Philly Sheriff Sale - THE GOOD, BAD, & UGLY

[Alex Capozzolo]

Hey BP ! 

Seeking some feedback on anyone who has experience buying at Philadelphia's Sheriff Sale! Any best practices that have worked for investors purchasing properties to BRRRR?

Is it common for people to just wholesale properties from the auction? 

I know some risks are getting stuck with a property that needs much more work than expected, or getting a property with a huge state lien on it. Any others that an auction newbie should consider?

[Sathya Weerasooriya]

you need to compete with seasoned wholesale people. they usually go upto a certain level where they can make a substantial profit, so expect to bid higher in your first time to shrug them off. Also need to bring cashier checks in 100s  to the maximum payment as they only accept cash or cashier checks. Sit in the front if you are not loud so they can hear you as they move quite fast. Do not expect to buy in good areas as demand for up and coming areas are quite high. My advice, go sit there a couple of times before you really go for it.