Are public auctions a way good to start investing?

Question

Hi everyone, this is my first post in biggerPockets and Im seeking advise from any one out there that Has done or understands public auctions. My goal is to buy houses at the local city auction and flipp them for a profit. My issue is that I have spent so much money on lien search, open permit and title searches and yet have not been able to find a deal thats rigth. Any thoughts? I came across BiggerPockets after giving up on pursuing this goal. I live in South Florida and have experience on construction but zero on real state.

Thanks

Roman M. · Answer

that is correct

Manuel Gomez Jr · Answer

Thanks everyone for your replies, Roman when you say it does not have to be expensive what do you mean? Are there free ways of doing the searches and can you recommend any?

Roman M. · Answer

I have done a lot of auction buying for myself and others. It's time consuming but doesn't have to be costly.

Chris T. · Answer

@Manuel Gomez Jr

I bought a few. It's high risk and high reward. Plus most auctions gets cancelled as well.

I spoke to a very experienced investor here recently, and he says back in the days, it's the same group of people (he called it good old boy network).

Nowadays, at sheriff auctions, he sees all kinds of new people. Even people bidding up on properties with 2nd mortgages / liens, and he just shakes his head.

Brian Garrett · Answer

I've never bought at auction but I know people who have and it's extremely competitive here in South Florida. Your best bet will be networking and hustling to find off market deals.

Are public auctions a way good to start investing?

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