All Forum Posts by: William Durel

@Conn Gerrard this was a real estate auction. The personal property was auctioned off and then an hour later the house was auctioned off.

@Jim K. In my opinion someone definitely overpaid. And I know they are designed for that reason. I was just flabbergasted. That’s probably the best word i can use to describe it.

@Thomas Page this was in Clermont County in Amelia.

@Lynnette E. I guess I’m just surprised by how many seasoned investors were there. Then again, it could’ve been a lot of unseasoned investors who are making all the bids.

I’ve gotten to the point where I am ready to purchase my first property. I’ve researched the market, completed over 50 property financials to get comfortable with it, and have read numerous books.

I WAS NOT READY FOR WHAT I WITNESSED!

I found an auction about 2 miles from my house. Went to the house, did my inspection, and ran the numbers. Perfect! The numbers work!

Even with 50 ppl there i still felt good. Until the bidding starts.... The house was valued around $80k. I knew what my high number was, and that was surpassed on the third bid. Crap! I stayed to see what happened. Once the bidding hit $90k I left.

Why (and this might be my inexperience) would someone bid so much higher than the valuation?

Are there any Cincinnati, OH meetups for those in real estate investing?

Over the past 2-3 years I’ve been tiptoeing around the idea of investing in real estate. Particularly in the multi-unit residential arena.

This past February with the birth of our twins and the adoption of our two girls (7 and 9) in the new few weeks I’ve decided tip toeing wasn’t going to get it done.

I’ve purchased a few books, and I’ve been reading and working on understanding the real estate ‘language’. I’m hoping do get ideas of what others have read/listened to in order to prepare for jumping in?

Thank you in advance.

BJ

Cincinnati