All Forum Posts by: Wayne Kerr

 Ok - easy enough. I'm trying to figure out the big catch on Sheriff's sales? I guess it's the lack of inspection...you can mitigate risk somewhat in your offer price. But this seems like a decent route to maybe pick up a property or 2 a year 

We have quite a few gurus that sell courses and they all have that one "secret" to get you all the best deals! 

Marketing seems to be the big thing now. Convince someone that they can do it and market them your class - they are essentially selling dreams to a lot of people who don't want to put in the work themselves. 

(1) The complex is not going to pay for your items - that's on you - probably depends on if you have renters insurance or not. My leases state that we're not responsible for items in the unit. 

(2) Notify the apartment complex and see what they do

(3) sounds like you need a better exhaust fan/dehumidifier or something of that nature 

Covers everything addressed prior to tenancy? 

That's literally every single thing...

@Chris Seveney

Gotcha - so we just need to have the title checked - then make sure we understand what we are reading on the report. I'm guessing a title company is the best place to go to run reports. So you can have an idea of the properties you want to buy (they are listed on the sheriffs sale website) then run a title report to see what is on the title. 

That's the thing too - with no inspection, potential occupants, etc etc it makes sense to make sure your offer is low enough to offer plenty of upside

I see some places that look decent pop up in our area - just another potential way to find a deal I'm thinking

There's a couple decent books: https://store.biggerpockets.co... (the house flipper one and estimating rehab costs)

I've read both - they are decent - time to go back and re-read though lol. 

So I will say A LOT of this is going to come with experience - as far as what to rehab, the order of the rehab, and the estimates. Takes time and there will be some bumps in the road to learning. You will also learn a lot about the best way to do stuff - people will try to BS you and cut corners at first - once they realize you know what you are doing they will act different. 

I would say a SOLID plan and getting started ASAP are 2 big keys, then make sure you get the ORDER of renovations correct. Combine that with your expected cost (then double it lol) and you'll be in good enough shape to learn as you go. 

You will also need to build contacts of the best in that industry - as well as a good handyman (cheap decent labor - not perfection). And manage the rehab as they go along. Check the work and make sure it's being done correctly. 

This is going to come down to a permits/codes/Inspection/utilities thing I have a feeling. 

Sounds feasible - just have to pass the inspections and make sure you can get utilities hooked up

I'm wondering what the cost would come out to after everything compared to a new construction

I somewhat read that - but I think you're overthinking it a lot...unless you have a lot of options to choose from 

So I look for 3 bed 2 bath OR a something smaller that has at least 1000 sq ft and a layout that can support adding an additional bedroom/bathroom 

Square footage for my area is usually between 1000-1500 or so - any bigger and the cost will start increasing and it will become harder to rent profitably 

For your house hack I'd lean towards a MFH that you can live in one of the units. I could NOT stand living with a random person with shared living spaces at this point in my life. In college ok - but after that hell no

Quick background - I've got my feet off the ground with a few SFH/MFH rentals - stabilized for the most part but have good cash reserves. I'll finally have an office set up in my new house so I'll be able to better organize and expand. Starting to come across needing more/better deals. There's a few avenues for this - one being Sheriff's Sales.

I have yet to go to one - but I see some decent properties pop up. 

So they are all (1) cash sales - I can just get a cashier's check or something from a HML and use that if I happen to buy a property from what I understand.

Other hurdle - (2) title. So the title is not guaranteed from what I understand - so I would need some sort of title insurance. I could get with a title company and get insurance for the properties I intend to make offers on

(3) Condition of property - obviously these are "As-Is" sales - so your offer price needs to reflect that the property may have some MAJOR issues. 

I think the idea is a numbers game - makes lots of low/fair offers (ie: say no a lot) until you get a winner. 

For those of you that use Sheriff's sales as a leads what do you look out for? Any tips/tricks you use? How do you personally like to come up with your max offer? 

Haven't made a single deal yet and already intending to commit mortgage fraud...

There is a strategy here but you are doing it wrong

The strategy would be to buy the house, as a owner occupant, live in it for a year (barring any life changing events) then move out and sell/rent. You do anything else and you're going to find yourself walking on thin ice

I had someone try and do this with a HUD home I bought - thing is I already lived in the neighborhood and wanted to buy the house to move into. I am moving into the house and will be renting my current house. I actually like the new one so much I'll probably be there for the next 5 years. Just put me a big 12x20 shed in the backyard even