JP Lumblley & Associates, LLC

Realtor Logo

 

DFW Investment Real Estate Newsletter 

June, 2013

In this issue...
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)

Little Pocket Trees
Closed April, 2013
12 Units I-30 area in East Dallas 

SOLD April, 2013
The value of persistence! 

 

This sale shows the value of both persistence and of extensive local contacts.  We went through about four loan brokers and about 20 potential lenders, none of whom saw the potential of the property.  The buyer was well-qualified and anxious to do the deal but after about 20 rejections, he was getting a bit battle-weary.  Finally, we decided to skip the middlemen and presented the deal to two small banks who had both recently expanded into the DFW area.  Both of them approved the loan and our buyer had the choice of two loans. 

The eventual lender, an out-of-state bank, has now funded three of our last five closings.  In our last closing with this lender, they liked the numbers so much that they didn't even require a formal appraisal.  It's almost like the old days of "handshake deals".  One of our small lenders noted that we do such extensive documentation and pre-closing due diligence that it drastically reduces the amount of work the lender needs to do to approve the loan.

301 Rolston Road, Irving 32 unit

SOLD May 2013
Very short time on the market

 

Our 32-unit Irving Court Townhomes closed in May with the buyer being a local Dallas investor.  This property went under contract after a couple of weeks on the market.  We received seven offers on the property and had multiple backup offers lined up.  The buyer was the first prospect we showed the property to.  She saw our pre-listing alert on this newsletter and called on it immediately, pushing us to show it to her first.  You snooze, you lose.

This market's getting HOT.

9 Units in Benbrook New Income Property Specialist
Harold Moses closes his second DFW multifamily deal

 

Our newest agent, Harold Moses,([email protected]) just closed a 9-unit property in Fort Worth for his second DFW multifamily closing.  Harold's specializing in small multifamily properties in the 4-24 unit range.

He's making a pretty fast start, closing his first deal within two months of joining JP Lumbley & Associates and his second deal a couple of months later.  The purchaser was one of our buyer agent clients that we'd been working with for over a year.  Way to go, Harold!