Foreclosure auctions always have two sides. They can either blow your budget or make you rich beyond your farthest dreams or even something in between. People might seem like innocent spectators at an auction. The hard truth is that they have all come for the same thing: to buy a piece of art, to buy a cool car, to buy a home or something else. When you buy something, it has to be good for you. You also need to know whether you are there with business purposes, or if you just enjoy buying special objects. In either case, you need to succeed.
Let’s say you’re representing a company. You need to buy that something your client wants at the best possible rate. As a company, how would you think optimally? Are you willing to use your company’s entire budget, just to buy what you need? Or will you try to buy something which will make you earn more money, and can you do that by spending as little as you can?
Think about the last question, to buy a lot, and spend the minimal.
You have to think good and fast. You know what your budget is. You just calculate: if you’d buy a home or a building, you could spend maximally half of your budget. By acknowledging this, your success is almost guaranteed. Just one more thing you need to do is to be even smarter. If you know that you have 3 very good homes that you’d buy don’t buy the first if it isn’t the best. Maybe, if you wait for the 3rd, and negotiate like a pro, you will get that estate at a very low price, so you’ll be happy for waiting just a a while longer.
If you have bought an estate, or maybe more (depending on your budget, the auction and the possibilities), and those are valuable ones, you are already on the road to success. The next, and last thing you’ll need, is to learn, how to make a good profit out of them.
On the other hand, you could be just a simple person. You have no employees and you’re on your own. When talking about someone, it could be an amateur or an investor. Amateurs just buy estates to suit the needs of themselves or their families. There are even those people, who, for instance, collect old cars. You could buy something, only because it’s your hobby.
What if you want to invest? Do you need to have a company? No, not really. Simple people can also make investments. Even more, if you’re smart, you can exceed a small company’s budget and/or profit.
A successful buyer only buys what he/she needs. Also, you need to ensure not to exceed the available budget. Furthermore, buyers look for the best quality at the best rates available.
“You make your money when you make the purchase, not when you sell.” Words to live by…
Successful investors are successful buyers also. It’s just that they have an extra plan, and know how to invest. Investors need think in advance. They have to foresee every side of their own business plan, and make it work, so they will earn money (instead of losing money). Buyers only lose money. Investors lose some money, but can earn it back many times over.
In order to succeed, you have to pay attention, to think economically, and to think fast. Ask yourself:
Do I need that? Do I want to earn money? Do I have that kind of money available?
Analyze all the pros and cons and then make a wise decision. Success will surely follow you.
Northern Great Lakes Property Management