Motivated by fix and flip television shows and attending a local Real Estate Investment Association (REIA) meeting, Keith Fell of CSRA Housing started investing in 2006. And since 2012, he has bought more than a dozen properties on Auction.com. Today, Keith is a full-time investor and President of the Augusta, Georgia, chapter of the REIA. We caught up to Keith before a Super Tuesday event to ask him a few questions.
“Auction.com is an awesome place to buy fix and flip or buy and hold properties.”
What type of properties are you interested in?
When I look at distressed properties I think about the retail buyer. Who am I trying to sell this house to? I also look at a property as if I’m going to live in it myself. So I try to stay within certain boundaries. I like contemporary homes, but I tend to overlook houses on hills or on busy roads. I don’t often look at properties outside of Georgia. That’s also why I’m a big fan of Auction.com’s Super Tuesday. I’ve bought several properties at Super Tuesday auctions.
What are the top benefits of using Auction.com?
They are easy to deal with. The contracting process is easy. The overall process is pretty easy, and this is an advantage because time is of the essence. My questions are resolved quickly. Investors look for any avenue possible to acquire properties, and Auction.com has definitely improved my business by allowing me to purchase more properties. I’ve made good money by using Auction.com. It’s an awesome place to find fix and flip properties and buy and hold properties.
For example, I bought a bank-owned property on Auction.com, fixed it up, and rented it out. After renting it for two years, I made most of my money back from the property and then turned around and sold it for an even larger profit. We’ve had several Auction.com properties that have worked out like that.
What is your investment strategy?
In Georgia, there are more buy and hold investors, because that’s what creates long-term wealth. And that’s what I like. Properties become more profitable when they are paid for. I didn’t want to have rental properties and keep having to pay for them. I wanted to pay them off. So that’s why I started flipping properties — to make big chunks of money so I can pay off the rental houses. Properties are easier to deal with when all the rent goes into your pocket.
What are your tips for investors looking at distressed properties?
Learn your market to know what a good deal is. Become knowledgeable of the area, the market, and other area investors. Whether on the courthouse steps or at an REIA meeting, find a mentor who is investing in real estate.
The information in this blog post is being provided for informational purposes only and not for the purpose of providing legal or real estate investment advice, and no liability is assumed by Auction.com with respect to such information.
