Hard Money At The Sheriff Sale

my name is Ian Walsh and this is the informed investor which is the longer version of the moment money matters which we put out on Facebook and several blog post each week every day today we're going to talk about sheriff sales I get a lot of questions from borrowers that go to the sheriff sales which is the sales that you know the foreclosures that are then auctioned off by the borough or the city and ask hey can you lend on those so these are a little different and they're a little bit you know so so a couple things to him most likely and a sheriff sale you have not been able to get into the property that's part of the process with the sheriff sale so you're determining how much in repairs you could be up against based on knowing what could be up in that proper could be in that property so most people that buy the sheriff sales take a worst-case scenario unless somehow they got into the property which don't let you know I that's how however they figure that out most of them take a worst-case scenario saying worst-case scenario if I get in this property I know I can't be above say 45 50 60 grand and they get in there and they're surprised and had to put 30 in fantastic they made an extra thirty thousand dollars it's a good surprise to have you don't want to short yourself on an investor project you know you don't know there's squatters in the house or somebody that you're gonna have to potentially eject out of the property so when somebody comes to me and we look at it I can do sheriff sales properties I can land on them which most lenders can't we have some very specific ways that were able to do this I like to have a good relationship or experienced borrower at the sheriff sales that have been doing projects that I can walk them through how we can lend on it typically what guys will do or girls will do is they send me maybe a few projects that they're looking at to go off at the sheriff sale at the potential upset price I then usually maybe knew many times the night before the morning up I shoot them line numbers back saying here's where I'm comfortable at that point they're aware when they're in the sale that they can bid up to a certain point that they're comfortable with based on the numbers that I gave them this is a very good relationship a lot of people you know don't want me being their other buddies knowing that I'm in there or giving my money in there cuz it creates competition for other people add the share of sale at time especially the small ones but you know I have a good bit of people that we lend to it the sheriff's sales they love using our money for it and it's just evaluated a little bit in terms of the construction numbers and what we're considering going into it our money is always ready on time there's even some sheriff sales that you know you gotta close and say ten days no problem we'll be ready so there's a couple things if you'd like to talk about the sheriff sales on how to buy item with our money feel free to call me it's not really something I'd probably go over in this video and how we do it in case you know I know some competitors are probably watching and that's okay but we are in there and you know we do have our money in there so if you like our videos hard money bankers Ian Walsh on Facebook and LinkedIn two one five eight three nine three two seven one again two one five eight three nine three two seven one

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Views: 2,026

Rating: 4.826087 out of 5

Keywords: sheriff sale philadelphia, foreclosure auction philadelphia

Id: 37JyzolFwyo

Length: 2min 52sec (172 seconds)

Published: Wed Aug 31 2016