Any tips for sheriffs sale of real estate

[Courtney A Hall]

Hi

I was looking around the market and wanted to get my feet wet and try sheriffs auction of real estate. What type of properties should I be looking for. What General area also should I look in. Low tax neighborhood or high tax neighborhood. Also what condition should I be interested in. I do have a contractor on standby to do rehabs. What should I stay away from? And another thing. would the open market be better to do rehabs.

[Jim K.]

The very best advice I've heard about sheriff sales is that at the beginning, you should be financially comfortable with putting the initial money you've set aside for investing in one of these properties in a little pile outside the courthouse and burning it. If you couldn't burn that money without significant negative financial consequences for your family's lifestyle, you're undercapitalized for this kind of investing.