FIRST THINGS FIRST ON AUCTION BUYING

Before you decide you want to go into this business you need to attend two to four auctions in the area you are intrested in. You can find auctions on goggle or your local newspaper's legal ads. Many newspapers will have an auction section in the classifieds whether it is for storage locker sales, or live estate auctions.  Actually, I suggest picking all types of auctions. I have made money from both storage liens and live sales. You need to just simply attend a few sales and watch what is happening. Don't get involved just yet. Just see what items go for and decide if you would, on any day of the week, have paid that much or more to get the item you saw sell. I say a few  auctions for the simple fact that you will not get the true feel of what really happens at one auction. Especially if you choose the increasingly popular "storage lien sale". I can tell you for sure that if you choose the storage lien sale route you will soon and quickly see what I meant in my first blog. How you will be sized up and explored by the seasoned buyers. Like I said before the last thing these buyers want to see are new buyers. It drives up their costs and lowers their profits. You will be asked all types of questions. They are searching for your tells just like a Texas hold-em player. They want to know what makes you tick! This is not so they can add you to their guest list at their next party. They simply want to know what it will take to take you out of the game. Here you must keep your wits about yourself. Tell them little and leave them guessing. There's a term you will hear on the new TV shows that are coming out. "Drop it on them." This simple put means they want to cause you to overbid and they will let you buy it so you lose all of your cash. What I love to do is turn the tables on them. I bid like I have no end in site and then drop it on them. I can't tell you how many times I have gotten the look that kills from a buyer who thought they knew me. Never discuss the source of your funds or the amount of your funds with anyone! Not even the trusted auctioneer "LOL". In fact one of the best ways to get into this business is to pool 5 or 6 tried and true friends into the venture. Pool the cash and see them dash. Even the most seasoned buyer can not compete with 5 people pooling $4000 each for a total of $20,000, if they only have a $4000 cash reserve themselves.  Also, with a group you would be able to attend more locations at one time, maximizing your resources. I leave you with a popular industry phrase, "it only takes one," which is true. One right purchase could pay for the farm. It's out there you just need to be smart on how to get to it before the funds run dry.