Investing in homes for auction
Investing in Real Estate can mean a lot of different things. On November 1st I went to my first auction. 300 California Avenue is where the Courthouse is located right next to Hill Finkley jail. This Courthouse is where the auction's take place. They are held once a month and every county has a Courthouse that holds these auction's. Foreclosed properties are auctioned off to the highest offer given. Large investors, investment companies, bank reps and everyday people who make a living off of flipping properties are in attendance. To some, this sounds like a sure way to get a return on your investment because the properties are auctioned off for such a low price. Yet could sell for double or even triple what they purchased the property for.
Sounds easy right? You just need a little capital in order to get started. Yet with anything that has a great reward comes great risk. When purchasing one of these properties you have such little knowledge of what shape the property is in. That's where knowing someone with experience working on these types of homes is key. Are you someone who wants to buy a property, then make all the improvements and put it back on the market quickly? That sounds great! just make sure you have the right contacts in order to make all the improvement's. You might be a hands on type of person and make most of the improvements yourself. Such as putting in new carpet, painting, yard work, electrical work and many other small improvements that go into flipping a property. To some people this type of work is fun and I can tell you from experience flipping properties IS fun. I wouldn't be writing this if I hadn't been helping my brother do it for years. One thing is for sure, Charleston's market is on fire right now and investors from all over are flocking to this great city to check out the historical and elegant beauty that it has to offer. If you have any questions or comments on this subject comment below!