First deal complete :D

[Sam A.]

I want to thank everyone here for all the great knowledge imparted on us newbs! I just closed two days ago on my first rental HUD(2/1) w/ 2car garage and got a decent deal on it. Had I not came across this website, I surely would have been taken for a larger ride. With 115 DOM, they lowered the price down to 45k, then 37k. I offered 17k cash and they countered with lowest possible amount of 22,5K. Due to HUD's specifications, I had to pay for both buyer and seller realtor fees, but all in all, it ended up at 25k. I believe it will take around 10k and a couple weeks to rehab (with my father and I doing most all of the work) and should rent for 750-850/mo based on comparables in same section of the town. After building up a nice reserve again, I plan to use the rest to finance the next deal.

I have read on here that quit claiming or warranty claiming the deed to a newly formed LLC can have its complications. Originally, I was going to have the LLC own it free and clear and get it reappraised after 90 days and try to get around 60% with a HELOC (hopefully without my name on it--just the LLC on it) to fund another SFR. Does anyone have any suggestions about financing without forming the LLC and doing everything in my name? I know there are many threads concerning starting an LLC vs. not, but I hadn't read much about lending opportunities with these differences. I have been banking at a smaller local bank (town of 3,500) people for 15 years and a credit union for around 10 years. I guess I'll ask them soon, but wanted to know what you seasoned investors had to say about it, if anything. Thanks again for all of your input/suggestions and I will do my best to contribute to anyone else's knowledge as soon as I am able!