% to pay for homes at auction

[Maher Bateh]

Like I said earlier, I purchased my 1st flip at auction yesterday In FL! Pretty excited(should I be?)
details:

Winning bid - $47,700
Rehab - $20,000
ARV - $85,000 minimum.

Thoughts? Was this a good deal for me.?

Thanks,Matt

[Jon Holdman]

Bid + rehab = $67,700 = 80% of ARV. That's a very thin deal.

Do you have good title? Any other costs you're going to have to pay to secure the property? In your other thread you mention its occupied. So, at the very least you have costs for getting these folks out.