Lots of savings, just a little confused.

[Lukas Koube]

hello!

My wife and I have been reading books recommended on BP, listening to podcasts, and looking into real estate for a while now. We have accrued substantial savings, and closed on a deal which turned out to be great. 

We are now looking into purchasing a "buy and hold" property. However, we live in Los Angeles, where the 2% rule is rarer than a unicorn. We have identified some houses at auction, but maybe wanted some feedback before jumping into an auction scenario where we sign our names to a big mistake. If anyone has tips, that would be great!

[Brett Goldsmith]

@Lukas Koube That's great stuff and yes, the 2% or 1% rule are tough to come by in LA without a large down payment. They do exist and are true gems. The market is high right now too which makes it that much tougher. 

Are you looking to buy at a foreclosure auction or an online auction?