Help a newbie make his first offer

[Gregory Schwartz]

BP, I am about to take the first steps to becoming a landlord. 

So far.... I have established an LLC with my father and analyzed every property that has been posted on Zillow in the last 3 months. I am also working my way through every podcast Josh and Brandon release (currently on 44 of 213). My focus is Easter NC between Jacksonville and Wilmington, buy and hold.

The deal... A local real estate agent brought to my attention a 3/2 1300sqft REO asking 80k. I have seen the house in person and it requires minor cosmetic work (carpet, paint, fixtures). Based on my knowledge of the area this house should rent for $950. Comps put the ARV at 100-115k.

Being that this house just went on the market and will likely not last long I am working to put in an offer soon. However it requires proof of pre-approved financing.

The question... Can I put the offer in my name based on pre-approved mortgage I obtain personally but then purchase the house via the LLC with financing that I obtain at a later date?

[William Murrell]

Yes, you can. The ideal scenario based on your situation is to secure it with financing in your name and then do a quit claim deed into the llc. Then you're on the mortgage, but the deed is in the name of the company. Otherwise, you need a show proof of funds in the name of the LLC and that is more difficult. Good luck!