How To Win At Property Auctions

October 26, 2011
Your heart is pounding like crazy and beads of sweat are forming on your brow. You can feel the sheer exhilaration in your body but are also overwhelmed with anxiety. Relax! You're at a property auction. Sure, there's a lot riding on you making the right decision right now - one good purchase could launch you into a whole new financial universe, but the wrong purchase could have you curled up in the fetal position in a dark corner wishing you had never stepped foot into the ring. So why take risk purchasing at a property auction you ask? Two reasons: timing and pricing. There's simply no quicker way to acquire property and typically you can't get the property cheaper any other way.

Objective Number 1: Find which properties are up for sale

Image: Altrendo Images/Getty Images

Do as little to the property as possible, that's the goal. As a professional "flipper", you must remind yourself this is not about your personal taste and you are not going to live there. Keep things simple, cost-effective and neutral. Time is money, so get the property done and on the market ASAP. If you fixed the property right and priced it to sell, you will surely be receiving offers and sitting at the closing table collecting your profits. This form of legalized gambling is an addictive and rewarding career path if you stick to your principles and never bite off more than you can chew.

Happy Hunting!