The timer reached thirty minutes and the nerves began to set in.
I was the highest bidder in an online foreclosure auction. It was my first-ever attempt to purchase an investment property. Countless times in the past I’ve participated in auctions on properties for clients but never for myself.
This time felt different.
It was a small condominium in western Suffolk County. I couldn’t view the interior. It was sold sight unseen.
For two weeks leading to the auction date, I devoted my late-night hours to analyzing various financial spreadsheets. Instead of dreams of sun-drenched Caribbean vacations, my sleep consisted of tossing and turning with terms like Cash-on-Cash Return and Gross Rent Multiplier dancing in my head.
I thought long and hard before I decided this was the right move to pursue. It’s an auction so the numbers always work up to a certain point. I was the highest bidder and I had some wiggle room beneath my maximum bid.
Another bidder enters the auction and is now in the lead with twenty minutes left. The questions and second-guessing reappeared.
Do I have the wherewithal to renovate this place?
What if I have trouble finding a good tenant?
I am scared.
As with most of life’s biggest decisions, there was an “a-ha” moment where the second-guessing became comical. I laughed to myself as if I should dare to question my initial conclusion. The current bid was still underneath my pre-determined maximum bid so why question the next move?
Just click the button and see what happens.
There are less than ten minutes left and I am the highest bidder again. The timer is now blinking red. The anxiety worsens. To combat it, I focus on the timer. Second after second as it counts down.
Three minutes left.
We’re almost there!
Is this really going to happen?
I stand up. Smiling ear to ear. The nerves creep back in and tell me standing up may jinx everything! I jump back in my chair and begin to chant out loud, Ten! Nine! Eight! Seven…
The timer disappeared. Is it really mine?
I’m going to be a real estate investor!
I’m overcome by so many emotions. Excitement, Joy, and Angst.
It was the sense of accomplishment that stood out the most. This was a goal I put in motion at least twelve months prior to this auction and today was the first real step towards accomplishing it. I realized I had a long road ahead of me but they say the first step is always the hardest, right?
In case you’re wondering, the investment was a success. It’s currently fully renovated and rented. That process will be looked into further in future blog posts. I hope you enjoyed the small look into the emotions of participating in an online real estate auction.