Courthouse Auction& BRRR w Hard Money

[Garreton Smith]

Hey Bigger Pocket Family, 

So I have a question I'm looking to buy a property through the Court House auction in my neighborhood. Now I have enough cash to put down the deposit to secure the winning bid. But I don't have enough capital to finish the transaction. Is it smart to get a hard money loan for the balance and BRRR it or fix and flip? I have this huge fear of not getting the hard money loan and losing my deposit. Has anyone been successful with this strategy? Also, any creative ways to get your deposit back from the court if you don't close on the property? Obviously I know the numbers have to make sense. Any and all input is welcomed.

Thanks, 

G. Smith

[Eric Johnson]

Courthouse auctions vary greatly by the state. For Example in Oklahoma, you only need to bring 10 percent down, and you have 30 days to bring the rest. If you don't give them the money, they just give your deposit back. They're very nice. 

In CA you come with 100% up front or you can go shove. 

Anyway, I'm also an MLO that works with some pretty cool loan programs for self-employed individuals and real estate investors (that's our focus). If you need the rest of the money or help getting proof of funds, give me a call on my cell man! We can do all 50 states.