I have a question for the forum.
First time question poster, long time Q/A reader...
It's my first time reaching out to the forum for some feedback in regards to purchasing a property at an online auction. I was introduced over the weekend to a property that is in a desirable area going to auction in now 4 days.
I am not an expert, but ran my own preliminary rehab costs.
I ran the numbers to wholesale the purchase to a rehabber and they work. I have a buyers list for the area looking for great deals.
Plan A. Wholesale to a rehabber.
Plan B. Wholesale - I rehab and retail.
This property was only made aware to me by an RE Agent whom guided me to this opportunity just recently.
What would you suggest in this situation? Move on as 4-days is too little time?
Is (4) days too little time? I appreciate any feedback.
We have purchased homes it as little as hours after finding out about it!!! If its that good of a deal know here are others who will go for it also. I say make a move on it and see what happens!!
@Curt Davis good advice! That's good to know that you guys jump on deals within hours of learning of them, after running the numbers to know if it is a deal or not.
Thanks, I agree and know that if the numbers work - albeit conservatively speaking - I'm going to jump in and see if it's within striking distance of my target price.
I've bought cars at auction and did pick-up value, this will be my first with a home.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.