What's the cheapest house you have ever bought?

Buying & Selling Real Estate
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What's the cheapest house you have ever bought?

Owen DashnerPro Member
Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes

Humblebrag - I just bought a house (on 2 lots) on Monday this week for $1,000! It is in a small town about an hour outside of Omaha, NE.  It is by far the cheapest property purchase I have ever been involved in. She is a beauty!

I am curious what is everyone's personal record is for cheapest property purchase and where it was located?

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Ted KaaschPro Member
Real Estate Agent · Omaha, NE · Member since 2017 · 112 posts · 62 votes
4y

My cheapest home was 12k.  Renovated for around 80k.  Appraised around 150k.

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  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    4y

    @Owen Dashner

    2016- My cheapest was $23,100. Rehabbed for $14,000, took two months. Currently rents for $1275/month but could easily get $1400.

    Bangor, Pa

    5Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    4y

    My winning bid at the tax auction was for $4,700. Got the local taxes on it down to next-to-nothing, let it sit for, I believe, three full years. Sold it for $10K to an out-of-town investor. Four years later, it's still sitting empty, eating up holding costs. Beyond the structure, foundation, and drainage being very questionable to begin with, this is an urban D-class Section-8 pocket neighborhood because down the road there's a well-know church halfway house that also houses child molesters semi-permanently.

    This was where I learned that the cheapest property usually isn't the best deal for our operation.

    7Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    4y

    50k buy + 65k rehab

    205k appraisal

    rents for 1465/month currently

    3Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    4y

    My cheapest overall purchase price was $8,500-- but we had to re do everything and had to put about $15K into it, ARV is likely $75K, very cute but tiny house-- currently rented for $700/mo.

    My cheapest/best total investment, and honestly probably our luckiest one-- was a 2bd 1 bath-- $10,000 at an in person auction in 2017, only had to put about $7K into it-- currently rented for $650, ARV is $100K.

    We also got another one at an auction for $9500 in July 2020, tiny little 1bd, 1 bath cinderblock house last year, put $5K into it, rented for $625. I'd guess the ARV is around $60K No one wants the smaller ones, as the rent isn't as high, the ARV isn't as high, but they are solid long term rentals! I love small houses!

    3Reply
  • Jeff DulmagePro Member
    Real Estate Broker · Lima, OH · Member since 2017 · 19 posts · 11 votes
    4y

    @Owen Dashner. $2500 in lima Ohio

    I have put probably $30k into it over the years but I get $750/ month rent for it and have for north of 10 years

    4 bed / 1 bath - 1800 sq ft

    2Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    4y

    You sound like a buddy of mine who buys severely distressed properties at tax sales in PA and gets them for, like, $500. My personal best is $38k for a 1 bedroom/2 bath.

    2Reply
  • Kammy H.
    Real Estate Agent · Richmond, VA · Member since 2014 · 3 posts · 6 votes
    4y

    $2500.00 Subject To deal that I purchased in my Solo 401k and rented for 4 years.  Waited until the Market changed last year and sold it and made a $105k profit in my Solo 401k.

    4Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    4y
    I bought a mobile home for $50. 
    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
    WebsiteView Page
    7Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    Cheapest house I ever bought was $88,000. Back in 1982.

    1Reply
  • Carlos Asuaje
    Member since 2021 · 13 posts · 12 votes
    4y

    45k condo in retirement community in south florida! cash flows 600$/mo 

    4Reply
  • David Avery
    Flipper/Rehabber · Phoenix Arizona · Member since 2020 · 1k+ posts · 686 votes
    4y

    $14,000 in 1990,   $1 down.  Salt Lake City Utah,  had a fire that took two lives,.  Sad story

    My investor bought one for $6500 in Montpeiller  Idaho,  My rehab was about $10,000.  sold for $70,000 in in 2016.

    1Reply
  • Jill F.
    Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    4y
    an old up-down duplex for 30k with 3k oop. not yet reno'd- just got it empty.
    1Reply
  • Kevin Luttrell
    Lender · Orange County, CA · Member since 2019 · 299 posts · 255 votes
    4y

    $40k for me. SFR in Indy, put around 40k into it and appraised for $115k on the c/o refi.

