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Updated almost 7 years ago,
Auction Property Advice
Good Evening,
I have some cash I am looking to invest in property. Initially I was wanting to buy/rehab/rent/refi/repeat. As of late I am thinking of changing my strategy a bit to get some bigger returns on the front end and then begin the BRRRR process after I had made some deals and familiarize myself a bit with the process. That being said I have been starting to study the properties on auction.com quite a bit. It definitely seems like there are some diamonds in the rough that need some work and would be profitable for flipping in my area. So now of course a whole new world opens up to me. (Seems like every time I am ready to commit on my first REI some other method or something I hadn't considered before comes up and completely reshifts my focus). Well for starters I have tons of questions about auction properties however I will start with my basic questions. If there is something you are thinking that I haven' asked please fill me in.
-if the property is occupied is the eviction process different than that if a landlord/tennant agreement?
-are there any add one that will show up after closing? For example the property tax hasn' been paid in 4 years or the HOA fee is years behind?
-looks like there are different kinds of deeds for foreclosed/auctioned properties. Which ones are good or bad? If it is considered bad is there a way to have it changed after rehab?
-Is there a legal way to gain access to the property before bidding on it?
-has anyone used auction.com or a similar website and are willing to share your experience?
-and a million other questions.
Thanks all, I appreciate the mentorship and guidance I have received so far from this site. 2018 is my year, just gotta push myself to take the leap and make that first deal. I can feel it's so close.
Mike