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

[Rhett Tullis]

that fully leased one could be the kicker for you.  with that many units the odds of all being rented are slim.  you should be able to have most filled most of the time though as long as you stay at market rates and condition of the property.