Just won my FIRST Auction!
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...