supersaver

Hi I'm posting for the first time. I'm 3/4 through Dean's book "Becoming a Real Estate Millionaire." I really have no idea how to get started, but I'm really eager to try since the property I have been dreaming about has come under forclosure. This property was evaluated at at least around $400 000. It was placed on auction a few weeks ago, and they could not get it sold. Now the property is on a site called RealtyBid.com, and it seems that they are looking at a starting bid of $103 000. So far no bids have been placed and there is 7 days left. We do not have a down payment, and althouh we have an excellent credit score, our cash flow is non existant.
I guess my question firstly would be what happens to this property after the 7 days of bidding is up, and they did not get a bid.
Secondly, does anyone have any ideas as to how we can go about trying to obtain this property. I realize I'm not really ready since I have not completed the book etc. but the property is available right now!!!
Thanks for taking the time to read this.

Hi There,

Can you tell me more about this property? Where is it and what are the comps in the area? What would it take to fix it up? Have you gotten any estmates from anyone? Do you have any pictures?? If it is a good deal I might be able to help.

Thanks,
Kelly

Hi Kelly, sorry for the delay in getting back with you.
This property is in the State of Michigan, the central thumb area. The address falls under a town called Vassar.
I have not gotten any estimates as to how much it would cost to fix it up, but currently there is slight damage to a small section of the roof (bit of leaking when it rains). There is mold in the basement, since it has been shut up for at least a year. But, the mold is only on some imitation wood pannelling and the panels just need to be removed. Further, the previous owner removed all the movable fixtures, such as toilets basins, all cupboards, light fixtures, furnaces etc. This place was developed with the intent to use it as a lodge for a RV campground. But, the owner did not get the necessary permits beforehand, so the township shut him down. It is zoned residential/agricultural and it sits on 27 acres some of it wooded. The place is +/- 4000 sq foot with a full walk out basement. The wood is in good shape. It has two ponds. It's a stunning property. The inside upstairs is devided into two great big rooms, one with a natural fireplace. If we were going to make a home out of it, it would have to be devided into different sections. It was forclosed on by Fanny May, went to a realtor it was not sold. When we looked at it we offered at that time $230 000 and they would not accept it. It then went on auction on RealtyBid.com and also did not sell. There was a bid for 114 000 which they rejected. It is now back with the realtors, and the price right now is $172 000. But, I'm sure they will entertain offers. Let me know what you think. I have no downpayment, but I would love to land contract this from somebody to develop for myself or who knows sell it down the line for a profit, depending on what the market does up here. Our market is really at an all time low.
Thanks for replying hope to hear from you. I can't find the picture right now, but the realtor promised to e-mail it to me. Will send it to you as soon as I have it. Thanks Marcia

At least you are taking action. One thing to remember is if this don't work out look at what you will have learned. Keep up the good work.

Randy