I want to buy and hold an auction home but I don't have the cash.

[Jennylynn Caldona]

I want to buy and hold an auction home but I don't have the cash. I have two homes under my name. I filed bankruptcy in 2010. (My restaurant business went under.)  I managed to get my fico score back to 710. I have a new job as a caregiver. Is there any mortgage companies out there that will let me borrow for my purpose? Thanks for any advice or referrals. 

[Jacob Blackett]

Hi Jennylynn, if you are looking to purchase at auction, you will need cash like you said. I've never heard of a lending organization who has worked with this. 

If you want to purchase at auction, you would have to create a relationship with someone who is willing to give you cash before you buy the home, so someone along the lines of friends & family... if you are new to investing, I wouldn't recommend starting at the auction. Auction could be a great place to learn, and meet some of the players in your area, but your attention might be better served if you focused on off-market properties- or even properties that are listed. 

There's a TON of info on this site for those just getting started, so I won't blab on too much ;)

Happy investing & good luck! Jake