Green as Grass - 1st Timer - Information Request.

[Cary Plummer]

I'm from Mississippi and am extremely new to Real Estate but I'm at a point in my life where all my life's knowledge points directly at Real Estate. I'm currently living in Los Angeles and found a single family 2br potential property up for auction with a 10k opening bid back in my hometown. The estimated value is over 100k and I used to work in the area of the property. It's not a great area but it's not horrible. The property is currently occupied but is foreclosed and owned by the bank. I can come up with the Capital for the opening bid but that's about it. I'm currently on my second real estate book and have watched several Bigger Pockets posts on Youtube. I'm a go big or go home type of person and I'm great with numbers. I'm low maintenance and as frugal as they come. I know how to do most home repairs and great at finding deals on house materials, appliances, etc. I'm not great at networking but I'm an intelligent person that can pretty much figure out anything, currently how to network. I'm more interested in BRRR rental properties. So, if you've made it this far, maybe you're willing to go a little farther. (Shawshank Redemption) My main question is, if the house goes for 10k, what other steps do I take on the occupants, appraisal? Is it realistic that this property goes for less than 15k?

[Account Closed]

@Cary Plummer It's not likely that the property goes for under $15k, but let's assume it does. If you were able to get the property for $15k, what would your strategy be? Sell it / flip it / move there / etc. If your goal is to sell it, run some comps on similar properties in the area and see how fast they're selling and whether there's any demand. If you want to flip it you're going to need some cash or a hard money lender. I do not recommend getting into the property if you don't have any reserves to fall back on.