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Updated over 8 years ago on . Most recent reply

User Stats

171
Posts
277
Votes
Adriel Hsu
  • Investor
  • Beaumont, TX
277
Votes |
171
Posts

Going to an auction with no money

Adriel Hsu
  • Investor
  • Beaumont, TX
Posted

In my county, there will be an auction in a few weeks at the tax office.  I don't have enough cash for a down payment let alone an auction where all cash is required on a purchase the day of.  But what if I find an amazing deal, that no one else wants or maybe other people have their eyes on another property, and I know I can make a nice profit flipping it, but I don't have the cash there.

Should I ask for private money BEFORE the auction, and then just return it if I don't get anything?

I can't really take loans out for auctions, so I'm wondering what I should do if that situation arises.

Thanks

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