Should I focus on wholesaling or go to the sheriff auctions

Question

Hello Friends,

I am debating whether or not I put my energy towards wholesaling or head to the sheriffs auction for foreclosures. I am hoping to hear some opinions. Thank you.

Mohammed Rahman · Answer

Hey Account Closed - both of these things aren't easy, depending on which location you're focused on.

I'm speaking from experience in the NYC market FYI. Even if you were to get properties at auction, you have to demonstrate that you have the funds to close and not just looking to make some quick money by flipping the contract to someone else.

Account Closed · Answer

Thank you, I am a contractor in which I have done a plethora of fixes for flippers. I finally decided to venture on my own. I am opening an office in Staten Island, NY in which I will be offering cash purchase for homes as well as remodeling. I've already have set up a cold calling station as well. I have intentions of wholesaling 100%. The funding is on hand although I do agree with you that it is safer and practical to focus on wholesaling.    thank you, Safwan

Bob S. · Answer

buy from wholesalers, you cannot buy from the auctions as you do not know how to determine repair costs? You are not getting into the property so do you know what to do?  What is your end game? Buy fix and flip to homeowner or keep for rental? Two very different animals. Do you have crews ? Do you the real cost to reno ? Do you have 300 400 500, 700k CASH? If not, you are not getting anything at the auction. Get to a local RE meeting,

Good luck

Account Closed · Answer

great, Thanks

Account Closed · Answer

great! I am on Port Richmond Just a few blocks from Deninos. We can k.i.t. and perhaps do some business in the near future.

Joseph Ranola · Answer

Lol…so am I!! We’re at 418 Port Richmond Avenue, Matias Real Estate. Where are you?

Joseph Ranola · Answer

Cool! I’m a Broker on the island, would love to see what you have and do some business!

Logan Laperriere · Answer

What is your goal with the properties? fix and flip, wholesale to another investor, fix and hold?

As others have said, at auctions you need to show proof of funds. In my area you are required to pay for the properties immediately following the auction.

If you are just starting out and do not have a lot of capital, I would say wholesaling is the better option for you.

Good Luck!

Should I focus on wholesaling or go to the sheriff auctions

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