Sheriff's Auctions

[Craig Steltz]

Ok after feedback from all of you I have made a couple of decisions. I don't plan to buy any rental properties unless a real deal presents itself. I've also decided that I will not deal with section 8 or lower income tentants because of the potential pitfalls. I think dealing with higher end clients will be a better option. The issue is finding properties with cash flow.

I've decided to turn my attention to sheriff's auctions. Here I believe I can find houses that can be purchased at up to 33% below market value. A lot fo these homes are in great areas and can easily be turned around and sold for a small profit.

So my questions. And I always have questions are. What about this plan:
Attend Sheriff's auctions where I will only purchase properties between the initial bid price(66%) and 75%. Then quickly as soon as I can transfer the deed sell the property at an amount less than market value in order to attempt to have a quick sale.

I realize that the properties still need to be researched and a true market value determined. Meaning I can't rely on the county appraiser. Do any of you know if the appraiser in the case can only assess the value from the outside? I have to believe that a lot of tentants totally trash the insides because they have already lost the house and simply don't care.
Any horror stories out there?

Ok so how about this plan? I'm sure this is nothing new but just want to hear about common issues/pitfalls. Can money be made doing this?

Thanks

Ohio Buckeye