Does Anyone Know Of Lenders/Investors Willing To Finance Purchases At The Auction?
I am a young, aspiring investor looking to purchase some properties at the auction. I have positioned myself with a group that focuses on properties sold at auction. These investors have a portfolio of real estate to leverage to acquire a LOC from the bank. I have only my personal residence which has 25K in equity I am willing to use for repair. Also I am willing to pay a hefty price to a lender or give a VERY large portion of the profits to whomever is willing to partner with me.
If anyone knows of such a lender or investor, such information would be appreciated! 
I've always wondered how you can purchase property at auction and get financing. Is it that you must use other pledged assets for collateral initially and then refinance?
The investors I have a relationship with use equity in their current Real Estate portfolio to gain a Line of Credit from a lending institution. They then fix and sell the property (as I plan to do) within a 90 day period.
They only refinance when purchasing a second position at auction. This forces them to payoff the first position within 120 days in my state.
Find a hard money lender, you might find a HML who will go with you to the auction's and bring his check book
There is one lending source that I have found that will issue loans for use at auctions. They require that you have an income of at least 50k and that your mid score is 660. They issue letter of commitment that can be used for bidding. This is given to me by apartner of mine who speacializes in 1031 exchanges. Sounds like a good opportunity.
You may find a hard money lender to help you. Best is to use the equity you have in another property to get a line of credit.
Thanks for the input!
Hard money lenders are defiantly an option I have considered, but if at all possible I would rather establish a relation/partnership with an investor or group of investors. Hard money lenders just seem very impersonal and piece by piece, whereas I would like to build a long term relation/partnership.
How does a letter of commitment help you at a sale where they require a cashier's check immediately? I know each state is different but here you have to pay ON THE SPOT - am I missing something?