Charles Noonan explains how to bid on land-bank properties. Call dibs first instead of getting into bidding wars. Watch out for damaged water lines and expect to gut renovate whatever you buy.
Chapters
You don't gotta outbid everybody in the challenge. You just gotta call it and say, hey, I'm gonna bid on this property. 1172 Payton, 11735 Payton is me now. Everybody else has to respect that. So you don't gotta outbid hundreds and hundreds of people. You just gotta be the first to call it. And we do have professional courtesy. We act as a family on the land bank team. We act as a family on the the stand down sheet and in the challenge so people do not bid against each other. We cannot have that. What is the biggest pitfall for buying these types of properties? I would say the biggest pitfall could be the water line being cut. The water. So you already know what you're getting. We know we're not getting a property that could that's livable. We know we're getting a property that has to have work done. Typically it's going to be a gut renovation.