After an 7 year break, I decided 2017 will be the year to get back into the real estate industry. But this time I will not be investing in the Vancouver market.
I got interested in buying foreclosure/auction properties in Arizona so I decided to check out how live auctions and bidding works. I couldn’t believe it! Doesn’t even look legit but that’s how it’s been done for decades already! Everyone just stands around the casually dressed auctioneer getting ready to bid. It’s nothing formal like what we used to see on TV! Each property only takes a minute or two to finish bidding. After the final call, the auctioneer stamps the paper, the Bidder gives him a check for $10K as a deposit (balance to be paid in full the next business day) and then the house is yours! Oh, and the bidding always happens outside of the courthouse, rain or shine!
After 10 days of researching and analyzing and 2 days of re-adjusting my own theories as to why I got out-bidded 7 days straight, I finally won my first auction house on Valentine’s Day! Can’t ask for a better gift! I was so excited to be the proud owner of a 3000 sq ft. Santa Fe style house on a 1.25 acres lot in Scottsdale Arizona today! Then guess what? I won my 2nd bid in auction just a couple of days later! That’s 2 houses over 3 days! My theory is proving itself! LOL! This 2nd one is a 1700 sq. ft. house on a 8000 sq. ft. lot in a nice area in Phoenix! I’m so happy! I’m also having a lot of fun learning about foreclosures which is an area that is brand new to me!!
I am on a roll now: I bought an 8 unit building in Saint John, New Brunswick the same day I got the 2nd foreclosure house. That means I bought 15 “doors” within the last 3 weeks! My goal is 100 doors before I turn 50!
It’s been a very interesting and educational journey for me this past month. I felt so alive! I think I learned more in the past 3 weeks than most person do in a year! There are so many good deals and good options outside of Vancouver! And this past month confirmed that my creativity and business acumen aren’t rusty at all and proved that my passion for work and making money hasn’t gone away.
I’m really liking how the second chapter (after the sale of my mansion) of my life is unfolding!