Can HUD dictate eligibility of buyer?

[Tejas Kotecha]

Hi All, 

I am a total newbie at real-estate investing. I am looking to get my first deal. Trying to buy from HUD auction; and I heard that HUD requires investors to have 5 years of property management experience if they are trying to buy a rental property vs. Owner occupied. My agent thinks it is not true.

So, I am wondering, if anyone here can verify if HUD does this and if I can use property management company to show for that experience.

Thanks in advance

--Tejas.

[Jon Holdman]

You have to have an agent to make a bid on a HUD property. @Mark Ferguson is an expert in this area.  You also need to wait for the investor bid period, if you're not going to live in the house.  Also keep in mind that if you get a winning bid and hand over your earnest money, YOU WILL NOT GET IT BACK.  Do any inspections before making the offer, because there are no inspection contingencies on a HUD property.  Don't take the property condition report as gospel, either.