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Updated almost 8 years ago, 02/16/2017
Help a newbie make his first offer
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?
- Gregory Schwartz