Hello Louisville BP community,
On July 28th at 10 am there is an upcoming Commissioner's Sale. I'm interested in going just to see what it's like/learning experience. Has anyone been? Anyone planning on going? If so, I'd love to meet up with a more experienced BP member there to learn from you.
I have been to many of these. I have had some luck there but I will tell you that 98% of the properties are purchased back by the bank. The remainder of the properties I find people overpay for. In other words I think it is very hard to get a deal there on a regular basis. I have been hundreds of times and I think I have purchased a total of 4 plus deals there. If you want to get deals there you must go all the time. I only go when there are properties I am really interested in on the list as I am very picky about my deals and I wont buy just to get an OK deal. I wait for what I consider GREAT deals. My thoughts are real estate will always be available so why push it and buy something that isn't really a GREAT deal. Also 99% of the time you can't get in the properties to see them before purchase, although I do look at them in some fashion. It's a little more risky than other ways of getting deals. All that said the 4 plus properties I have purchased there have been great deals. It's really luck of the draw.
I would suggest you go and at least get the experience. It is a good place to network and to learn from others. Also it helps you to understand the market even more. I always say if you aren't learning your losing. Never hurts to have another tool on the tool belt.
Hope that helps.
I haven't been in a while so I will review the list and if there are any properties I like I may go. If so I will let you know.
Originally posted by @Jason James :
Thanks Jason! I really appreciate your insights. I'll keep those things in mind.
Just a reminder--the sale's tomorrow!
Hey Kelly, I went to my first one today. The process was about what I thought it would be and there I feel like some folks got some deals. How did this go for you?
I was also able to network with some folks there and get the names of other investors inthe area who may have some apartment buildings for sale.
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