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Sourcing a Teardown / Lot? - East Dallas (Lakewood)

1,456 Views | 12 Replies | Last: 4 yr ago by Red Rover
Boat Shoes
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We're interested in building a custom home in the Lakewood area of East Dallas, specifically on Winton, Anita, Ellsworth, or Kenwood, east of Abrams. We've tried to spread the word to folks in the vicinity to be on the lookout for opportunities, and of course we are monitoring the MLS. The area is active with builders so I assume the competition will be strong. Rather than work with a builder already in the construction process, we'd prefer to purchase the lot ourselves and work with an architect to design exactly what we want, then bid the job out to a builder. Does anyone have advice on how to accomplish this?

Does anyone have leads on teardown properties in this area? Or know folks experienced in this type of activity who could help?

Thanks!
Ol Jock 99
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You need to hook up with a couple local RE folks that are WELL connected in Lakewood specifically.

We did the same in Lake Highlands a few years back. It takes time.
Boat Shoes
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Ol Jock 99 said:

You need to hook up with a couple local RE folks that are WELL connected in Lakewood specifically.

We did the same in Lake Highlands a few years back. It takes time.
Thanks. We're trying to work that angle now, hoping this thread might uncover some of those names / resources. We're not in a rush and fully expect this may take a good bit of time to accomplish. That being said, interest rates are really attractive right now so we'd be ready to jump on the right opportunity when it presents itself.
Ol Jock 99
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I know a couple good title and mortgage guys in LW; I'll ask them who they recommend if you'd like.
Boat Shoes
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Ol Jock 99 said:

I know a couple good title and mortgage guys in LW; I'll ask them who they recommend if you'd like.


We'd love that, thanks. PM sent.
Diggity
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For such a specific area, you might think about writing a hand addressed letter, expressing your desire to buy a home in the area, and dropping it off at each home. Those are typically more effective then mailing and shouldn't take too much time.
Red Pear Realty
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Diggity said:

For such a specific area, you might think about writing a hand addressed letter, expressing your desire to buy a home in the area, and dropping it off at each home. Those are typically more effective then mailing and shouldn't take too much time.


This. Hand written.
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Boat Shoes
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Red Pear Realty said:

Diggity said:

For such a specific area, you might think about writing a hand addressed letter, expressing your desire to buy a home in the area, and dropping it off at each home. Those are typically more effective then mailing and shouldn't take too much time.


This. Hand written.


Thanks guys. We've actually created a targeted list of properties that were interested in and cross referenced with Zillow and DCAD. I assume addressing to the owners on the tax roll is the best bet? Any advice on what the letter should contain? Specific offer or generic, we're interested in purchasing your home? Do we go sentimental with information about us?
expresswrittenconsent
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I would google 'best fake personal letters to manipulate dumb emotional homeowners'
Boat Shoes
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expresswrittenconsent said:

I would google 'best fake personal letters to manipulate dumb emotional homeowners'


Thanks?
Diggity
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No issue in talking about the family but probably don't want to go into great detail about how much you love the house if you plan on tearing it down. Most of the owners know that's what you're going to do but that makes tugging at the heart strings a bit harder.
Boat Shoes
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Agree. My wife has the idea that a homeowner will prefer to sell to a young family rather than an investor. With them knowing it'll be a tear down, I'm not sure it will matter too much though.
flown-the-coop
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I think the owner only cares about selling to the highest offer.

We built a dozen or so houses in the Lakewood and M Streets area the past few years. No longer in that business, but at the price point you are looking at (finished product) you are going to be in the custom / semi-custom builder category for the most part - unless you are aiming to buy a finished or under construction home which it seems you are not.

If you are willing to finance the lot and construction, that would be attractive to one of the smaller custom builders as they do not have to tie-up their financing.

Going first to an architect then handing a builder plans and saying "build this" can create some issues depending on the architect and their tendency to add in neat little things that are incredibly hard to construct.

Just my two cents. Best of luck.
Red Rover
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Quote:

Going first to an architect then handing a builder plans and saying "build this" can create some issues depending on the architect and their tendency to add in neat little things that are incredibly hard to construct.
You do have to be a bit flexible, but we had a good experience with getting drawings through an architect and then bidding out for builders to build what was included in the plans. It made us feel more comfortable that we were going to get what we wanted without haggling over every item with the builder. Likewise the builders knew exactly what they were bidding on and didn't have any surprises. I did inform builders that if there were any items they had particular concerns with or that added a lot of time/cost compared to a more standard option to let us know so we could discuss those items.
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