How do I buy a foreclosure without capital?

[Dave Jimenez]

If i'm the high bidder in a foreclosure auction, but don't have financing already set up, how do I buy this house I know I can get $100k to $150k under ARV? Does anyone know an investor on the Big Island?

[Jay Hinrichs]

@Dave Jimenez  your wasting your time .... your getting the cart way before the horse.

If you have no funds yourself.. you need to find a money partner.. that's all you should be doing now.. selling yourself and the concept of buy low sell high.. what other skills might you have.. you need to really understand construction. and in Hawaii remodel cost are WAY more than other areas of the country.. so you need to get that handled.

with the online bidding companies. you need to usually post some fee to bid. usually a few grand.. and you need a REAL POF ( proof of funds) .. and then all the other things you state

@Sabrina Kane  Sabrina want to be careful recommending sub too on homes that are in foreclosure.. while this may be a strategy in your state. on the west coast we have anti equity stripping laws and laws on who can even represent or talk to a homeowner in foreclosure.. so this being a national site.. want to keep that in mind.. I use to love what you described tough I bought most of my rentals in the day with the exact same model.. until the laws changed in 07 and it was no longer legal to do so.. but again every state is different that's the only reason I bring it up.