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Tuesday, February 27, 2007

Escrow Has Closed!

I am now the owner of a rental property in Tulsa!

7 comments:

Doug O said...

Congrats, Shaun... That is great - hopefully the first of many!

Shaun said...

Well, it's not the first, but it will be one of many! It's been 2 or 3 years since I sold my last rental property and I can't believe I've gone that long without one. Time has a way of getting away from you..

Anonymous said...

Hey Shaun,
For us newbies, can you post the final numbers for this deal
Thanks sir

Shaun said...

Not really. The numbers aren't final yet and won't be for two or three months. I bought this using hard money and I am going to refinance it as soon as the quiet title suit is done. I also own the company that is doing the hard money lending, so needless to say, I'm giving myself a good deal :-) As soon as it's refinanced, I'll post the numbers. Oh, I can tell you I bought it under FMV. It was appraised recently at $89K and I bought it for $77K.

Doug O said...

Well, I was referring to the first of many outside your immediate locality... Oklahoma isn't exactly local to Arizona!

Financial Freedom said...

First of all, congratulations on your purchase. I am in the process of looking for out of state investments. I was advised to look in Tulsa and I was just wondering what made you decide to invest there and are there other areas you would recommend looking into?
Thanks,
Allan

Shaun said...

I wrote a bit about how I chose Tulsa here. But the reality is I got the property more or less through networking. I was just looking for properties locally and the prices seemed a bit higher than I expected. I then made the decision to invest more money and, after doing that, I realized I knew someone who had some properties for sale in Tulsa and I might be able to get a bigger bang for my buck there. I ran the numbers and things looked good, so I bought.

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