Getting an auction done if you don't have money...how can you do it?

What kind of auctions? No money won't work. You will have to find a money partner on get a hard money loan. This is not the best strategy for no money, you might want to try something else like the pre foreclosure market or FSBOs.
If you can find funding, go for it, there are good deals to be had!

Michael Mangham
MD Home Acquisitions LLC

If you sell via auction, the bulk of your expenses will be in marketing. That is key. You can get local companies to come to your home auction to create ambiance for free because they are looking for exposure. Get someone in there who has a catering business to get exposure, a local art gallery, a local furniture company and see if they would like to auction off some of their furniture and art. Get a mortgage broker or two to prescreen and prequalify prospective buyers, have agents there to show buyers around. Hire a local auctioneer with experience; the buyer will pay their fee as a % of the price.

The most important thing is getting people to your auction, and to do that you'll need advertising money. If you build business credit, you can put those costs onto the business credit cards you'll get.

Google Stefan Kasion, he has many great techniques for auctions!

If you're buying, you will need to get a PML or a HML to fund your deals, or the backing of a small local bank.

Hope this helps some!

ANDRELG

Michael is right, I buy at auctions all the time. Bank auctions require 10% down and balance due in 30 days. Sheriff's auction you need all the money that day.

What you can do is find a buyer that has the cash, that you can hunt down a good foreclosure auction deal for them. If they give you the funds to cover 10% of what you would stop biding at, you can do that as their agent and put their name and info on the papers. Its better if they can go with you. Make sure you agree on a fee for all your work.

I find good foreclosure deals and buy them for other people all the time.

But it is better for you if you can find the funding for your self and buy it.

Jim Kendrick

Getting an auction done if you don't have money...how can you do it?

Re: Buying

Thanks everyone who responded...I got all the info I needed from the your posts.