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@wvm
Re property auctions, it's a piece of cake to put your hand up one more time than anyone else. The hard bit is to find bargains and even at auctions people are still paying over the odds for property.
Similarly I bid on a repo house a few years back and my bid was the lowest. The winning bid added to the work that needed doing added up to significantly more than an identical house on the market needing no work doing. Duh!
The real trick in buying property for profit is to find a friendly estate agent who will ring you up with 'deals'.