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) |
| 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.
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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.
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