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])
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/.