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Updated about 8 years ago,
Auctions
Hello, my husband and I are getting ready to buy our first investment property. We are going to purchase the property/pay for the repairs with the help of some financial partners. We are hoping to buy a foreclosure/pre-forclosure etc for $20,000-$35,000 and put $20,000 or so into repairs, find a tenant, and refinance with our bank.
My main question is about auctions. I don't even know where to begin. Are there things to watch out for, things to make sure that I have ready before we move on a property? I am based in the St. Louis, MO area. Any advice would be appreciated!
@Jessica Ely best advise is go to the auction an experience it 1st hand. Meet and network with the people buying properties at the auction. See what they are doing, get their card, take them out to lunch and pick their brain. Lastly know what you are buying. You don't want to by a $20k 2nd mortgage with a 100k 1st mortgage in front of you on a $80k property. I always pull a lien search on a property I am targeting. Sure I spend unnecessary money but it saves me from a disaster.
In simple terms....watch, network, learn and verify. Then make it happen...