Real Estate Property Bid Up Over $10,000 From Listed MLS on Auction.com

Real Estate Property Bid Up Over $10,000 From Listed MLS on Auction.com


hello everyone
and thanks for tuning into the financial investor channel my name is Brent and
today we’re gonna be taking a look at a property that I had posted over on my
Facebook page it was listed for 49 thousand it actually ended up going over
to the auction website sell him for fourteen thousand dollars over what it
had initially started over on the MLS meaning that it was bid up on the
auction website over the MLS price and actually ended up closing fourteen
thousand dollars over what it was listed here on the MLS so in today’s video
we’re gonna be covering this specific property if you are brand-new to the
channel I do make stock market divot in real estate entrepreneurship videos
every single week so consider subscribing if you do enjoy the video
find it helpful hit that thumbs up and if you have any comments questions that
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I was appreciate all your feedback and let’s go ahead and get into the video so
right off the bat I posted this over on my Facebook channel website Facebook
page on April 22nd it had two days sitting on Trulia or on the MLS so it
was posted back on April 20th 2019 that was about two three weeks ago now
today’s April 3rd it was listed for 49,000 on the MLS it did need quite a
bit of work we’ll go over some of the pictures here in just a minute I was
figuring it would probably need about twenty five thirty five thousand dollars
of work putting it at you know you buy it for 50 you put twenty-five thirty now
the eighty thousand dollars all into it so I thought you know it could be okay
depending on where it would actually appraise at now this property did sell
back in 2006 prior to that bubble for a hundred and fifty three thousand you can
see they’re sold here down towards the bottom sold for 153 back in oh six so I
saw it on the MLS forty nine thousand I my buddy saying hey here’s a property
forty-nine thousand what do you think of this one should we go for it should we
hold off because right now I’m going through a refinance but he has cash to
be offers and again make it a couple deals and while I
was doing that with my other buddy my other friend who goes through different
auction websites he messaged me saying hey I didn’t do any homework towards it
but I wanted to make sure that you had seen this one alright so you saw this
one and he sent me the link I said hey very nice I looked at this house weird
that it was listed on the MLS for 49,000 and I don’t think it was going to so for
49,000 I thought figured it may sell a little bit less just due to the amount
of work that you would need to do with the roof the electrical plumbing and
when it was over on the auction website it will had an initial starting price of
$17,000 which makes it completely worth it I’m currently working on cashing out
my duplex I’ll be appraising it on May 6 I’m gonna be out here on Monday working
with the appraisal our my duplex getting it and getting them looked at and
getting it appraised that way I’ll be able to cash out here in a few weeks and
then I’ll be able to make these deals so I didn’t know if this one was gonna be
around that long I can’t make any deals right now because of my funds are sort
of locked right now so I told my other buddy hey it’s on the auction website
for 17,000 check it out now this one went to auction and it sold
for 63 thousand dollars so again it was on the MLS for 49 thousand and it went
to auction for 17 thousand what happened it was bid up from seventeen to twenty
to thirty to fifty two now 63 thousand dollars as its final bid for this
specific property and we’ll go through the insides here now so here’s the
outside taking a quick look at the image here you can see that it’s not a bad
area you can’t really tell but this area has a lot of mountains around it has a
big lake near a bunch of parks in the area and it does need a little bit
outside work here you can see possibly brand new roof new fascia boards this
down here seems to be probably deteriorating neezy patched up put
shingles or a brand new roof on that paint and just exterior work to kind of
get it cleaned up maybe new windows looks like maybe the windows could be
three new I’m not sure so outside definitely
need some work they’re looking at the inside you can see that somebody had
already bought this home recently or maybe they owned it they were trying to
do their own rehab on it but you can see here that they tried the walls the
fixtures look fairly new like the paint the paint on the walls looks fairly new
fixtures look pretty glossy and new but you can see the flooring in here
see a couple holes back here the wall heater wall heater probably needs to be
replaced you can see it’s kind of dark in there those costs is a little over a
thousand or a thousand a piece so flooring trim on the sides kind of
moving to the next picture here this is the kitchen now if you were doing this
for either a rental or a flip you’d probably want to get rid of these
cabinets these cabinets are fairly old they don’t look that great
you could either try painting them white or just replacing them all the way you
can see here that at the bottom the counter tops pretty much have to be
