I'd Like Your Advice About Auctions

[Matt Doubelt]

Hey All,

I'm looking for a bit of advice. I'm a New York City Investor looking to invest in Albany, New York with my business partner. For additional context, Albany is two and a half hours north of NYC by car or train.

A property on Ten-X caught our attention and I'd like to get your thoughts. Ten-X by the way is owned by Loopnet and Costar btw and is an online auction platform.

My first question is if anyone has ever used Ten-X and if so, if they've had a good experience? It sounds like you sign up and the property goes to a bid once the auction opens up and everyone who signed up gets notified. I feel like it could be a good way to get the property at a nice price.

My second question is if anyone has any context about the upstate New York area. It's a 15-unit and right in downtown Albany close to everything. The description on Ten-X also points out that there will be a major development of apartments and commercial built close by which are being built due to a sizeable grant by New York state. It seems like due to the development around it, it could be a good candidate for a fix and flip and eventually cash out refi.

Link: https://www.loopnet.com/Listin...

Would love to hear thoughts since auctions and upstate are super new to me.

Thanks in advance!!!

[H. Jack Miller]

I have used Ten-X as a buyer and a lender. They are ok, Make sure you have you have done your DD in advance and have your capital stack lined up before you bid. Also, i would have a set price in mind and dont go over it. A lot of people get caught up with the emotions of it.