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The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

Top 10 Auction Tips - Tips 1-4

David Humphreys continues with his series of articles on property auctions

I will have covered my Top 10, 'Buying At Auction' Tips in the preceding series of articles that I have written for Property Investor News and, therefore, for those that have read all the articles and possibly remembered most of the content, these top 10 tips are effectively new material as I am not quoting from or re-reading my earlier articles!

Training
To be successful in buying at auction, you need to have a working knowledge of every specialism that is involved from surveying through fix-up costing onto understanding legal packs. You also need this knowledge for two reasons.

1. To help avoid the inherent pitfalls in buying at auction, remember auctions are dumping grounds for rubbish.
2. To avoid having to rely on 'buying in' the specialism on every occasion that you think/feel you need it.

To achieve this working knowledge you need to know what is involved, what the specialisms are and to understand how they are applied practically before you start buying into any 'training'. It's not helpful if you really don't understand a great deal of what I'm talking about or, more importantly, understanding its relevance, because it quickly leads to frustration and impatience, whilst you wait for me or another trainer to get into the 'meat' of the subject.

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