First Auction

2 Replies

Hello All, I am new to REI and still working on building a Buyer's List. Today I will attend my first auction. I don't plan on bidding, but rather seeing how the process works. I also thought that I would do a little networking. Because I'm new to this, I'm worried about saying the wrong thing. Any suggestions would be greatly appreciated.

@Rhonda Itomura You have the right idea to go and just observe the first few times. I did the same thing, just networked and try to really pay attention to who is there, and what they are doing. Like other niche's in real estate many investors who buy at auctions have it down to a science. They know what they are doing in the bigger markets/counties but if you become familiar with the process by going to a few, you will better see how to get your foot in the door. Also, if you have already seen the list of houses on the docket, I would suggest you do an estimate on every property before you go just for the exercise of it, so you will know after the auction how close you were in your numbers. Then you can see where you made mistakes and tweak your formula for buying.

Kevin, What great advice! I could use some practice. I don't have time to do that for this auction (heading out the door now), but I will definitely do that from now on. Thanks again.

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