Waldenwood Subdivision -
1 to 15 acre Estates
acre heavily wooded, restricted, low density, Estate Development in N.W. Houston. Lots are
1-15 acres. Homes from $200,000+. Located 8 miles from Interstate 45 on FM 2920. The City
of Tomball is just 3 miles west. Hooks Airport is located just 1 mile south. Waldenwood is
located in Harris County and the Klein Independent School District. At the back of the
subdivision is Tomball Country Club, a 9 hole member owned country club.
My girlfriend and I purchased a 17-acre tract
in the center of the development and began constructing a 7,000sf home (Lots B-16,22,23
& 25 shown below). Being a significant investment, I approached Charlie Hooks,
the developer of the subdivision, to buy the remainder of the subdivision so I could take
advantage of the appreciation on other lots that our investment would be creating.
He agreed to sell me the development with no downpayment, owner financed for 5
years at 10% interest due quarterly with principal reductions as I sold the lots.
The note was for $172,000 and my lot sales cash flowed sufficiently to cover the
debt service and pay the note off as scheduled.
As the developer, I formed the Waldenwood
Property Owner's Association, was elected its President and served for 5-years until I
moved out of the subdivision. I personally built new street signs (shown above) and
added entry features, improved the drainage throughout the development, conveyed all of
the roads to Harris County and got them to upgrade the streets to county standards.
In 1994 I purchased the 8-acres of commercial reserve in front of the subdivision
from the RTC and over the next few years sold a portion of it for a self-storage facility
and the remainder to a church, which I financed over 10 years.