Hello Verne_j, it cost nothing to attend the auction. The two best things to bring are, patience and your check book.
I say patience because it is easy to let your emotions get you into a bidding war. So do your home work. I mean study the neighborhood, inspect the property to know your fix-up cost, call the tax office to see what the property is currently assessed for value. Set the high that you are willing to go and stick to it.
I have attended to auctions thus far and have placed to winning bid on both. I made 220% increase in value on the first one. I will only have about 20% equity in the second one now that I have made all repairs. There was a 10% commission added on top of the high bid. Therefor that fee eat into my percentage of return.
Hello Verne_j, it cost nothing to attend the auction. The two best things to bring are, patience and your check book.
I say patience because it is easy to let your emotions get you into a bidding war. So do your home work. I mean study the neighborhood, inspect the property to know your fix-up cost, call the tax office to see what the property is currently assessed for value. Set the high that you are willing to go and stick to it.
I have attended to auctions thus far and have placed to winning bid on both. I made 220% increase in value on the first one. I will only have about 20% equity in the second one now that I have made all repairs. There was a 10% commission added on top of the high bid. Therefor that fee eat into my percentage of return.
Good luck.
thanks for the info...
vern....
look at your P.M.