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  • Sheriff Sales question

     Joan updated 11 months, 2 weeks ago 4Members · 4 Posts
  • John Small

    Member
    19.03.2020 at 04:53

    Hello, when people buy at sheriff sales and win, what do they do with the property? I’ve heard of people making $100k+ off of one deal.. is this possible? If so, what strategies need to take place to pull this off. Thank you very much.

  • Oliver Harris

    Member
    19.03.2020 at 04:54

    When you say buy at the sale and win, I’m assuming you’ve outbid everyone by making the lowest possible offer.
    If so, then you must know what your exit on the property will be before you buy.

    For example you can,

    1. Buy & wholesale to another investor
    2. Buy, renovate and sell (flip) to a retail buyer
    3. Buy, renovate and rent for monthly passive income
    4. Buy, tear down & build a high rise condo

  • Nelson Singleton

    Member
    19.03.2020 at 04:55

    making money is not that easy. There will be other bidders at the sheriff’s sale and they may bid so much that very little profits are left. I am seeing this area where trying to get a property at 70% of ARV or less is proving to be a big challenge.

  • Joan

    Member
    19.03.2020 at 04:56

    From your original description it sound like you are talking about a tax sale which in some areas are conducted by the sheriff and often confused with the normal term of a sherriffs sale as far as a foreclosure goes.
    The only way to make 100k+ on one deal is to get a property for 100+ less than what it is worth.
    It is possible, yes, but as unlikely as finding an $1,000.00 on the ground which is legal tender.

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