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Wednesday, January 31, 2007

OK Property Purchase Moving Forward

My out of state property I mentioned earlier is located in Oklahoma and that purchase is moving forward smoothly. The contract has been signed and escrow has been opened. For the purchase of this property, I am buying it with one of my LLCs and using the second as a hard money lender to the first. This lets me get a cash price from the seller and then after escrow closes, I'll turn around and refinance it with a traditional lender. This means I'll need a mortgage showing the second LLC as a lender. The escrow company we are using doesn't do mortgages, so I found some mortgage forms online and bought those to use. I'll fill them out, get them notarized, and send them to the title company for recording. Those should go out tomorrow. Escrow is set to close the end of February, so I expect things will be fairly quiet until then.

The next step is setting up insurance coverage to go into effect on the close of escrow.

1 comment:

Doug O said...

So Shaun, provide us with some details about this place! It's great that you've expanded outside your local area - that's the secret to really finding the value in real estate since you're no longer restricted to only what's available to you locally...
From your previous post, it seems as though it is a single family? If so, I hope you've made sure the numbers work very well, since we all know any vacancy in a single family can be killer (particularly as absentee!). Have you found a quality manager (who isn't going to try and rape you with their fees)?

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