Going to my first auction tomorrow...what to look for?
I'm going to my first auction tomorrow to get a feel for what they're like and see how one happens. I did some due diligence on it and ran comps the best I could. Some things I came up with was that the house could sell for $95,000 conservatively if it was a fix and flip. It's assessed at 108,000 but I know never depend on those numbers. Depending on how much repairs are (where I'm stuck knowing what to look for when I go)...I figured I could offer 43,000 if it needed $20,000 in repairs and flip it for a 30% profit.
Questions...does that sound right? Any advice on what I do when I get there? There's an open house beforehand which I'll act like I know what I'm looking for by looking through the house but I won't really know and hopefully pick up on what other people are saying about it.
I was told auctions are a great networking place to get in touch with other investors in the area too so that's what I'm hoping. Any advice would be great! Ty!