Buying from Auction

[Alberto M.]

I have been doing some house flipping and rental properties for the past 5 years. However, I keep buying real estate the old fashion way: MLS, LoopNet or through Brokers.

However, I still haven’t been courage enough to buy from Auctions or Foreclosure.

My perception (which it might be wrong) is that you cannot perform inspections or use financing, which for me are the two key things I do when buying a property.

I have heard that by buying from auction you could buy at a really good price well below market. However, without the proper inspection, I feel I just can’t really project my numbers as I have no clue what to expect (having surprises down the line like replacing all the plumbing, electric, termites, mold, etc).

How can you reduce the risk of intensive CapEx when buying from auction?

What is a good process when buying from Auction?

Any advice or suggestions to buy from auction?

Best books, courses or podcasts to learn how to buy from auction?