Auction at Lafayette

The room is full of people. Planotx rush into the back of line for registration. 9:50am. 10 minutes away from planned auction time.

Kevin is there. He reaches his hand to this Chinese-looking stranger. Planotx smiles at Kevin and shakes his hand. A simple greeting between them. Michael is behind planotx.

Michael and planotx came from Dallas ten hours ago and stayed in local hotel. They visited the propertied in the early morning, and drave around town for the feel of surrounding area. They also stopped Purdue. Planotx talked to some students about their feeling of the propertied. Not very positive feedback. The distance was the concern.

Jy is on the way...
Jy is 30 minutes away...
Jy is pulled over by police...
Jy is lucky to get just a warning...

Planotx is getting the update from jy via text message. He has to fill in now. It is not his first time in such auction. He fills the registration form and submits the ID and cashier's check. Luckily he volunteered to bring his own check.

Michael gets four spots in the second row. Three of them sit there and hope jy cound be here soon. Planotx calls TT for backup in case we need some decisions at spot. Jy is few minutes away. But auction starts...

Auctioneer gives some legal statements and clears some questions.

He starts with 28 unit condo ( 700k as our target).

2 million... 1.5m... 1m.... 500 thousand... No one raises hand... Maybe we have chance

100k... Some raises his number finally.
150k... Another bidder raises his number.
200k...
300k...
....
500k... Planotx raised his number. His is really hoping for a kill now.
550k... 575k.. 600k... ... 700k... The bid is raising fast. Planotx raises his number for the last try. No chance.. The bid is up to 850k in a minutes. The old person in the first row had it for 875k.

The auction is continued on 21 unit apt. Our plan is bidding on 28 unit for 700 k or combined 28+21 for 1m. So planotx is waiting comb bid, the last chance.

The 21 unit apt is also jumped to 675k which is appraised at 750k in county. Those bidders are out of mind.... We has no chance at all. jy is here. He talks to everyone and looks a little disappointed. Planotx knows how it feels. A lot of hard work...

When comb bid, auctioneer starts at 1.55m. The crazy bidder pushes it to 1.7m. A clear win for bank. The price plus 10% commission make this a market price sell. A crazy auction. Hats off to the auction house. Bank makes money from this foreclosed property.

The team has to move on... New plan is on the way... Maybe a backup plan (135 unit in fort worth)...

Dream never dies.

所有跟帖： 

• 創業是一個辛苦的過程。頂！ -baohulu- ♂ (0 bytes) () 10/31/2012 postreply 05:50:57

• Thx. -planotx- ♂ (0 bytes) () 10/31/2012 postreply 06:00:28

• dream never dies. 頂！ -梁山sl- ♂ (0 bytes) () 10/31/2012 postreply 06:54:02

• 辛苦!辛苦!we want a good deal, not a piece of property. -NewLuck- ♀ (0 bytes) () 10/31/2012 postreply 07:06:49

• thanks for sharing. yes, we will move on to next project -Jeepster- ♂ (212 bytes) () 10/31/2012 postreply 07:07:16

• 老大們辛苦了！ -08明前茶- ♀ (0 bytes) () 10/31/2012 postreply 07:24:20

• Is the county appraisal value the right number to look at? -Mason- ♀ (0 bytes) () 10/31/2012 postreply 07:29:24

• 第一，大學校園邊上的property這個價格非常合理。我認為沒什麽可以失望的。 -sweetptt- ♂ (174 bytes) () 10/31/2012 postreply 07:38:33

• I think our opportunity are... -WQPY- ♂ (673 bytes) () 10/31/2012 postreply 07:55:05

• well said, just one thing, -Jeepster- ♂ (794 bytes) () 10/31/2012 postreply 09:07:35

• 辛苦了，失敗是成功的媽媽，哈哈。 -SunshineInCA- ♀ (140 bytes) () 10/31/2012 postreply 08:59:26

• 老大們辛苦了！俺體會過付出很多努力、做了n多功課卻沒最終成功的經曆，挺難受的 -canyonbear- ♀ (71 bytes) () 10/31/2012 postreply 09:09:59

• Xie-xie for the update. -inet-fan- ♂ (0 bytes) () 10/31/2012 postreply 11:06:38

• CO: dream never dies. -聽雨......- ♀ (25 bytes) () 10/31/2012 postreply 11:38:22

• It sounds so familiar. -cultuslake- ♂ (86 bytes) () 10/31/2012 postreply 11:59:57

• Planotx has given a good fight -DCinvestor- ♀ (57 bytes) () 10/31/2012 postreply 13:41:07