Investing in auction or foreclosure properties in Illinois can be a risky proposition, but with proper guidance and representation, it can be very profitable. We always caution clients that investing in this type of asset will take research, risk, and patience. The first step is to build a trusted team of advisors that you can trust to give you accurate information.
Our office started working with an out-of-state client that had been effected by the crash of 2008 and had spent the last 10 years trying to build up the funds to start investing again. We spent hours working with that client to coach them on an investment strategy that would work for them. The client was able to find a property that fit the criteria and we closed on an auction property for $92,500 on February 5, 2020. After spending around $20,000 to secure and clean up the property, the home was placed on the market. On July 14, 2020, our office completed the sale of the property for $175,000 with an FHA buyer.
We were able turn around and purchase the clients new project the following week and he plans to purchase another property next month. We cannot guarantee the same results, but we can give you the same information and trusted guidance we offered this client.
We have done extensive discussions on how to purchase properties at auction on our Youtube channel at the links below:
Tips to bid on Auction.com
https://www.youtube.com/watch?v=ScA9V4OQbkg
Knowing to bid at Sheriff Sale
https://www.youtube.com/watch?v=wre-WljSj6Q&t=33s
The five most common questions I get about Auction.com
https://www.youtube.com/watch?v=JJbrEUfM_LI&t=4s
If you would like to learn more about having Floss Law advise you on investing in auctions or foreclosures, you can reach us at 224-326-2903 or bob@flosslaw.com.