Looking for an auction mentor

[Michael Davis]

My team and I are getting our finances lined up and are looking at properties for our first flip. We want to make sure we explore all options when finding deals. We have scoured the MLS listings but I think we should also explore the foreclosure auction process. We want to have all avenues open to us and don't want to be intimidated by foreclosures. Are there any local investors out there who regularly attend the courthouse auctions who would be willing to let me tag along to learn the ropes? I can buy lunch and help you with the deal however I can.

[Curt Smith]

Michael,  I'm not sure how to best help you, I hear in your post a lot of problems.  #1 I suggest you join a few of the Atlanta/GA REIAs.  The REIAs are where active investors hang, you need to talk to professional flippers before you get stuck in a bad deal.  

#2 Do not take a sellers, a wholesalers, or an agent's numbers especially their rehab numers or ARV's.

I've seen new folks get into bad deals,,, then then join the REIA I'm in, MyGaREIA dot org , then we try to help them through a tough situation.

Today truly good deals are very hard to find for even the pro's who have their network in the neighborhoods.  New folks almost always get hooked up with one of the aggressive wholesaler agent companies working Atlanta and their ARVs are too high, their "contractors" rehab numbers are way low.

Becareful Michael!!  I know you'll say sure.  But I've seen it happen a few times, the desire to do the first deal makes one jump when  they should have said no.

Re court house auctions.  This is where the pros really have taken over.  But Auction dot com is really trying to help the new investor.  They are offering lunch and learns at a few of the 1st Tue of the month auction counties [Gwinnett, Dekalb, Fulton etc} where they offer a free lunch and they walk you through what you need to do to bid on a property that is not a bad deal.  The Auction.com folks come to MyGaREIA's meetings and are listed under Business Associates off the home page of MyGaREIA dot org.    Check out the calender of events.

I just found the auction dot com's contact in the Business Associate section of this website.  Click search and search for "auction". 

This person can tell you where they are having their free lunch and learn re Trustee auctions (the first Tue court house auctions).

But I can tell you that few of the flippers in the REIA I'm a member of buy at the court house steps... The hedge funds are still buying and bidding the few decent houses up to near retail prices. What is NOT bid on are the deals other folks probably should stay away from. This is the problem with Trustee auctions, whats a good house and what is not (IE bad liens, title issues and other issues), then at the auction what is your max bid price?