First Flip - Auction?
Auction March 20. 139K. Drove by and prop looks well maintained on outside. 1993 home in very nice neighborhood, 220 comps. 1393 sq ft.
My numbers were a $130 offer for short sale, and either wholesale it or drop the (complete guess here ) $20k in expected repairs. Even with using hard money, there is plenty of room for profit and contingency. I'm starting to look for some partners on this as well.
The one thing that sticks out, is looking at Zillow history, this thing has been in a "state of foreclosure" basically since 2012. My concern is that they are professional tenants and would be difficult to get out, even if there is an auction sale.
Is the auction a horrible risk for the first deal ?