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How to make money in government auctions

By Edited Nov 26, 2015 0 0

Government auctions are not talked about a lot. Typically, when the government seizes property, they will sell it at an auction for a lot less than what it's worth. This leaves room for profit if you can re-sell the items for a higher price.

Things You Will Need

Internet connection

Step 1

Decide what type of Auction you want to go for. If you have limited capital, buying seized cars is the way to go. Cars can be profitable, primarily because government auctions usually sell cars for a lot less than what there actually worth. This leaves plenty of room for profit.

Step 2

Research government auctions. Find out as much information as you can about what types of cars are most commonly seized. You will also need to know what they normally sell for. You can also talk to people who have been in the business and get information from them.

Step 3

List the amount you can spend per car. I am using cars as an example but there are many items you can buy at a government auction. When you go to an auction, you need to know how much to spend on each car. You can write down the maximum you can spend on each car before you even bid.

Step 4

Paint the car and fix small repairs. You can probably sell the car without doing any repairs and make money, but you can make a lot more if it's fixed. Take the car to a reasonably priced shop to fix any small dents or engine repairs. You will also need a fresh paint job to maximize your profit.

Step 5

Sell the car. You can sell the car online for free or you can put an ad in the news paper and pay a small fee. You can advertise the car for free in your local trader or sell it on craigslist or eBay. Craigslist is probably your best bet because you can reach a lot of customers for free. Array

Tips & Warnings

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