I have just finished the book by Ron Legrand entitled, “Quick Turn Real Estate Millionaire” and it made me curious. In the book he talks about a student of his who optioned a home for around 4 million dollars, (completely furnished) and then put it on the auction block a month and a half later raking in about 2.5 million in profit. Just curious if anyone here has had any luck doing this sort of thing, (not necessarily to such a large extent)? Do auctions get very big turn outs. Anyways, just curious as I have a home in the works, that they are asking $5.6 million, including over $1 million in furniture, art, etc… And it has been on the market for several years, and wondered if the auction idea would hold up. Please give me your two cents! Thank you!!
That example that Ron Legrand gives you in your book is not an uncommon sale, we do this sort of stuff all the time ! We sell and close on properties like that nationally ranging from $300,000 to $10 million.
The auction method works very well for us and can as well for you !
Wow, that is great!! Do you operate nationally? Do you travel to each home that you buy and then auction off? I am just curious if this will work for me, being in Alaska, and having virtually no million dollar homes, and the rest of the country having an over abundance of them. I am really excited to pursue this area of real estate, as I can see a large profit margin being available. Thanks for your time.
Cool! My answer would have been that examples like that are far and few between. More like a way to sell more books and courses.
I would also have to say that you would have to be established in the REI market to have someone fork over the right to sell or liquidate someone’s prize possesion/s with a bank statement that shows $1,000 average daily balance and a sales contract that says, “…or assigns.” and an option fee of $25.
Rocket, I am sure you did not start out with this type of investing at first, right? I would still love to hear some more about what you/your company does.