Can someone explain buying property @ absolute auction
My focus is still on wholesaling but i'm just curious about purchasing a property at an absolute auction. I have been to several auctions just to see how it works. However, i'm curious as to the entire buying process. Im thinking of maybe this is a way for me to obtain my first rental property. Every wk there are absolute auctions for amounts of anything over $2500,$7500 and $10,000.I have checked previous auctions and many of these properties have sold for only $1k -8K over the starting bid.Yes all of the properties need renovating.Im figuring if i can buy a property for let's say $15,000 then eventually rehab and rent it out. Using the $15,000 as the winning bid,$2500 deposit and no buyer's prem,what other costs are usually involved? Is buying from an auction a good way to acquire properties?