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Updated about 8 years ago on . Most recent reply

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Luke Carl
#3 Short-Term & Vacation Rental Discussions Contributor
  • Rental Property Investor
  • Tennessee Florida
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What to expect at my first auction?

Luke Carl
#3 Short-Term & Vacation Rental Discussions Contributor
  • Rental Property Investor
  • Tennessee Florida
Posted

I've heard so many horror stories and success stories. I'm making the plunge this week and going to an auction. I've heard you have to go to every single auction and get to know the bidders and often times throw hundred dollar bills at them to let you be the high bidder or they may outbid you just to keep you from coming back. Any truth? 

There are two properties I'm interested in on Auction.com. One goes up for auction this Thursday. I've driven past 3 times. It is occupied. It's clear they couldn't pay their note but it doesn't look in bad shape. HVAC is probably shot. The German Shepard makes it clear they don't want visitors. Auction starts a 80k, theres a house two doors down under contract for 168k. 

The second is in a different county (same town) and goes up for auction a week later. Its about the same size same shape same school district (one of the better ones). 

Are there more properties being auctioned that aren't listed on Auction.com? 

Any suggestions on how to approach things my first time out? My plan as of now is just to learn, but I'm closing on a new property on Wednesday so I'm eager to get the next thing going. 

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