First Auction Property

[Ian Hooper]

February 4, 2017 Successfully bid on an estate auction property. Property to sold as/is, and will close in 30 days. The clock is ticking. I have 30 days to either: a. Find another buyer, and arrange a double closing b. Secure financing through a hard money or other private source. c. Secure bank financing. House, at the very least needs a serious paint/nicotine removal job, new carpet/flooring throughout, some junk removal in garages, new refrigerator. More will be revealed during inspections. Big questions for the day: How can I get useful inspection & repair quotes with utilities turned off? How can I present a useful scope of work to a bank/hard money lender without an inspection? How can I get utilities turned on in a property that I don't own? Can I just call and put them in my name, like I would if I was a tenant?

[Ian Hooper]

Though I haven't been documenting it here, the house is rehabbed and under contract for sale. If all goes according to plan, the project will net a few thousand bucks. There are stories galore, and I'll share some of them in a more formal blog posting after closing. Stay tuned for pics, numbers, and a list of mistakes and learning opportunities.