Today's auction

[Mack McPhatter]

I couldn't make the foreclosure auction today so I sent my step dad. He's a contractor/wanna be investor that has done 2 flips that I set him up with. This was his first auction to attend, so I sat him down, explained how everything would go, researched the list, and picked out 2 properties that I thought he could get for a good price. He's the type that will call me a million times asking for advice, but not listen to any of it because he knows it all. Enough about him, let's talk about the property. Vacant double lot with a slab on it. -cost to remove and haul off slab ~ $7-$8k -5 city grass cutting liens for $150 each -survey to split lots in 2 ~$1,000 Around $10k total to get lots cleared and ready to build on I could list these 2 lots for $30k each. I know builders that would buy them for $25,000 each tomorrow, so selling them would have been easy. I told him that I would bid up to $20,000. These lots sold for the opening bid of $100!!! He didn't bid! He said he froze up and didn't know what to do! I wanted to kick him through the phone! I tried to hand the guy $40,000 and he didn't take it. These type of deals that need very little work hardly ever come up. When you do, you better not freeze up! Sorry I just needed to vent. Needless to say I wasn't very happy with him this morning.