Perfect Condition Auction Success
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Moiz Ali shares a story about buying properties at auction and finding an unexpected perfect condition house.
"A bunch of the real estate I bought is at auction, and when you bid, there's no inspection, no financing ability. You wire the money the next day and then you open the house and see what you got into.
There was one house I got that was in perfect shape. You couldn't see through the blinds to find out what the condition was going to be inside - it's the only house I've been to where I couldn't see at all. I opened up the lock after I bought it, and it was in perfect condition.
There have been houses that I bought where I walked in and thought 'I'm going to have to spend $40,000 that I didn't underwrite for replacing the roof or changing the tile or putting in a new kitchen.' It's a lot of rolling the dice, at least with the way that I purchased, and sort of using the law of large numbers to make sense of it. Sometimes it works and sometimes you get screwed and you just eat the ones that got screwed."
Moiz Ali
Moiz Ali is the Founder of Native. Launched in 2015, Native is the fastest growing CPG company in the United States, and has over 1 million customers nationwide. The company was acquired by Procter & Gamble for $100 Million in November 2017, the first acquisition by P&G in nearly ten years. Prior to founding Native, Moiz was the Founder and CEO of Caskers, a flash sales site for spirits. Moiz graduated from Harvard Law School in 2009. In addition to his work at Native, today he is an active investor in over 100 startups, and a speaker on stages across the world.