Harry Helmsley, one of the greatest of the NY RE syndicators, bid over asking on a portfolio offered by an estate.

Executor: "Harry, why are you bidding MORE than we are asking?"

Harry: "How dare you question me? I bid exactly what the portfolio is worth to ME."

(Continued)
Took me a long time to understand where HH was coming from.

Here it is: When bidding in a blind auction, it's stupid to try to buy for less than what you would be willing to pay (in other words "steal" it).

Why? Bc, if you lose, you're 100% going to regret it.

Instead...
Determine the price where, if someone is willing to pay $1 more, you're happy for her to win the deal.

Then, bid that price.
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