Also - after telling me several times that my loan was approved at the last moment they came back and said that the appraisal was done on existing value not the rehabbed value so they declined the loan - this was done by their appraiser The biggest gripe I have is that they REQUIRED that I also had to borrow the money for doing the rehab and would have to pay a fee for them to come inspect the work every time I completed a phase and needed a draw to pay contractor that did that work. 

We had a ton of equity but couldn't access it.Our two biggest mistakes?  

The biggest drawback to Auction.com is there is a lot of competition and they use shill bidders to drive the price up

To me those are two of the biggest keys to success in business and they should be nurtured, not abandoned.In closing, do whatever you need to do to get started.

Some of your biggest costs may be hidden.

Hi @Daniel Klebba,Be aware that the biggest issue here will be in how you buy.

@Rachel Trimble, the biggest hurdle you have with those numbers is that your (mere) $20k discount off a $125k ARV appraisal is not really enough EQUITY to get you going with BRRRR.

@John OyedeleGo to IREM.org search the area for ARM certified property managers call 5 ask them what they see expenses per category, what they see them selling for, what they see them renting for, market occupancy and the biggest question do they know anything coming up for sale.Paul

The biggest question we keep getting is "Why do I need a wholesaler as a middle man when I can go to an Investor myself?"  

I think the biggest key is listening.