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?
@Aaron Jackson ,search for the ff: home inspector , insurance broker, property manager , contractor and then the next property . Check with the auction company what you need to prepare for the closing .
@Aaron Jackson my advice would to be read Brandon’s book “the book on rental property investing” it’ll walk you through pretty much everything.
@Dante Feria my contractor is hired and waiting to start. We just have to finalize the financing options. Have you rehabbed a property after winning a auction?
@Aaron Jackson in most cases you cannot do anything on the property until after the closing , unless stipulated in the contract
@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.
@Aaron Jackson Have you completed the closing yet? If not you’ll need an attorney/title company.
@Adam Rutherford we have a title company standing g by
@Marc Winter learn by doing hopefully the shortcomings dont break us.