Hi everyone. I have a (potential) private lender and a target property . The property is up for auction with a starting bid of $50,000. How do I decide how much to borrow, win the bid and still have enough left over to make repairs? How do I present a convincing deal to my lender? Finally, does anyone know of any free, real estate investor tools I can use?
I am no expert as I am still very new myself but it sounds like you may want to do a little more research before buying at an auction. From what I have read they are very competitive and the questions you are asking seem to me to be something you should already have answered before buying a property. Just my two cents.
If you do buy the property I wish you all the success possible.
Thanks Michael. I appreciate your response and I will continue researching. It's just easier and less tedious to come right out and ask people with experience, versus spending a few more hours sifting through Google.
I've heard great things from people who attend at the auctions. There you can see the process first hand and get a feel for it. It's possible to make connections and get some questions answered.
Me personally, I've never been to a house auction. I too have heard how competitive it can be and especially risky if you are new to investing.