Ok Hey Dg Family I have my buyers list ready. So I was at a real estate auction an there was a 3 bedroom house that was foreclosed on by the back for $30,000. Now where I'm lost at is if the bidding Is starting at $22,000 what offer would could I likely make to make a profit?
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Auction
1. You MUST have cash/funds to participate at auctions
2. You need to look at house b4 auction
3. You must know values in the area
4. Subtract repair, holding, and all other cost from your MAO, this will give you your Maximum Offer
5. some bidders are there ALL the time and drive the price UP to "win" but are they really getting a deal?
6. Auctions are a Great place to build your buyers list
7. What is your exit strategy?
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I dont recommend this
I dont recommend doing this unles you have the cash to start and really know what you are doing? I went to one recently in Minnesota and the bidding goes really high and very fast. I thought the ones that did sell went for too much. I recommend the tax leans and deeds that come out after the auctions. You can really find good deals there. However as reinvestor42 said you still need to go look at the properties b4 buying the lean or deed. Do your homework.