Just closed on 72 units in OKC

[John Umphress]

Been a while since I have posted, as I have been busy!  Closed yesterday on two 36 unit MF complexes in OKC (portfolio deal.)  This was a 1031 exchange using money from the sale of a property in Austin with the difference coming from Freddie SBL financing.  Despite the fact that I only owned an 8 unit building (purchased last year) and had never used Agency financing, it took us just over three months from application to close.

It was quite an experience but I had good assistance from the folks at Red Capital on the Freddie financing - they walked me through a lot of the process and gave me a good idea of what I needed to do.  Smartest move was hiring a local attorney who knew all the folks at the title company, as well as others involved.  Worth every nickel I paid him.  (His assistant was top-notch as well!)

So if any of you are thinking of taking the plunge into MF (and if you can find a good deal) don't hesitate to consider Freddie or Fannie financing.   

John

[John Umphress]

@Account Closed, It didn't exactly happen overnight!  We bought a house in downtown Austin in 1995, lived there for six years, moved when we outgrew it, and then rented it out as a residence.  In the meantime (2003), we bought another house just down the street from that one.  Over time the neighborhood was rezoned and our first residence became a bar and the second a restaurant.  The restaurant sold last year and the bar this past May.  So not exactly a get-rich-quick scheme!  We ran negative cash flow on the house that became a restaurant for nine years (we knew that was likely going in) and during the bust our first house was vacant for 15 months.  Cashed in some of our retirement funds to make payments, drove older cars and didn't take expensive vacations but we knew we would come out ahead in the end - so far, we have!