‘I want to buy a property going into auction, can you get me a loan?’
I get asked this question at least once a month.
And I LOVE IT!
People who ask me this are usually right on the edge of getting started in real estate investing.
They know auction properties can sometimes be purchased for a fraction of their market value.
But their question also tells me they haven’t attended an auction before.
That there’s some fear holding them back.
They aren’t doing the boots on the ground research and it’s obvious they’re avoiding it.
Because if you went to an auction you would know:
You cannot get a loan to buy a property at the auction.
You need to be liquid and ready to pay the deposit or purchase price THAT DAY.
Loans take days, if not weeks to close.
You just need to understand the process before you bid.
And this post isn’t meant to shame anyone. It’s meant to motivate you.
If you’re interested in real estate GO IN PERSON!
- See the properties
- Attend the auction house
- Watch how people bid
- Ask questions
- Network with other investors
- Lose a few auctions while you learn
Yes, you can do a lot virtually but at some point, you have to get your hands dirty.
I want to help build you up to be a well rounded investor and that starts with more than just giving you a checklist.
I challenge you to pick a date RIGHT NOW for the next auction you’ll be attending.
👇 What date did you choose? Share it in the comments so we can hold you to it! 👏 😁