I'm in Detroit, MI, just starting out in investing. I'm really trying to figure out the best method for finding my fist deal. I've heard a few successful REIs start in the Sheriff sales. Given the risks of not knowing what you're getting, are those typically recommended for first time investors?
Could anyone give some insight on the funding aspect of the Sheriff sales as well?
Thanks in advance.
@Raqman Lewis - read up on the rules for your local Sheriff sale and make sure you have enough capital to complete a deal. A lot of the time you can't use traditional financing as if you have the winning big, funds need to be presented very quickly.
The other downside is, you could end up with a deal that is way over your skill set for a first deal. I would make sure you have relationships with other flippers as a back up, so if you did get a deal that turned out to be too much work for you, you could birddog the deal to someone with more experience.