Will Cyrus applies hard work and strong faith to help him operate as an accomplished Black entrepreneur with a multi-million dollar business in the luxury homes market.
He transitioned after being a self-described hustler and growing up in South Florida. The shift came after Cyrus started buying land in 2016 in Fair Park, an urban Dallas neighborhood. He shared his remarkable journey with BLACK ENTERPRISE in August during National Black Business Month.
The president and CEO of Purpose Builder & Developments, Cyrus, between 2017 and 2019, focused on building 10 homes a year priced $250,00 to $350,000 to meet his revenue goals.
Shifting Business Model To Luxury-Homes Market
But then COVID-19 struck. The worst pandemic in U.S. history caused home prices in the Dallas area to double around 2021. That major market impact caused Cyrus to change his business model and center on building higher-priced luxury homes.
After restructuring his business, Cyrus elevated to building homes valued at over $500,000. He says the move made him the first Black homebuilder in his locality to do so.
He added it helped create new opportunities for building generational wealth and paving the way for other Black builders in the community to potentially prosper as well.
Strong Faith In God Making A Difference
Tapping into God as his guide, Cyrus says he was shown that he could build around only six to seven luxury homes and still generate his desired revenue. He carved a niche building custom homes with a rising demand from people who can afford them.
In fact, he learned high-end buyers often are not as deterred by such factors as surging mortgage rates as people in the overall housing market are. “It’s not such a big deal for more affluent buyers to come up with a $1 million or $500,000 down payment on a multi-million-dollar house.”
An entrepreneur, investor and author, Cyrus calls his business a Christian-based, design-build development firm. It offers largely
single-family homes that typically run from $1.5 million to $3 million that are sold in Dallas suburbs. Cyrus declares his company now has six projects underway, including three homes expected to sell for $2 million or more.Cyrus got acquainted with construction by watching his grandfather work in the trade.
“It takes a strong Black man to help build character and work ethic, which I learned from my grandfather I want to instill what my grandfather gave me to the next generation of Black homebuilders and developers.”
Background In Insurance And Investing Own Capital Key Factors
He previously worked in life insurance starting in 2015 for highly regarded brands like Fidelity Investments, Northwestern Mutual, and Mass Mutual, among others.
In those roles, Cyrus says he gained invaluable skills in banking, understanding various financial products, and how to effectively communicate with underwriters. “These experiences were crucial in helping me run my own company and dealing with hard money lenders and big box banks.”
Still, launching his own company was no cinch.
“I invested $75,000 of my own funds and utilized $50,000 of personal credit I had at the time to start Purpose Builder & Developments.”
Simultaneously, establishing his company into a stable, thriving business came with some obstacles. Much like other new Black entrepreneurs, gaining initial capital to grow was difficult. But setting up connections helped Cyrus conquer that hurdle. “Financing my business is no longer a battle as I have secured strategic partnerships with banks and lenders.”
Overcoming Challenges And Setting High Ambitions For Revenue Growth
Still, there are some barriers remaining. One of his biggest challenges as a Black entrepreneur is dealing with systemic oppressive processes. For example, he says the city can be biased against people of color. “I’ve had to learn to navigate these challenges by building alliances and gaining support in high places, often with the favor of God.”
Revenue-wise, Cyrus expects his company this year to achieve $12 million to $15 million. He says that range represents a 50% increase over the past two years.
Cyrus says God inspired him to name his firm Purpose Builder and Developments after he prayed on on it. He says he knows that’s true because everything like revenue, brand recognition. and connections have steadily flowed in. “A good idea isn’t a God idea, but every God idea is a good idea.”
To help scale up, he plans by early September to launch the Cyrus Collection, a high-end home brand featuring homes priced from $1.5 million to $3 million. This product line will help take our company to the next level because it will offer products for the high-end consumer.”
And Cyrus has ambitions goals, hoping to see revenues reach $35 million to $40 million within the next five years. He says he hopes to accomplish that by forming strategic alliances and partnerships with high-performing Black developers.
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