Found a good short sale on an Online Auction in Florida

[Shawn Barga]

Hey everyone. I live in Las Vegas, and have been tirelessly searching for a multi-unit complex or sfh that will cash flow. So far all I can do is keep putting in low bids as the prices they are asking for will not cash flow anything. 

What i wanted to ask is if there is anyone in the Miami, Florida Dade County area that is looking for a short sale property that I happen to of found on an auction site. It is a small Duplex, 2-1bd/1ba units, in Northern Miami. It looks in very nice shape in the photos (but we know you can't go by them) The starting bid price is at $65k. From what i have researched the rents in the city of Miami are ranging from $1900 for a 1bd and $2500 for a 2bd on average. I have no idea what this duplex would rent for but It sure looks like it has potential to cash flow. Since it is a short sale and on auction it is available for financing so that is a huge plus. 

[Wayne Brooks]

@Shawn Barga You really have nothing here.....it's a public auction, it's not a secret. The "starting bid" which is probably actually an "opening bid" (on auction.com, right?) is not a price the bank will accept, it's just a low ball teaser price to get you to bid. The acceptable price is undisclosed. And understand, this not the same even as an REO auction.....the "being the winner" simply means you are in contract on a short sale, then going thru that process. And likely the property is already under a short sale contract, and the auction is being done as a "price verification", common to a Nationstar short sale. $1900 is Not the typical rent for a 1 bedroom in Miami, maybe on Miami Beach or downtown, but not in general, and of course you have no idea what kind of neighborhood it is in.