Advice needed for beginner investor.

[Eric Diaz]

Hello all, Quick introduction. I am a growing investor here in South Texas Corpus Christi who just started off of a mentorship from Clever Investor aka Cody Sperber about 3 months ago.  After completing all of his modules and gaining all the knowledge he had to offer I quickly made the decision to get very serious about Real Estate Investing. 

I started my own LLC as well as connected with agents, closing agents, other investors, attorneys and have even started a partnership with someone north of me in San Antonio (Wholesaler). I believe I have gotten alot done in a short amount of time without an actual in-person mentor. I am not one to sit around and be unproductive. I have also gained a good amount of knowledge now from BP and plan to be around as an investor for a long time .

With all that said, I have come to the point of getting deals done. Many online mentors from articles ,seminars, and podcasts have said to get up and start now.  After having 4 potential deals fall through I have found another potential deal on auction. I am asking how I should move forward on this situation. 

The property went through forclosure and went up for auction but was unsold. The bank decided to purchase the property and now it is sitting at a starting bid of $56,833 and has sat in auction for 46 days I believe. The appraisal for the property over the last 10 years has been between $160k-$180k. I am unable to go into the property so unable to see if there are repairs needed. But from the outside the property looks great. I am asking how an experienced investor would follow up because I do not believe this property can be put under contract for a wholesale.

Unfortunately I do not have the funds to fund myself a deal due to low income and putting any savings I had into starting this journey (possible mistake). My network of family and friends are also on a very low income so there is no possibility of borrowing from them. I have already been denied from 3 hard money lenders with a credit score of 710. Is this a deal I will have to pass up on or even a deal at all? It is already hard enough to only wholesale in my market due to the competition with wholesalers around every corner.  Private lenders do not seem to trust me with my short resume in this field although i find myself to be very knowledgable.  Any advice is appreciated.