One of the most popular ways make money in real estate is to find homes to flip, rent or invest in, is the foreclosure auction. The auction process is something any real estate investor should make a strong effort to become familiar with. The best way to learn about the auction is to go attend one in your area and simply watch and learn.
Auctions usually occur at the county level. Some counties have judicial auctions that occur in a court house. Some counties have non-judicial auctions that are performed by substitute trustees. In order to be successful with the auction process, it is very important that you research the houses you are interested in prior to the auction. Lists can be obtained by the county clerk, or on foreclosure listing websites.
It is very important that you go over your numbers prior to the auction. You have to know the data on the house before the auction. Crunching the data, you will be able to determine what is the top dollar number you could spend and still make an acceptable profit. You absolutely cannot get involved in the hype of the bidding -- this is a numbers game, not an emotional or egotistical game.
By doing the proper research ahead of time, and becoming familiar with the auction process in your county, foreclosure auctions can be a real asset to building your real estate business.
If you would like to learn how you can start making money by investing in real estate, please visit us at Flip University.
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