closing on my first deal

[Jamilu Umar]

Hello Bigger pockets members. I am closing on my first Brrrr property on Tuesday.

I have a private lender willing to fund the purchase, I will fund the rest of the fees and rehab cost.  My question is, do i need an attorney to write up an agreement between me and  my private lender, or will the title company handle all of the process?

Second question: The loan agreement with my private lender is for a 6 months interest only. I plan on refinancing as soon as possible, what are my options in terms of refinancing a rental property without much of a seasoning period? 

Thanks in advance for all your input.

[Bonnie Laslo]

Congrats, yes I would use an attorney to do all my closings. It's normally the same price as title company but they can do more. Yes I would suggest getting loan docs in place, they normally give them to the attorney for signature and review. 6 months is a short timeline for your 1st deal , make sure you have an extension clause, in case you do have seasoning requirements. You could also have your buy & hold LLC purchase from your renovation company so you have a clean title transfer and better new acquisition rates vs. a refi. It's like buying the house from a company that you might have partners in to fix, then buying when it's turnkey.