Well I tried

5 Replies

We used the BP calculator and the BRRRR one. Wanted $20k from it. Previously valued at $80k, needed $15k MIN of repairs. My max bid was $49,500. It didn’t even meet reserve!! This property was purchased in 2006 for $60,000, and $49,500 wouldn’t cover it??!! What are your thoughts??

Auctions can be tricky.

I'd say the first thing to figure out is today's ARV. Quoting prices from 2006 isn't useful. For example, if the property were fixed up today, it might be worth only $60K or it might be worth $200K. If the latter, it might have been smart to pay much more than $60K to land the property.

tough site to work on..  lots of miss's until you land one.. we only get one about every 3 months or so..  too much money chasing to few deals which leads to over paying.

also sellers know this so they keep reserves up.. key is to follow them many times they don't sell and come back on at lower prices you have to work to get deals on that site..

@Greg Scott thank you. I know this market extremely well and the repairs for this house would be at least $20,000. I didn’t want to over pay and leave myself no room for the Brrrr