All Forum Posts by: Keelia Purscell

Lately, there has been a general increase in the adaptive reuse and redevelopment of hospitality and office space into multifamily projects.  This isn't new and has been on the rise for about a decade.  I am seeing the bulk of developments in larger metro areas.  It's a great way to offset some of the supply chain and labor issues affecting the construction of new projects.  Have any of you been involved in a project utilizing adaptive reuse and redevelopment?  In the last few years it's been mostly small hotels but lately larger office spaces are being redeveloped into condominium projects.  

Thoughts?

Here is an article to just bring you up to speed.

Multifamily conversions

I would love to hear about any projects or potential projects folks have going.

I just finished the webinar and it definitely has the ring of too good to be true, and if a little bit true then still very much in Beta. 

I didn't pop for the $1500 out the gate. The next day I received a sales call and in the course of the call explained I was a Realtor and experienced investor, so the add ons and mentoring weren't all that interesting to me.  The software looked interesting.  He proceeded to tell me the mentoring was a part of the package and the software couldn't be purchased as a stand alone, but he was prepared to lower the price to $1000. Hmmmm.  I should call him back directly if I'm interested. Ok.. yea .. about that...

Honestly, it seems to be a very expensive  BP knock off.  I'll just stick with the original. Thanks.

As a working Realtor I am still writing contracts,  the real estate market will carry on with adjustments.  That said, all of your advice is spot on!  Especially, price point.  I think that is really key right now.  Underwriting is getting more stringent by the day and buyers are being asked to bring in more cash or pay off debt. If they feel they are getting the best possible price point that will make them more willing to get the deal done.  In a flip, don't cut corners on the really important stuff but the fluff can be trimmed and that sounds like exactly your strategy. Well done!

Realtor in Dallas/Fort Worth  (#0664853)

Planning to upgrade this week. Just heard about this at the webinar and I'm super excited. I love having access to all the data from other States as I plan to start investing outside my market area this year.

Thanks to all.. I will definitely explore that. Will give my local HVAC guy a call and see what I can do. But yes these are mostly B/C class units so ROI on new duct work is probably not worth it. However, one could rehab nicely since it's area is being gentrified pretty rapidly and it's a cute older duplex... hmmmm...

Will definitely be running some numbers.

Hey there fam, 

I'm finding quite a few older 1930-1960's duplexes and fourplexes in my general area here in DFW that don't have central heat/air.  They are currently rented with window units/space heaters.  This would seem to me to be the first upgrade that is an obvious fix here in central Texas.

What's a ball part figure for a new system? Does it run price per square foot? Is each unit a separate bid?

Thanks all

Hey there all!! Welcome to Plano. I moved up from Austin about 5 years ago but am a native New Yorker and also lived in the Bay Area for 20 years. Plano is a fantastic place to invest. Honestly, it reminds me of San Jose circa 1987. The boom is still coming, there is going to be fantastic growth in the next decade. BRRRR is the way to go!

@Fernando Arocho  I will see you at the meetup tomorrow! Would love to connect.

Plano is definitely growing exponentially. But there are still deals to be found on the MLS. An awesome 3/2 REO was posted just a day or so ago. I had it out to all my investors. Always do your due diligence, but those properties are out there for sure.

Investment Info:

Office Space commercial investment investment.

Purchase price: $1,200,000
Cash invested: $300,000

Cashed out my shares in the Syndicate in 2013

What made you interested in investing in this type of deal?

I was relocating to Austin from The Bay Area and didn't want to run my single family properties from a distance. I was ready to take the next step up the ladder to commercial.

How did you find this deal and how did you negotiate it?

I found it through a local commercial Broker and negotiated with the Seller, Capital Commercial in Austin, to restructure and stay in the deal while pulling money out via syndication.

How did you finance this deal?

I used the cash on hand from the sale of 3 residential properties to secure 25% of the available shares of the syndication of the property.

What was the outcome?

Was able to sell my shares and liquidate funds to be used in other ventures at the point at which the property was restructured and a few of the investors decided to cash out.

Lessons learned? Challenges?

I would have actually flown out and walked the building rather than putting the deal together form a distance.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Commercial Real Estate Broker, Real Estate Attorney specializing in acquisition and syndication, CPA and Commercial Lenders.

Hello to all.. I am Keelia Purscell and I'm a Realtor and investor in the greater DFW area. I've been in and around Real Estate for most of my life ( my dad was a broker in CA) I've been in Texas about 18 years, 14 in Austin and now up in the Dallas area, Plano to be exact. I'm a member of the Dallas REIA so you may see me around. I show up for most of the meetings. I've been out of the investment arena for the last few years but am ready to jump back in. Came here from CA and did a 1031 of mostly residential properties into commercial in Austin. But it's time to jump back in here in DFW. Looking to expand my portfolio next year and add some single family or multi family. I'm getting my two oldest daughters in the family biz so will help them in their first deal or two.

Looking forward to being a part of the community!