advice for auction purchases

[Cordell Reynolds]

I rerecently found a house up for auction in my hometown even if the house doubles from the original bid. Any suggestions on how to raise the capital in time to strike. Btw, this will be my first purchase.

[George Taylor]

@Cordell Reynolds A far as a HML goes, you would need to bring 20-25% down but that closes normally in under 20 days so that would be the quickest way to do it on your own. That term would be between 12-24 months so that would give you plenty of time to roll into a conforming loan if you plan on keeping and renting it or to fix it and sell it. If you don't have any funds to put down then you should team up and do a JV with someone but it may be pretty hard to do that with this being your first deal.