Hello, I am working on investing in my first home. After listening to Ashley Hamilton's podcast I am interested in making the most out of the money I have and bid on some auction homes. I am not very clear on all of the added expenses if you are to win a bid, also if there is opportunity to back out of the purchase if there are a lot of added expenses that you can't afford. Is it too risky taking the time to rehab a destroyed home to buy, flip, and hold?
As a first time rental property investor from San Diego investing in a dangerous area in Detroit, do you think I would be making a good investment buying a home for under $5K in auction, without seeing the property, needing to make serious renovations and unsure of hidden fees and taxes?
This way of investing seemed interesting and thrilling to me but I may be better off playing it safe with a move in ready home
Thank you for all your help in advance. I look forward to getting some advice on this topic.
All the best,
Nicole van Logtenberg
