After spending our Saturdays in empty buildings and walking through vacant lots Jerod Mund discovered lots 1012-1016 Lipscomb Street in Fort Worth, Texas only listed for only $142,000! This was a far cry less than the $750,000 property we ran away from. We discussed it over the phone and met at UTA in the business building 3rd floor computer lab. Sitting next to each other we compiled all resources, and results from all those we talked to in the industry. Our renderings we ordered from a architect were unfortunately not complete so we moved ahead.
Parking was somewhat of an issue but I was confident that we could receive a variance. The property currently on the site was an eyesore and not generating the tax base our new property could for the city. I believed we could reach out to Council Member Joel Burns and receive a letter of support as well as from everyone on Lipscomb. The Board of Adjustment would more than likely side with our group. We also showed how much we would receive if we made the property solely residential as compared to office. Either way due to the lending guidelines and cost to acquire the land we were still not going to make significant returns and would not seek to do this deal.
Our team believes that if given about a year we could find possibly a distressed property in the area that we could possibly acquire through a short sale or some other unique way and find profitability.
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