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