Buying a house in auction but cannot pay for repairs

8 Replies

No you shouldn't, because not only do you not have the money for repairs but you don't know how much money you will need to complete those repairs.  I'd look at some on market stuff first if just starting out, even if just to get an idea of what repairs are most common in your area.

@Christopher Edward

I’m going to take the opposite end here.

I think it may be beneficial to “go for it”. Attending classes, reading blogs, mentoring, studying books, etc. only gets you so far. To be successful in any field except teaching, you actually must “play” the game.

So I say try to buy the property. If you're successful you just might find a way to obtain the rehab money (govt grant, second mortgage, private lender, equity partner, relative, REIA contact, BP poster, etc.). And you just might be able to resell for a profit to kick start your investing career, or rent it out as a first property holding.

And even if the worst happens and you take a loss or even lose your two thousand investment, the education and experience you gain will be much greater than you could have gained from any $40,000 guru mentoring program.

@Christopher Edward I agree I would go for it, just try to go fo refacing instead of replacing, there are so many youtube videos about this, a property doesnt need a new door when you can lain the existing one, paint the existing cabinets and the floor instead of replacing.

As long it is not a HVAC plumping electrecl roof issue you should be good.

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