Will Cyrus Makes His Mark as Dallas Real Estate Developer

Will Cyrus, through exertions and robust faith, is an experienced black entrepreneur running a multi-million dollar business in the posh real estate market.

He went through a change after a self-described street urchin growing up in South Florida. The change got here after Cyrus began buying land in 2016 within the Dallas suburb of Fair Park. He shared his extraordinary journey with BLACK ENTREPRENEURSHIP in August, during National Black Business Month.

President and CEO of Purpose Builder & Developments, Cyrus focused on constructing 10 homes per yr between $250,000 and $350,000 from 2017 to 2019 to satisfy revenue goals.

Changing the business model to the posh home market

But then COVID-19 hit. The worst pandemic in U.S. history caused home prices within the Dallas area to double around 2021. This severe impact available on the market caused Cyrus to alter his business model and they deal with constructing dearer luxury homes.

After restructuring his business, Cyrus began constructing homes valued at greater than $500,000, a move he says made him the primary black homebuilder in his area to achieve this.

He added that this has helped create recent opportunities to construct wealth for generations to return and pave the way in which for other black builders in the neighborhood to also succeed.

Strong faith in God who makes a difference

Using God as his guide, Cyrus says he was shown that he could construct about six to seven luxury homes and still generate the income he wanted. He has carved out a distinct segment by constructing custom homes, that are seeing a growing demand from those that can afford them.

In fact, he’s learned that high-end buyers often aren’t as discouraged by aspects like rising mortgage rates as people within the housing market at large. “For more affluent buyers, it’s not as big of a deal to put down a $1 million or $500,000 down payment on a multimillion-dollar home.”

An entrepreneur, investor and creator, Cyrus calls his company a Christian design-build development firm. It primarily offers single-family homes priced from $1.5 million to $3 million on the market within the Dallas suburbs. Cyrus says his company currently has six projects underway, including three homes which might be expected to sell for $2 million or more.

Cyrus learned about construction by watching his grandfather work.

“It takes a strong black man to build character and work ethic, which is what my grandfather taught me. I want to pass on what my grandfather taught me to the next generation of black home builders and developers.”

Insurance and Investing Background Own Capital Key Factors

Previously, since 2015, he worked within the life insurance industry for such esteemed brands as Fidelity Investments, Northwestern Mutual and Mass Mutual.

Cyrus says that in those positions, he gained invaluable banking skills, an understanding of various financial products and effective communication with underwriters. “Those experiences were crucial in running my own company and dealing with money lenders and big banks.”

Despite all the pieces, starting my very own business wasn’t easy.

“I invested $75,000 of my own money and used the $50,000 of personal credit I had at the time to start Purpose Builder & Developments.”

At the identical time, growing his company right into a sustainable, thriving business got here with its own set of obstacles. Like other recent black entrepreneurs, raising seed money to grow was difficult. But networking helped Cyrus overcome that obstacle. “Funding my business is no longer a struggle because I’ve secured strategic partnerships with banks and lenders.”

Overcoming challenges and setting ambitious revenue growth goals

Still, there are barriers. One of his biggest challenges as a black entrepreneur is coping with systemic oppression. For example, he says the town may be biased against people of color. “I’ve had to learn to navigate those challenges by building alliances and getting support in positions of power, often with the favor of God.”

In terms of revenue, Cyrus expects his company to hit $12 million to $15 million this yr. He says that range represents a 50% increase over the past two years.

Cyrus says God inspired him to call his company Purpose Builder and Developments after he prayed about it. He says he knows it’s true because all the pieces from revenue, brand recognition, and connections have been rolling in. “A good idea isn’t God’s idea, but any idea from God is a good idea.”

To help with growth, I plan to launch the Cyrus Collection, a high-end home brand in early September, with homes priced from $1.5 million to $3 million. This product line will help our company reach higher levels by offering products to higher-end consumers.”

And Cyrus has ambitious goals, hoping to hit $35 million to $40 million in revenue over the subsequent five years. He says he hopes to do this by forming strategic alliances and partnerships with high-performing black developers.