I currently have 14 house flips going, which is the fewest I have had in a while. I have had a slow streak buying properties and sold two last week. One of those was a property I had held for 15 months so it was great to get rid of it! Over the last few weeks, I have gotten six more properties under contract to buy.
I tried to buy another today. It was an auction.com property that was occupied. I was not able to see the interior but thought it was worth $350,000 or so. It looked to be in good shape, but you never know. I talked to Nikki my project manager and we decided I should not bid any more than $262,000. I thought maybe I could go a little higher, but $262,000 sounded good. There were a couple of hours left until the bid was up and the price kept going up. It went from $225,000 to $250,000 very quickly. I decided to bid $257,000 to shake things up as the bid increments were $5,000. Someone bid $262,000 right away. I asked Nikki should I bid once more to $267,000? She said sure. I bid thinking someone would pass me up right away.
To be clear I have bid on many of these auctions and never won one! People are always willing to pay much more than I am for some reason. I assumed the bid would go up to $280,000 or higher.
An hour passed and I was still the high bidder. I looked at Nikki and told her we may get this house joking around. She laughed at me and kept working. I thought for sure people were waiting for the bid to get near the end so they could sneak in.
Another hour passed and there was five minutes left with me as the high bidder. I waited for another bid to come in. Nothing. The time started to click down to less than two minutes and I decided to shoot a video of it.
See what happens below:
I will update the flips sheet soon! https://investfourmore.com/flips