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.
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.
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.