Guide To Buying Property At Auction: In a recent video, we meet Narelle, a former lorry driver who was made redundant, and had bad credit, but refused to give up on her dreams. Now, she’s a successful property investor with multiple houses and a bright future ahead!
In the video, through her latest project – a massive 16-bedroom property bought at auction – we learn the strategies that got her here. If you would like to see exactly how she did it, please watch the full video at the top of this page or on my YouTube channel.
A lot of people I talk to are buying property at auction these days or are looking to do so. Auctions can be a good place to get great property deals, but there are some steps that are important to follow. In this article, I will give you a 5 step guide to buying property at auction. If you find this guide helpful, please consider sharing it on social media. There are many people that could be assisted by this information, but I need your help reaching them!
Guide To Buying Property At Auction: 1. View The Property
This might seem like an obvious step, but people often skip it. Sometimes people bid on properties impulsively on the day, sometimes they feel the pictures and written information is good enough. However, there is often hidden problems with a property that you will only find if you visit it yourself. So make sure to view the location as your first step!
Guide To Buying Property At Auction: 2. Get A Survey
Another thing people often skip is getting a survey on the property. People often think they are saving money by waiting until they secure the property before getting a survey. In reality however, this is a false economy. If the property has problems, you need to know about them before you agree to hand over your cash! In the long run, you could end up losing a lot of money if you fail to get a survey before bidding!
Guide To Buying Property At Auction: 3. Have The Cash Ready
You will need to be able to move fast with your cash when buying from a traditional property auction. You will need to pay 10% on the day in most cases, and then have a number of days to pay the balance. This means you should be ready with the money before you head to auction. If you can’t pay up you will lose your deposit, have to pay the auctioneer’s fees and could even be sued by the seller. So this is a very important step!
Guide To Buying Property At Auction: 4. Know Your Maximum Bid
People sometimes get caught up at auction and bid way over what the property is worth. You need to put formulas over feelings. Work out what the maximum amount you can pay and still be profitable is. Work out how much profit will be acceptable to you for the amount of work required on the property. Know how much capital you have at your disposal. Set a budget and stick to it.
Guide To Buying Property At Auction: 5. Read The Legal Pack
The legal pack contains very important information. If there is a serious known issue with the property, chances are, it will be disclosed in the legal pack! Make sure you take time to read it and ensure you have the training to understand it. If there is anything you are unsure of, speak to an experienced property lawyer. Do not get caught out by the small print!
Guide To Buying Property At Auction: Get Property Training!
Now that you have read this guide to buying property at auction, it is time to get some property training! Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
