All Forum Posts by: Drew Kerley

I looked at an auction property yesterday that I want to purchase via traditional financing. They require a 5% deposit upon return of the contract if you win the bid, which I don't have until I sell the flip I'm in now (under contract). Does anyone have experience with this type of situation, and is there a creative way to negotiate with them? 

Hello Everyone,

I'm going to ask my question first LOL

I listened to BP Podcast 283 with Paul Thompson THREE times yesterday. His entire process really resonated with me. But he was somewhat vague when explaining his 3-Stage Offers. When he talks about evaluating a property, is his starting value the list price OR is it 85% of asking price? From there, you deduct reno costs to figure your base offer and tier them up from there? Thanks for any input on this. I greatly appreciate the help.

Now a bit about me... This is my first forum post. I'm putting my first flip on the market this week. I kinda lucked out about 5 years ago and landed a foreclosure in a great part of town. Did all the reno myself. After finding Bigger Pockets, I have been encouraged to pursue real estate investing to achieve financial freedom, earn more time to spend with my family, and teach my children that there are ways of living a good life without becoming trapped in the rat race. 

- Drew