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Updated over 11 years ago,

Account Closed
  • Rehabber
  • Meriden, CT
0
Votes |
7
Posts

quickly outbid - end of the game for "cash only" auction.com?

Account Closed
  • Rehabber
  • Meriden, CT
Posted

On auction.com, a good property I was looking at has been racking up the bids-- jumped from an initial asking of 40k to like 140k and still 1 more day left to bid. My original hope had been to use my cash to buy it, and then secure hard money to rehab it. But now I definitely don't have anything above 140k cash to get it. The ARV of this house is between 235-250k (recent sales/comps). Haven't seen the inside of it... outside looks ok.

The hard money people I know don't give money unless they themselves first check out the place... and they don't give it in the 24-hour turnaround window auction.com wants. I don't have OPM (other peoples' money) to spend either haha. So this is the end of that deal for me.

What about you guys? Any creative ideas for those times when you don't have enough liquid cash of your own?

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