08/07/2013 12:06 EDT | Updated 10/07/2013 05:12 EDT

Be Bold, It's Sold: A Guide to Auction Success

After 15 years on the auction circuit, we know how to turn a single night of work into thousands of dollars in profit. In fact, we've bankrolled family vacations, our daughter's tuition and a complete home reno with auction earnings alone. And we just keep coming back for more.

This world is not for the faint at heart as big risks reap big rewards! But, there's ALWAYS money to be made and that's what matters. If you want to be a player, you need patience, perseverance and balls of steel. Do you have what it takes?

An Intro To Auctions For Newbies Who Want To Get In On The Game

One of the first things we can remember bidding on was a lot of single engine airplane parts. We were nervous at first because we weren't sure how high the bids would go. Turns out, no one else bid and we got the whole lot for just $5.00 and sold it online for $500.00. Within seven days we had our money in hand and we were hooked - the rest is history!

Start with $100

With your $100 in hand and best game-face on, head out to an auction near you. Choose five items at the sale that you can resell for $200. Watch like a hawk, be patient and when the price is right STRIKE! Odds are, you'll come away with at least one of your five items and just like that, you've doubled your money. Use that $200 to bankroll your next auction visit and double up again.

Know your limits

It's easy to get carried away in the fast-paced and exhilarating world of auctions so set limits (Remember to stick to your $100 budget for your first time round) and stay within them. You shouldn't be leveraging your mortgage payment to win a bid.

Walk away

One of the most important rules of auction hunting is summed up by Kenny Rogers' famous lyrics, "You got to know when to hold'em, know when to fold'em, know when to walk away..." There's always another item to bid on and another auction, so if you're in over your head, don't be afraid to bow out.

Ride the wave

There are a lot of ups and downs in the auction world but the pros never let a bad week show. Shake off a bad beat and don't be afraid to come back for more. Remember you are only a failure if you never try and if a sale doesn't go your way, there is always another auction around the corner.

Watch Mr. & Mrs. Hollywood (Robbie and Kathleen Baggio) on their new auction hunting series Lost & Sold premiering on Slice on September 2nd with back-to-back episodes starting at 10PM ET.

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