Investor · La Salle, IL · Member since 2014 · 43 posts · 28 votes
I just purchased my first deal at a sherriff's sale. Purchase price was $24,500 and I'm thinking it could sell as is for $50k or rent for $750 - $800/mo. I was able to see inside by peeking through the windows and it looks pretty solid. The electricity is off but there wasn't any flooding in the basement, which I was initially worried about. I did plenty of due diligence and had a professional title search done before bidding.
Just wondering if anyone else has had success with foreclosure auctions? How long until I take possession? How long before I can get the electricity turned on? How long should I wait until I call a locksmith to enter?
Investor · Buffalo, NY · Member since 2016 · 668 posts · 209 votes
9y
Will this be a flip? Begin a relationship now with the agent you're gonna hire to sell it and he will guide you through the process. Get that deed in your hands and the property is yours to do with as you will. Best of luck with your investment.
Jupiter, FL · Member since 2014 · 95 posts · 32 votes
9y
I believe one of the recent podcasts was about an orlando guy from a TV show who did this. I have been interested but it seems incredibly risky getting started with title issues, potential property damage, people still living there and so on. Best of luck. Any thought on rehab costs getting to that point?
Investor · La Salle, IL · Member since 2014 · 43 posts · 28 votes
9y
It's certainly more risky than buying an REO or property off the MLS. I always have a title search performed by a local title company before bidding. Sometimes it helps to go in and review the search with the person that performed it. I knew this property was vacant just by stopping there a couple of times. I was able to see in the windows and didn't see extensive damage.
I was pleasantly surprised when I gained access this weekend. The previous owner pretty much emptied out the property and left it in good shape. There is some condensation/mold on the floors from sitting vacant with the utilities off, but it should scrub up nicely with some strong chemicals.
Rehab costs will be minimal (maybe $2-3k). I'll keep it as a rental and hope to get $750/mo.