Purchasing my first rental home by Foreclosure Auction (Seattle)

[Adam Gangl]

Hello Everyone!

Really cool site and community. Was turned on to this place by a friend.  

I am looking to buy a home.  My ultimate goal for this property is to rent the home for 3 times the mortgage and pay it off in 5 or 6 years.  I have done my research and if I win this house for the price I believe I will then I should be able to accomplish this. 

My plan is to live in the house for as long as it takes to find the right renters.  Looking for a young family or Boeing employee as it is close by.  Mortgage will be around $800 and rent in the area averages $2500

Any advice on the auction?  I have never bought a home much less a home by auction.  I welcome all advice as it pertains to winning the property first, and/or talking to the current owner/debt holder about taking on the debt owed and skipping the Auction.  

I also welcome any advice on renting the property out and how to leverage any equity I gain in this to purchase similar properties.  I am 33 years old now and I would like to have some "Swinging Capital" by the time I am 40 and at my current job I just won't be able to accomplish my financial goals.  

Thanks everyone.  Pleasure to be part of the Community.  

-Adam