    3Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    4y

    @Owen Dashner

    My cheapest was 32k. She makes me 35k/year as an Airbnb. My gold goose.

    6Reply
  • Jeff S.
    Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
    4y

    $25,000 in 1991 1200 down now under rented for 1500 month mailbox money long-term tenants. $18,000 per year almost pays for itself each year. Zillow says $467,500. Gotta love those long-term holds.

    4Reply
  • Andrew FribergPro Member
    Rental Property Investor · Montesano, WA · Member since 2017 · 14 posts · 38 votes
    4y

    My wife and I got a property for 5500 but technically the house free, the official cost was $0. A family member owned it outright to we paid to help him keep it then he decided to sign it to us. After everything is said and done we will be 78k into it. and it will appraise for about 200k meaning we can refi at $150,000 cash out. and almost all of the money has been our own because it was so run down. 

    I may post the story at some point but I have to go back to make sure the details are all right.

    1Reply
  • Michael W. McCord
    Rental Property Investor · El Paso, TX · Member since 2018 · 82 posts · 49 votes
    4y

    @Derrick Craig saw your videos, great job! I'm guessing that was a few years ago you bought it for 5k? Are you managing it yourself? Also I was wondering is that normal not to have any type of counter space or cabinets in the kitchen? I am looking to rehab something similar and wanted to know if it's worth doing or not.

    Thanks!

    2Reply
  • Jayson Cain
    Lender · Manhattan Beach, CA · Member since 2017 · 423 posts · 268 votes
    4y

    My cheapest one was $60k from a probate sale in Indianapolis. I bought this "all cash" with a credit card. After I refinanced, I had about $15k left in the deal. Right now it's operating as a STR making about $60k gross.

    1Reply
  • David Hedges
    Investor · Crown Point, IN · Member since 2014 · 177 posts · 84 votes
    4y

    $27k ... 2yrs ago.

    the previous owner had pulled all the copper pipes and electric from the basement, and messed up the carpet in 1 room. I put about $18k into it, and based on what other houses are selling for there, would assume if I wanted to sell it, I could probably get a little over $100k for it. 

    1Reply
  • Ed Tamayo
    Investor · Sugar Hill, GA · Member since 2014 · 168 posts · 97 votes
    4y

    @Owen Dashner

    I paid 15k for a house in Cumming, GA at a tax sale. I sold it “as is” for 38k a year later. This was

    Several years ago. You can’t dos

    Those deals anymore.

    1Reply
  • Luciano A.
    Developer · Houston TX · Member since 2018 · 423 posts · 400 votes
    4y

    @Owen Dashner

    So this deal was how much money was out of my pocket from the start to purchase. Cheapest was $100. Bank approached me with a few properties they wanted off their books. The loan included the rehab cost and I only had to bring $100 to the closing table. The property was for $40k and $15k in rehab but I had only $100 in the deal. This was back in 2010. Recently sold for $200k.  

    2Reply
  • Chastity Cortijo
    Highland Lakes, NJ · Member since 2017 · 19 posts · 3 votes
    4y

    @Owen Dashner $51k on a Lake. 😊

    0Reply
  • Alex KhanPro Member
    Specialist · Southeast Michigan · Member since 2015 · 300 posts · 244 votes
    4y

    A Piece of Cake in Detroit.  One of the Greatest Performing Notes in the neighborhood!

    Theres' Leches

     313-312-5150

    248-979-8119
    0Reply
  • Lee L Eby
    Investor · Abbeville, SC · Member since 2019 · 6 posts · 2 votes
    4y

    @Owen Dashner

    0Reply
  • Lee L Eby
    Investor · Abbeville, SC · Member since 2019 · 6 posts · 2 votes
    4y

    @Owen Dashner

    My cheapest house we bought for $10 k put $50,000. Into it and sold it for $105,000.

    2Reply
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