Does Fear hold you back from Real Estate Auctions?
Yes, I did it. Hit the Submit Button and the House is Ours!
I love the internet! I can buy a house, find a contractor, locate a real estate listing agent and make a profit from my comfortable home in Austin, TX.
I watched the auction, picked out some of the "cash only" properties that were due to be auctioned late in the day (and within my price range), and did a quick analysis of the comps. I looked at the pictures and as the properties came up for bid I just watched and waited.
This one house came up for bid and it was stuck at $50,000. I knew the comps were at least $90k, maybe $95k, but I wasn't going to bid $55k, not knowing an exact repair budget. But then the auctioneer gave me the break I needed - $52,500. I hit the SUBMIT button and before I knew it - "going once, going twice, SOLD to the internet bidder."
"I just bought a house", I said. My son also in my office playing games on the computer turned around and said "What!?!".
After my husband returned home, my son filled him in on all that happened, "the dog ran off, I emptied the dishwasher, and oh yes, Mom bought a house."
Yes, the internet makes it very easy to spend money. But then there's that real stressful part of making sure the money is at the right place at the right time so you can wire it to the right source. We are very fortunate to have made a profit from our last sale AND connected with a private investor, so no problems with the money.
Thankfully, because of my nationwide real estate network of wonderful people I know, someone knew someone that lived in the area. I got a report of the condition of the house, and yes, the house needed more work than I had budgeted, but that's OK. There is still room for some profit.
The house is all fixed up and ready for sale with an asking price of $97k. If there are some cash investors looking for a turnkey rental property, this is a winner as rental demand is high in that area and we are open to price negotiation.
There are some before and after pics on the Facebook Fan Page:
http://budurl.com/lowtechventures
I love the internet! I can buy a house, find a contractor, locate a real estate listing agent and make a profit from my comfortable home in Austin, TX.
I watched the auction, picked out some of the "cash only" properties that were due to be auctioned late in the day (and within my price range), and did a quick analysis of the comps. I looked at the pictures and as the properties came up for bid I just watched and waited.
This one house came up for bid and it was stuck at $50,000. I knew the comps were at least $90k, maybe $95k, but I wasn't going to bid $55k, not knowing an exact repair budget. But then the auctioneer gave me the break I needed - $52,500. I hit the SUBMIT button and before I knew it - "going once, going twice, SOLD to the internet bidder."
"I just bought a house", I said. My son also in my office playing games on the computer turned around and said "What!?!".
After my husband returned home, my son filled him in on all that happened, "the dog ran off, I emptied the dishwasher, and oh yes, Mom bought a house."
Yes, the internet makes it very easy to spend money. But then there's that real stressful part of making sure the money is at the right place at the right time so you can wire it to the right source. We are very fortunate to have made a profit from our last sale AND connected with a private investor, so no problems with the money.
Thankfully, because of my nationwide real estate network of wonderful people I know, someone knew someone that lived in the area. I got a report of the condition of the house, and yes, the house needed more work than I had budgeted, but that's OK. There is still room for some profit.
The house is all fixed up and ready for sale with an asking price of $97k. If there are some cash investors looking for a turnkey rental property, this is a winner as rental demand is high in that area and we are open to price negotiation.
There are some before and after pics on the Facebook Fan Page:
http://budurl.com/lowtechventures
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