Single-family residence other investment.
Purchase price: $122,000
Cash invested: $8,000
Auction property that needed minimal work that was optional and for aesthetic purposes. Property is on market now for $250,000.
What made you interested in investing in this type of deal?
Was undervalued by any stretch of the imagination.
How did you find this deal and how did you negotiate it?
Found it myself online and to to attend auction in person.
How did you finance this deal?
Partner provided capital.
How did you add value to the deal?
Clearing title and minor cosmetic work.
What was the outcome?
On the market for well under appraised value and hoping for quick sale to reinvest proceeds.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Currently am listing with Coldwell Banker.
@Brian Sturgeon does buying the home through an auction depend on credit as well? What would you recommend to doing the same thing you did?
Hi Amia. This property was purchased with cash provided by my partner. Generally, it is hard to get traditional financing for auction properties, since the capital is needed the day of the auction or shortly thereafter, and lenders take longer to provide funds, even if you have been pre-approved.
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