reinstalled this is for the oven this doesn’t really match a whole lot maybe
that may need to be replaced as well that looks maybe like to top off the
toilet now same still the kitchen here so a couple walls it looks like maybe
they had pulled the the wiring out of this one so I think maybe that’s where
they had ran into an issue on this one here we can see the bathroom they didn’t
pull the tub they didn’t replace the tub they actually looks like they painted
over the old tub you know they painted it made it look a little bit nicer maybe
got rid of some of those stains who knows it looks like maybe tie up on the
wall I think and the the flooring here so basically this this house started to
get remodeled I think this is the terrible color to paint rooms I really
do not like it when people paint there you can see my my room behind me I like
this sort of like an egg yolk eggshell kind of color I think is what it’s
called but it’s very neutral it makes your room bright and this sort of green
I just can’t imagine people liking this white trim on the inside there on the
windows kind of interesting so this is a three
here’s the first bedroom Florian would need to be redone by a Paint Creek needs
to be redone fixtures in there here’s the second bedroom so here the
color is a little bit better it’s not blinding you with some nasty green you
can see here they try to paint the roof here’s the third so we have the first
bedroom second bedroom and third bedroom here again they’re going I don’t believe
this is they’re adding some trim up on the on the top that it’s kind of
interesting interesting color schemes there so every room is a little bit
different color here is the washer and dryer hookups big ol hole punch in the
wall so I think here is what they were trying to do is electrical because I do
see a couple holes punched in different areas of the home so maybe they had
pulled electrical out and are doing some electrical work to the specific home and
that really needs to be done and a lot of these properties they’re
knob-and-tube and so you have to go through and if you start opening up the
walls you have to start replacing that electrical so new roof you know a lot of
inside a lot of outside work that’s why I was estimating this one right around
twenty-five thirty-five thousand dollars of work and you know drywall in some
areas you don’t even see anything down there so yeah probably the electrical
plumbing as well just to kind of get this all fixed up so this is a good
example of a bidding war it was listed over on the MLS for forty nine thousand
it needed a whole lot of work maybe nobody was willing to make an offer on
it forty nine thousand dollars when you’re looking at it now that closed at
sixty three thousand dollars it doesn’t seem like that bad of a deal now when
you’re looking at where it was and where it’s at now so it was a fairly good I
thought it was fairly nice when I actually looked at the property I never
drove out there but I looked at the location it was fairly close to where my
other properties were at they had a nice Mountain View in the back I know owned
one of my properties I have a nice open back view of the mountain so it’s nice
has it access to a trail and such but maybe kind of looking at the MLS it kind
of scared people away from it just because of how much work needed to be
done but if you’re buying it for 49,000
putting $30,000 into it and my other 3-bedroom 1-bath appraised at 130,000
this one would probably appraised about 130 150 as well so you put in 30
thousand that’s $80,000 you still have $50,000 of wiggle room in there for
equity wise to either go a little bit over budget and still have that 10 20
percent are probably 20 30 % of equity to be able to withdraw your original
funds invested and just have it cash flowing somebody renting it out for
twelve thirteen hundred dollars and yeah you’d be basically set so this video
basically covering a home that was listed on the MLS for forty nine it was
moved over to the auction website the seller ended up the bank ended up making
fourteen thousand dollars more by having moved it from the mls over to the
auction website because it drew in a bunch of investors and they started a
bidding war outfitting themselves until it eventually closed at sixty three
thousand dollars so that is all i wanted to cover in today’s video if you are
brand new to the channel hit that subscribe button below if you did enjoy
the video find it helpful hit that thumbs up and that is it thank you all
for tuning in I will so next time have a great day bye

6 thoughts on “Real Estate Property Bid Up Over $10,000 From Listed MLS on Auction.com

  1. Can you share your Sofi link? I would like to use it to open an account. Thanks!

  2. You had me at mountains and lake, Iā€™d live there!

  3. Thanks for info.on these hidden gems. I think the bid up was due to the location. šŸ‘

  4. Nice brent,, this house can be nice if someone fix and put new things.. i want a house by the mountain view.. so i can shine my powerful flashlights and shoot air guns..

  5. Brent! This was an awesome video…. I loved it. Thank you for sharing.

  6. The real estate market is pretty competitive in a lot of places the past few years, with a lot of flippers looking for those types. Nice analysis

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