Making all the right moves in property

I've been marking out suitable property investments on Rightmove.com, and saving the properties which meet my investment criteria. Many of my selections are now going under offer from other buyers. This makes me happy, as it proves that I am picking the properties well. I'm going to travel to one of my selected areas, and look at a potential investment property on friday, and if it's suitable I might just put in an offer. Its a monster of a property for the price, so it might just be worth it.

From my property research, here's what I've discovered. Auctions are actually not that good, because the selection is limited, i.e not enough properties. Also, the properties might require so much work that financially it may cost the same to buy a better property on the open market, after factoring in extra repair and mortgage costs. It might just make more sense to buy a better property on the open market via estate agents, that way it can be rented out immediately. Also the build up time to the auction gives you a tiny amount of time to arrange for a survey, get financing etc. Its very high pressure and everything must be done in a rush. This is how big mistakes can be made. Auctions are probably best for buying decent ex-local authority (council) properties.

The property market is strange. It is definetely improving, and I hear stories from my friends of being gazumped when they try to buy properties. The fact that so many of the properties I am looking at are going under offer, proves that there are many people out there with the desire and ability to buy property. The improvement might be temporary, and it might not, but by buying an "inexpensive"  (value for money) property to begin with, there's no need to worry about further price drops.

A good example of the power of property, is that millionaire lottery winner Karl Crompton has doubled his fortune by investing in property. He said "I wish I had purchased even more properties".