Auctions typically get a bad rap by investors. Mostly because they think they’ll get scammed on a property and never make a return from it.
But there are many ways you can monetize auctions. And if you do your due diligence, you won’t get duped into paying for a dud.
In this episode, Mike Wolf, a seasoned real estate investor and auctioneer, joins me to reveal the exact process you need to follow to make a killing at auctions. Also, Mike explains how he picks turnkey markets for rental properties and what we can expect in this new world.
Here Are The Show Highlights:
- How to travel anywhere in the world (even while managing your business and family) (3:09)
- How to spot the hidden gems from the dangerous deals at tax deed auctions (6:02)
- Why relying on Google Maps could trick you into buying a house that’s burnt to the ground (7:26)
- Where to buy a single-family home for a measly $7,000 (7:58)
- Unusual ways to laugh your way to the bank during auctions — especially for real estate beginners (18:52)
- Why it can take 18 months (or more) to get rid of a bad tenant in California (28:58)
- How one bad tenant can wipe out your life savings (29:40)
- How to “forecast” the future and get underpriced homes that will boom in a few years (32:45)
- Why evaluating cash flow when purchasing properties can bankrupt your entire business (33:39)
- 3 criteria to determine the best markets for turnkey rentals (34:11)
Wish you had sellers coming to you instead of having to chase them down? We put together a free training for you over at http://socialmediablueprint.com/podcast to help you do this. Or if you want to schedule a marketing strategy session with me and my team, book your free session at http://socialmediablueprintpodcast.com/.