerage commissions
As a special offer to our clients who are AAGD members, we'll give you a 10% rebate on brokerage fees received by our firm for any members who list and sell their properties with us.  This is in addition to our offer of free AAGD membership to buyers and will apply to any transactions that occur in 2011.  Current transactions that are working now will also be included in this coupon offer.
  
Under Texas law, this rebate will be limited to principals in the transaction.  Gamber Real Estate residential transactions are not included in this offer.
  
We are members of AAGD but this offer is neither sponsored by nor promoted by the Apartment Association of Greater Dallas.
Offer Expires: December 31, 2011