First investment bought at an auction

[Douglas Harris]

Investment Info:

Single-family residence buy & hold investment in Lynchburg.

Purchase price: $30,000
Cash invested: $7,000

I won the bid on this property at a local auction. I knew the previous owner of this house. I knew it was in good shape. I got a steal on this one!

What made you interested in investing in this type of deal?

I knew the starting bid was way under what the property was actually worth

How did you find this deal and how did you negotiate it?

I knew the previous owner. The property went to auction to remove second lien.

How did you finance this deal?

Seller financing

How did you add value to the deal?

No value needed.

What was the outcome?

I have a long term tenant in the property on a two years lease.

Lessons learned? Challenges?

Deals are also made by who you know

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no