Approach with caution if you have no experience

If this is your first investment property, be on the more conservative side.

1. Do your homework. How much do you want to pay and rent for to make it profitable. Don't forget to figure in taxes, utilities, and repairs. Also remember such owner(from my experience) usually has neglected necessary repairs for years, so upon taking the property, you may have to pay a large sum to bring it to satisfy the city code. This, I suspect, is the reason why it has not been sold in 160 days. This would give you a bottom line for the bidding.

2. Go to see it with an experienced agent. Pay particular attention to exterior and structural issues. Ask if there are current building code violations, whether the CO is current. Ask about current tenants. How long they have lived there, whether they paid any deposit.

3. You need to find out if there are any liens on the property (tax, utility, contractor...)

Auctions for properties near school usually attract a lot of people. You may find it got sold for way higher than your bottom line.

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• 回复：Approach with caution if you have no experience -ywx17w- ♀ (566 bytes) () 04/23/2009 postreply 08:13:36

• This one may not be good deal, but you can use the opportunity -borisg- ♀ (400 bytes) () 04/23/2009 postreply 12:35:21