Re: Auction Tip – Thurs. 10:30 AM
There are a few questions I always get when we bring up the topic of Auctions.
At the top of the list – “Where do I find the best auctions?”
First – let me tell you my definition of the “best” auction.
It’s quite simply – An auction with the fewest interested bidders.
Many new investors show up at a courthouse auction and are intimidated by the number of people. What you quickly realize though – not many of these rather “colorful” people are bidding on the properties.
In fact, very few people are there to bid on every property. Most of us show up and and have an interest in just one property. We may have to stand around while the auctioneer goes through 3-5 other properties before they get to ours. At that point I pay close attention and hope the person standing next to me isn’t interested.
There are a few tips I learned from other auction pro’s through the years. The best tip I ever got was this: Go to the auctions that are advertised in smaller newspapers.
If you only attend the auctions that are advertised by the big auctions houses you are missing the best deals. Those big auction companies work with the big banks. They do massive volume with big advertising budgets, and by my rough estimate 1 out of 100 listed properties work out in the end to be a good deal for us as investors.
On the flip side you have small companies or single party auctioneers that handle much smaller volume and often work with smaller lenders. Often, they don’t advertise in the larger papers and many people skip right past them.
One of the investors I have “partnered” with on many properties finds terrific deals at auctions I don’t even hear about. Many times through the year this investor is the only person attending the auction. One of his tips he told me to pass on to you was “Get a subscription to all the smaller papers in your area. It will pay off.”
I think he just wants someone to talk to at those lonely auctions.
Join me on June 20th, we will be talking about the entire process that goes on behind the scenes between the Auction and a listed REO property. It’s a fun topic that I am going to break down into easy steps. If you implement just a few of these steps you may see a giant leap forward in your 2016 results.
June 20th is a great opportunity for you to ask a few questions like:
- What areas have the best auctions in 2016?
- How, and where do I find partners for my successful bids?
- How often do you win a bid?
- What mistakes do you see people making with Auctions?
- How and when does a real estate agent get paid in the Auction and REO properties?
Save a few dollars and reserve your seat early. Then, come join us at WREIA on June 20th. It will be a great way to start the summer season, get you motivated, and get some momentum for the rest of 2016.
Reserve your seat for the sixth 2016 WREIA meeting here.
Make this year a great year for your business!
Washington REIA Network, President
Profitable Property, Founder
P.S. Rehab Immersion Course – Summer 2016 Class – Starting soon!
The Rehab Immersion Course – Summer 2016 is starting at the end of June and is limited to 12 students or partners. If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you. Don’t miss this chance to get some real-world experience. The summer class is starting to fill up. If you are interested in joining us, simply call the office at 301-881-5541 and let us know to reserve you a remaining spot.
Our Spring Rehab Immersion Class is already wrapping up and was a wild success for the students who attended. If you regret missing the spring class join us for the summer project!