What kind of earnings are possible with foreclosure auctions?
I attended a foreclosure auction for a one bedroom condominium in when I was in Virginia. To my surprise, I was the only bidder. NOT ONE other person had showed up to bid on this property! I bid $1 over the opening bid and purchased a condominium worth $130,000 for only $57,719 ! I turned right around and flipped the property to an investor for $68,000! Since I only paid $57,719 for the property, I made a fast and easy $10,281 profit. The investor who bought the property from me was very happy to pay $68,000 for a property worth $130,000. After all, he paid close to half price for it! Now he wants to buy more foreclosure properties from me. Do you think there are a lot of people in every town who would love to get deals this good? You bet there are. This was a very simple deal that took only two days to complete. I didn’t have to come up with a lot of money and I did not need to have any repairs done to the condominium. I just found a great deal and immediately resold it for a very fas
