Auctions can be a fruitful money-printing machine in your real estate investing business. But they can create more headaches than moolah — especially if you don’t know what you’re doing.
Most investors don’t do their due diligence — both before the auction and after they purchase the property — and that can cripple your profits (or even result in a loss).
But it doesn’t have to be that way. Once you learn a few tricks of the trade, you can turn a profit from most auctioned houses you buy.
In this episode, Kris Haskins, a multi-millionaire real estate investor who built his empire after losing everything, reveals the misconceptions about auctions, common pitfalls for investors, and how to buy profit-generating houses at auctions.
Here Are The Show Highlights:
- The biggest misconception about auctions that can wreak financial chaos on your business (10:46)
- The exact best time to place a bid at an auction to get the best price (13:43)
- The #1 biggest mistake rookies make after buying a house at an auction that can wipe out all your profits (17:07)
- How to deal with a tenant trying to rip off the doors of your newly purchased home (18:47)
- The “Cash for Keys” Method for getting rid of pestering tenants who won’t leave (20:48)
- Why every bad deal is your fault (24:12)
- How spending a couple hundred bucks will prevent you from blowing a couple thousand (26:47)
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