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Real Estate Investing

5 Ways You Can Win Big At Real Estate Auctions

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Buying a property at a real estate auction might not be as common as other typical investments but it can be an undervalued purchase that could fetch you solid returns over time. Be it flipping, or fixing or owning the house, real estate auctions can help you access all kinds of options.

1. Consider ALL Your Options.

Buying at a bargain might feel great, but read carefully between the lines – are there any foreclosures on the property? Any legal tussles? All of this would not stand out initially, but if you’re looking to buy a property at an auction, do ample research. Dig into the nitty-gritties of each property you’re interested in before taking your next step.

2. Fixers Work Great Too!

Sometimes spotting a house that requires quite a bit of renovation can put one off. Although, what might surprise you is how you can buy it at a lower price, re-furbish and renovate the place (if done creatively, it won’t break the bank) and sell the furbished one at a higher price. Here’s a post that outlines how you can reduce risk when doing this.

3. Jot Down Your Budget.

Define your investment horizon, estimated costs and how much you can budget for repairs and other accidental expenses. If you need financing, here’s a list of financing partners you can check out.

4. Set Up Alerts.

More often than not, bidders miss out on taking the lead with the first offer. Work with your real estate agent to set up an alert whenever something pops up for auction.

5. Not Sold Yet? Try Again.

If the property you spotted at the auction was not sold, your options don’t end there. Approach the owner for a potential off-the-auction purchase and it might work!

For more information on real estate investing, you can always go check out Phil’s articles on Biggerpockets.

 

Real Estate Investing

5 Strategies To Close Your First Real Estate Deal

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