Online Real Estate Auctions: Yay or Nay?

[Hannah Hammond]

Hey BP! I am looking to purchase homes below market value in the Phoenix, Arizona market to rehab and sell, and I have been exploring all my options to find properties that fit my criteria. As a licensed agent, I have access to MLS, but in this market there are no deals on there even worth blinking at (and when there is, you better be the first one to see it and perhaps be prepared for war). Some wholesalers have great deals but they have so many buyers and so few properties that you can bet that someone will most certainly offer the wholesaler more, and you will lose at the exact moment that you think you've won. As a newer investor, I am not yet at the top of anyone's "buyers" list, so I am competing with the seasoned flippers that get all the low hanging fruit. What other suggestions do you have to finding great deals in a competitive market? I have heard both victories and horror stories regarding buying foreclosures at the courthouse steps, but have never heard much of a step by step process as to how to approach the auction method. If you are experienced with this, please share the process and any tips, advice, victories, or horror stories. Also, I have been researching some online auction websites, what are your thoughts on these? If you have experience in this area, please share the process, tips, advice, victories, or horror stories as well. The process of buying through auctions is something that doesn't seem to be explained much in the investing books or podcasts that I have read/listened to. Any thoughts and experiences on the subject would be greatly appreciated.

Thank you everyone, I truly respect any and all of your input, recommendations, advice, and experiences. United we stand, divided we fall! 

[Matt M.]

I apologize for neglecting the rest of your post. The best deals I have gotten are from friends, friends of friends, & family. Tell everyone you know about what you are looking to do.