Just won my FIRST Auction!

[Pavlos Kasselouris]

I'm so excited a new chapter just opened in my REI career! This was always in my mind, and after 3 months of going after auctions, I landed my first acquisition! For the record I have 3 rentals out of which one was a rehab.

My goal is to flip it, and go for the next one! Before I scale this venture I wanted to have one completed project from start to finish, and then seek financing for more rehabs. This one is a joint venture with my partner and we are self funding the deal.

I will post updates here and ask for advice at the same time.

Acquisition cost is $75K + fees of about $1700.

My initial calculated ARV was around 125K, but after we won the auction I did more detailed CMA that came 133K. So listing price should be around 135K.

Its a 3/2/2 with 1416 sqft in Florida, 30min close to the Orlando area. 

I will have the certificate of title in about ten days in order to gain access to the property so here are the initial photos and a pick from the window...

[Chad U.]

If this is your 1st courthouse auction, I would highly advise hiring an attorney beforehand to review the title and find someone to underwrite the insurance.  There's nothing worse when you go to resell the property and some defect gets discovered during the closing period.