All Forum Posts by: Frank Del Corso

Thanks Jonathan! I have no idea how Sheriff sales work but I know that some people do well so I am working on learning more about them. Do you know of a good resource to do so? I need a mentor in this area.

Hello! I found a property on the Sheriff sale website in my county in NJ and the current status of the property is: 

Status History (Current Status:Bankruptcy/Adjourned - 9/24/2025)

I like the property and would buy it if it makes sense but I don't know where to start. I called and left messages with the attorney listed but I really wasn't sure what to even say in the message I left. Has anyone bought a property at a sheriff's sale and understand the process? I'd love to learn how this all works to see if this could be a good source of properties.

Thanks for any help here!

Makes sense @Jason Reynolds, thanks for sharing! Do you attend any local meetups in the Lehigh Valley? I've been to a few of Garrett Rhoads meet ups, which are usually good.

Nice project Jason! How did you get the reno done in only 2 months!? I have been thinking about doing some flips to help build my down payments for long term buy and holds but I don't have a solid contractor team yet. I have done 2 renos for 2 buy and holds but those took 5-6 months.  

Great info Scott, thank you for weighing in on this! Lots of good wisdom nuggets here for me to absorb. It seems that the best approach will be to have them own the property in an LLC. I will find the property and manage it for them at 10% of the rent (going rate in my market is 8-10%). I can bill them for lease ups and for handling repairs.

I'll just need to work out the mechanics of setting up the LLC and getting the loan for them since I have those connections and they want to remain as passive as possible.

Thank you Matthew, I am definitely leaning in that direction.

Thank you Dave, my rate is fixed for 5 years and so I will need to refinance in 2028. Hopefully rates will be lower then but who knows. Since I only owe ~$96,000 my risk isn't that great and that was my thinking when I decided to use an ARM for this purchase. The rate I got was less than a conventional loan but the risk is that when I go to refinance the rates might be higher. If they are then I may decide to pay this loan off but that depends on what other opportunities come along between now and 2028.

Thank you for this Alecia, having a third party handle the payments might be a good idea as a paper trail for each payment. I appreciate you sharing your experience. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $122,500
Cash invested: $55,000

3 bed 1 bath Brick row, needed new floors, paint, windows, roof, deck, water heater, doors, lighting. The reno took a bit longer than expected but it went pretty smoothly.

What made you interested in investing in this type of deal?

The current owner wasn't interested in being a land lord any more and the numbers worked. I also know the area well and know it is a good location.

How did you find this deal and how did you negotiate it?

The owner was the lawyer for the owner of the first property I purchased and renovated in the area. I kept in touch with him and found out he owned a property with his ex-wife and did not want to be a landlord any more.

How did you finance this deal?

20% down payment and a commercial 5 year ARM @5.25%

How did you add value to the deal?

We totally renovated this property from top to bottom. New roof, windows entry doors, deck, flooring, paint, hot water heater, lighting, ceilings, kitchen and bath. When we bought it the tenant had turned off the water to the bathroom sink because of a leak, which caused the kitchen ceiling to fall. The interior walls had yellowed from the tenant smoking, the kitchen light was broken as well as the glass in the backdoor and several windows.

What was the outcome?

The renovations took 6 months and it turned out great. The idea was to modernize the property and make it so that we would want to live there ourselves.

Lessons learned? Challenges?

The person I hired to do most of the work inside was in over his head and is a bit scattered so for my next property I will use him for what he's good at, carpentry, dry wall, and handyman work. I will also make sure all of my contractors are licensed in the city because my deck guy was not and so I had to keep following up with him to get that done. This delayed the project and cost me a month's rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Embassy bank has a great commercial lending program.

Thanks for the responses! Alex, I will be using a loan most likely along with a down payment with their funds. I will DM you about your programs.

Michael, That is some good info and if true perhaps we make the loan a nominal interest rate and start with a period of no-payments. 

Alternatively, I wonder if a simpler solution is that we form the LLC together and they own 2/3 and I own 1/3 and the operating agreement could state the scenarios for ownership transfer. Essentially they are bringing the down payment and I am getting equity for the work of finding the property, renovating and getting it leased up. Then my parents can decide how and when to transfer their ownership to my 2 siblings.