I am in the very early stages of learning REI. I haven't even finished reading the beginners guide yet. I have been doing lots of reading and looking at many home sale websites and trying to get a grasp on the whole thing and what I would like to focus on. I am leaning towards Buy and Hold and possible some Flipping. While browsing home for sales site I came across a house that is going up for government auction that has a viewing a week from this Sunday. I am thinking of going to check it out and seeing if I can learn anything. I have no interest in bidding on the house, I just want to use it as a learning experience. Does anyone have any suggestions on things to focus on so I get the most out of this experience?
While your there ask the people running the auction a bunch of questions about the process. Also, talk with people there, network with them, you may find a great deal through someone at the auction.
Hey @Michael Fortier I'm investing in Lubbock as well.
My first lesson is to conserve your time. Make sure a house is worth you seeing (even if you're only doing it for learning.)
To do that, run a short analysis on it, and compare it to others in its neighborhood. If the sale price is close to the average sold price in the neighborhood, the house isn't worth looking at.
If the numbers don't make sense, no point in seeing the house. Also know that most auctions, whether at the court house or online, get bid up to close to market value minus repairs.
Other than that, congrats on your path! I'd love to connect in Lubbock some time.
Welcome to Bigger Pockets. It is a good community to network and learn about all aspects of real-estate investing.
Welcome to BP, its a great place to learn. Remember, there are no stupid questions. Good luck on your REI adventure.