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 https://socialmediablueprintpodcast.com/.