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The Millionaire Dropout: Fire Your Boss. Do What You Love. Reclaim Your Life! by Vince Stanzione

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26

Buying from Auctions and Wholesale

Auctions can offer real bargains, and they sell all sorts of things, including cars, caravans, RVs, boats, and even tanks! If you're bold enough to bid, they're a great place to get a good price.

Government Auctions

Governments auction items that have been confiscated—often because they were bought with the profits of crime. Some items are also recovered stolen goods, for which a legitimate owner can't be found.

Don't worry. If you're buying at a legitimate government auction, you're not buying stolen goods. Anything you buy will come with full ownership paperwork.

General Auctions

General auctions sell off all sorts of things, including brand new stock, raw materials, and office equipment/machinery. Normally, items come from companies that have gone bankrupt.

General auctions also sell end-of-line job lots. Sometimes, manufacturers clear out seconds, end-of-line products, and mail-order returns from their warehouses by selling them at auction.

You may also find items that can be cleaned up and resold.

What You Need to Know

The best (and often biggest) auctions have no reserve.

A no-reserve auction means you can bid U.S. $1, and if no one else bids, the item is yours. Big auction houses don't have the time or space to hold stock—they just want to clear everything out. So you can get some real bargains.

Before you get carried away and bid U.S. $1 for some massive machine, remember it's your responsibility to take it away—normally within a limited ...

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