All Forum Posts by: Mike Jury

We were the general contractors on this one.  And the manual labor for a lot of it. 

Preston Hollow flip, nice area

Just Listed $750,000, looking for a new owner now.

Started as 5/3/2 finished as 4/3/2, Waiting on final number but rough are 355K purchase, rehab around 160K holding cost 40k 

What an adventure, we purchased this through a local wholesaler.  After the people moved out, and Junk King hauled 3 truck loads away, we filled a 40 year dumpster, just to get to the demolition stage.  5 dumpsters later we started reconstruction.  

As always questions and comments are appreciated.

Here are the pics 

AFTER

BEFORE

AFTER 

BEFORE

AFTER

BEFORE

AFTER

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AFTER

BEFORE

 PM me and we can discuss the deals

 All of our flips are in Texas, 3 in Austin still underway, and one in Dallas just listed for sale.

I live in Plano and they are developing an area called Legacy West.  Here is a description:

Legacy West, a 240-acre mixed-use project, is under developmenton the southwest corner of the Dallas North Tollway and State Highway 121 in the Dallas suburb of Plano, Texas. J.C. Penney selected Team Legacy, a development partnership with KDC, The Karahan Cos., and Columbus Realty, to develop the acreage surrounding its corporate headquarters. Legacy West will consist of corporate office space, the 292-room Renaissance Hotel, a high-end shopping center with restaurants and other retail uses, and 621 apartment homes. KDC has two corporate build-to-suit projects underway in Legacy West including a 265,000-square-foot headquarters complex for FedEx Office and Toyota’s North American Headquarters.

In addition Chase just announced adding a complex consolidating 10,000 jobs to this area.

And just up the highway is the Grandscape development including Nebraska furniture mart.

Building on 400+ acres, we are virtually a city within the center of the Dallas/Fort Worth market, an epicenter of growth, in the 4th largest metropolitan area in the nation.

And we are attracting the biggest, boldest and brightest names in retail, starting with Nebraska Furniture Mart of Texas, a retail powerhouse that by itself will attract a projected 8 million shoppers a year.

Our grand plans for Grandscape include more than just one-of-a-kind retail:

• Convention center hotel and spa
• Unique restaurants
• An outdoor amphitheater
• And more.

So this area is still very active, both for sales and building.  Not easy to find deals. 

Brenda

I am not an attorney, nor did I stay at Holiday Inn Express last night.

If you are working in Texas, the state requires the LLC be in the state or you have to file as a foreign entity. Not a big deal but it is important, at least from the states perspective.

If you are looking for a hard money lender to do flips, there are several possibilities in Texas. I would call several and ask about their programs. The programs vary on how they loan, the basis of the loan (ARV or Cost) and the percentage of repairs they will loan. All had a requirement for some level of cash commitment on our part to fund the project. Couldn't tell from your posts if you were attempting to fund the entire operation through a lender or not.

In our latest adventure we used a hard money lender and had someone fund the gap between the hard money loan and the full amount required for the project.  The gap funding was expensive, but it let us complete the deal.  

Dang that just made me cold looking at the pictures.

And I have been complaining about 30-40 temps here in the Dallas area.

Oh, and congrats on getting it done for the New Year.  

Bob

Looks like a real interesting deal, I sure hope it works out; one for you and two so we can walk through the process to understand the transaction and process.

I will wait for updates, knowing you have your hands full.

Thanks for giving us a ringside seat for something like this deal.

Bob

While not in this league as an investor, I am fascinated by the deal.  Pleas keep us updated as this progresses.

Thanks

I hate to re-learn old lessons, but have had to on several occasions.  As you stated it is not the money, but the embarrassment of knowing better and doing it anyway, thinking "it will be Different this time."  I remember the Red Skelton character the "Mean Little Kid" who used to say "If I dodit, I get a whipping, I dodit anyways"  

Yeah and just because you are a good poster on forums, doesn't mean anything in the real world.  On a couple other forms(not real estate related) we have a couple of "experts" that never show the work , good or bad, but have a definative opinion on everything.  They talk a firestorm every time they try, they go away for a little bit, but always resurface.  

Thanks for sharing the lesson!