Questions about a cheap foreclosure in Katy, Texas and Auction.com
Howdy,
I am brand new to real estate and have no experience yet. I'm looking at a bank-owned foreclosed house in Katy, TX. Cash purchase only - financing not available. The property is to be auctioned in a week or so at Auction.com, and the starting bid is $25,000.
Here is the link to the listing on Trulia: http://www.trulia.com/property/3159427911-2107-Pow...
And a picture...
Anyway... This seems like a really good opportunity, but I don't have much money and I have zero experience. If it says cash only, I'm guessing that means standard flipping wouldn't work and I would need to have that much cash on hand to hand over- am I correct in my thinking or would there still be an opportunity to flip without putting much money down?
I am not familiar with how these auction sites work, and just want to see what others think about the deal and sites like auction.com.
I really appreciate any input someone has to give. Thank you so much in advance!!