All Forum Posts by: Larry August

Welcome! I too am from louisiana and just getting into the game.

Hi all! I've been a pro member for a while but never introduced myself. I am trying to be more active and meet like kind real estate minded people. I live in louisiana in iberia parish, near lafayette parish. I purchased my first investment property in Jan. With capital I had been saving. I rehabbed it and currently have it rented. Trying to decide what I want to do next.

 It's awesome to meet someone local on here. Seems like you are already where im looking to be. I would love to hear about your journey and portfolio so far, along with the good and bad experiences along the way. 

Have you ever won a property off of an auction below reserve price and how do you go about funding the cash buy and rehab?

Thank you all for replying. I guess I should have given more info so you can better advise me. The property is cash sell only and you are not supposed to enter the premises. Also you can't get a pre bid inspection. I did do a quick driveby and walk around eventhough i wasnt supposed to. Everything looks pretty sound though it will need floors cabinets and paint for sure maybe a roof repair(something looked a little fishy in one spot).

starting bid is 90500

reserve is at 120500

arv would be 160-220k

finanace company bought it from sherriff auction for 72k.

no one seems to be showing interest in it so i feel like i can put in a 100k offer and if no one else bids they may entertain my offer.

If I were to bid I would find a private invester(probably my father in law) to borrow the cost of the auction from. Then use my capital to rehab,rent, refi. Does this sound like it could work?

I have been looking to get started in buying rentals. I came across a house in a really nice neighborhood that will need some tlc and is up for auction. It is listed on Xome and I am wondering who has experience with auctions and what else to look out for besides getting with a lawyer and checking for liens, title, and backtaxes. Any help or guidance would be greatly appreciated.