Well, I attended my first real estate auction on Saturday. I came across a perfect house that I was willing to try my hand on to fix it up and rent it out.I had my estimate from my contractor and I was ready to roll. One problem, so were about 30 other bidders. In talking to the various players I learned that my thoughts on the home price were correct and that all those who were looking for investment property were on the same page.
To our disappointment the winning bidder was planning on fixing up the house and living there. She was willing to pay about $20,000 more than all the investors.
The big lesson is that a home is worth only what someone will pay for it.
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