Open house inspections

[Reece Gaynes]

As an 18-year-old looking to buy my first investment property in the next two years, is it wise to attend open house inspections and auctions as a spectator? If so, who should I be talking to and what sort of questions should I be asking to get a better understanding about investing/real estate in general?

[Frank Chin]

I looked at properties to be sold at auctions as spectator, and also attended some auctions as spectator.

But on some auctions, to cut down on spectators, they ask that you to bring along a certified or bank check payable to the auction house. The house I live in I bought at such an auction and I had to a bank check of $6,000.00 to be admitted. This is whether I bid nor not.

Some people are confused by the check request thinking it's an admittance fee. A neighbor I met after I moved in thought that. I explained to him you just have to show the check at the door. Then he asked "what if I didn't buy anything". I told him "you just re-deposit the check into your account". 

To be fair, I did ask the bank what to do with the certified check made payable to the auction house if I didn't buy. They told me "mark: Not used as intended" on the check, sign my name below and deposit back into my account.