How is the competition at the auctions?
This is one of the most common questions we get asked from prospective investors. The amount of competition you face really depends on the property, the auction attendence on a particular day, the quality of the list, which county you are bidding in and a ton of other factors. At times the auctions can be farily competitve and other times you may bid on a property and have no one else bidding against you. It feels really good when you snatch up a great property for a fraction of its value- it definetly gets the juices flowing!
Remember also that there are 254 counties in Texas, each with their own individual Tax Deed auctions! Some of the bigger counties in Texas like Harris (the greater Houston area) auctions off 300+ properties every single month and auction attendence is usually about 80-120 people (and of these maybe only 20% are actually bidding on the properties- the others are just tagging along).
Then there are other smaller counties in Texas which only hold auctions once a year or so and are attended by a dozen or less people. Think you can find some great deals at these smaller auctions? You betcha! We encourage our members to branch out and explore other counties auctions in Texas as there are always auctions going on all over the place. Its not hard to make a full-time job out of Tax Deed Investing as there are always deals out there if you are persistent and know where to look.
Another thing to consider is that some of the investors at the auctions are “rookies”. They may have seen a “for public auction” sign on their neighbours lawn and thats how they were made aware of the sale. We have learned auction and bidding strategies based on crowd psychology that has really helped us in our bidding and sets us apart from the rookies. In fact because of what we have learnt about bidding strategies and the things we have applied we have gotten properties that we would not have won at the auction if we didnt implement these strategies. This is something anyone can learn how to do if they apply themselves.
For me, I love the auctions and love to compete. Its alot of fun getting involved on auction day, bidding on properties and taking part in the action. While it may seem intimidating at first most of our students fall in love with the atmosphere at the auctions- you’ll never know until you try!
We hope everyone out there is taking advantage of the great opportunities in the US real estate market. I dont think we will see another firesale like this in our lifetime so make sure that whether it be with us or another system your out there snatching up some great deals! America is on sale!
Look for an invitation in the next week to join us and our friend and fellow real estate investor Gord Lemon, as we discuss various startegies for purchasing discount property in the US while minimizing risk.
CFO Tax Lien Training Inc.
PS: we are SOLD OUT for our June Tax Deed Tour and have 4 spots remaining for our July Tour. If you are interested in joining us and learning how to generate government mandated returns of 25% every 6 months and how to purchase property for a fraction of its value at a Tax Deed auction you can find out more and reserve your spot here: http://www.taxlientraining.com/tours