First time flip and getting cold feet

[Will Maxwell]

I have learned a lot from reading BP, thanks for the posts! Wife and I are looking at a home just down the street for our first flip. It is going for auction at $75k the comps are going for $135k. I currently have $45k and plan on getting a bank loan for another $60k. I have a few questions to start. 1. Has anyone purchased homes from the courthouse steps from auction.com? 2. Auction.con says they must have 100% of the funding available at time of purchase (if I remember right) how do I know what the exact amount if I am bidding against other people or is there a window after the auction ends? 3. If a property goes up for auction date can someone purchase it instead of going through the auction process? 4. Any pointers? Thanks

[Brent Coombs]

@Will Maxwell, maybe your feet SHOULD be your gauge?

ie. Up to a certain dollar value, your feet should remain toasty warm, right?

If after a SPECIFIC dollar amount your feet threaten to freeze, then don't bid one dollar more!

There WILL be other deals.

Your knowledge/experience WILL increase with time.

There's no reason why your Flipping101education NEEDS to be expensive.

ie. You can learn from OTHER people's cautionary tales, rather than forcing yourself to create your own! My 2c...