I bought a Buy and Hold for a Rental!!!!! Now what...

[Aaron Jackson]

I won an auction yesterday! Potentially a 4br 3ba for a rental. We close on the property in 30days. What do I do in the meantime?

[Marc Winter]

@Aaron Jackson, congratulations (I think).

I'm kinda wondering why anyone would attend an auction, bid on, and win an 'as-is, where-is' property without having a game plan or even a clue where to start.

Aaron, I am not targeting you; I am pointing out that this type of 'Ready, Fire, Aim' approach becomes more widespread when we get closer and closer to the end of that long roller-coaster first run-up to the top of the first drop.

I sincerely wish you a successful transaction and would suggest you speak to the following professionals ASAP:  title company, real estate attorney, real estate broker, insurance broker, mortgage broker, and CPA.  

Be aware, most auction properties are sold without any financing contingencies.  That means you MUST close on time, whether you have a mortgage or are paying all cash.  No close?  Usually means you forfeit your DP.  

Study hard, be prepared, keep moving forward.  Good luck.