BiggerPockets

Tim's response to the last topic has me wondering what the lowest price anyone has paid for their property.

My lowest cost doublewide (26 X 60) was $10,000 (looks like new). I get $700 rent for this one.

My lowest cost SFH was 2br, 2ba for $17,500 (I know Tim's going to beat me on this one). $2,500 rehab on this one. (I actually bought a 30br, 1ba for $9K, but I flipped it a couple days later for $13,500, so I'm not really counting that)

My lowest per unit cost in an apartment building is $4,285.71 per unit. That building only needed about $3,000 of total rehab! Rents will be $375 per unit when I get the rehab (painting) finished.

Let's hear it you cheapskates!

Mike

I bought a crappy 2 bedroom house for $2,000. I was trying to just flip it to someone else for $7,000. An investor put a contract on it with $1,000 earnest money. He backed out and I kept his $1,000, so I was only a $1,000 into the house. I ended up carrying the note to a homeowner for $225 a month for 20 years without doing any rehab to it.

I bought another 2 bedroom house for the back taxes owed on it, which amounted to about $3,000. There was a tenant in their paying $400 a month. I put a roof on the house and a new sewer line (about another $3,000), and carried the note to the tenant for $400 a month for 30 years.

Both of these houses were in border line war zone areas.

As for multi-dwellings the lowest I've gotten down to is $7,000 per unit. It was pretty rough, though, and it needed a full rehab. I have bought several for $8K or $9K a unit that were already rented out.

Now I've passed on several that were in the war zone area that were stupid cheap. I just looked at a fourplex in the war zone that I passed on giving $2,000 for. 3 of the units needed complete overhauls and 1 unit needed paint and carpet. I was looking at $30K in rehab and I just didn't want to be that much into something in that area.

My lowest price was $17,000 in 2005 for a SFH 2/1. I spent $4k on the rehab and it has been rented ever since for $600/ month. It has had no vacancy and repair & maintenance has been about $250 total. It recently appraised for $60k. Too bad they aren't all like that.

8)

I cracked under pressure and made a full price offer of $6,300.00 today. :lol: However, I'm holding out to post my lowest as I just made an offer on one 2 days ago for $1,000.00 and want to see how it plays out. May be the first house I buy for cheaper than property taxes. :lol:

My lowest was $12,000 for a 2/1 SFR on an acre of land. My mother in law bought it at the sheriff's auction and we bought it from her. Have about $5K into it for fixup, and could use a bit more. Would rent for $400-500. Not at all in a war zone, though in a very rural area. There's a university nearby, though, so it definitely would rent, if we wanted.

Mbreezy,

Good plan! I get my properties through meeting people and telling them that I buy properties. I talk about rentals to friends, family, and strangers in the checkout line at Lowes (and everywhere else). Just letting people know that you're in business will get you deals. I would also strongly suggest making friends with the SUCCESSFUL investors at your local REIA. You would be amazed at the number of deals that are passed among these successful investors.

Good Luck,

Mike

Originally posted by "MikeOH"

Mbreezy,

Good plan! I get my properties through meeting people and telling them that I buy properties. I talk about rentals to friends, family, and strangers in the checkout line at Lowes (and everywhere else). Just letting people know that you're in business will get you deals. I would also strongly suggest making friends with the SUCCESSFUL investors at your local REIA. You would be amazed at the number of deals that are passed among these successful investors.

Good Luck,

Mike

Outstanding! Im in the military now and I'm actually planning my venture from out here in Iraq.
Actually, I beat all of you... I own a tent. The seller is actually still paying me for it! ha! lol
Well my dad is a contractor in the southeast and does a lot of work for property managers. He sees a lot of shady stuff they do and knows their business pretty good, well, because he does their business. So he will manage my properties down there while I'm serving. It allows me to have a central location for my investments while I travel the world.

I like all your thoughts though... Very nice. This site is great!

TC,

That's a GREAT looking house for $16K!!!

Mike

Thanks Guys,

I actually really like this one. Really nice 6 inch hardwood trim throughout the house with oak hardwood floors in every room, but the kitchen. It has an excellent size kitchen with a dinning room. The neighborhood isn't the best, but I could live their and feel safe enough.

Here is a picture of one I am working on closing now. Right down the street from one of my other ones that just appraised at 64K It is a Fannie Mae. Since I have to pay all CC, I lowered my offer to 14K. Nice 3/ 1.5 with a 2 car garage. Again copper is gone. Listed price 29,9K, they countered my offer of 14,5 at 18K. Dealing with Fannie is a PITA!

Sorry Strive,

There is a reason that the address is blocked out. The last thing I need is more competition from investors.