What is the Cheapest Real Estate You've Ever Purchased?

99 Replies

I paid $100 for a beat down house in Cathedral City, CA a few years ago. I assigned it for the same $100 to another investor under the condition he closes it, rehabs it, then sells it. He was supposed to take the first $10,000 in profit then we split the rest 50/50. Instead, he gave it to his buddy's girlfriend and she kept it as a rental.

All these years later and I'm still trying to figure out how I get paid...

I have a few...

Cheapest house outside of tax deed sales was $11k, 5k rehab and it now rents for $500/month.

Last year at a tax deed sale I bought a house for $400. Just spent $4800 having it torn down so it was a very cheap house and then a fairly expensive lot.

Bought 2 duplexes at tax deed sale for around $2k apiece. The rehab cost was $30-40k each.

2/1 SFR for $760 at a tax sale. That includes all closing costs. The property was occupied when I purchased it. I rented it for $300 per month for 6 months, then sold it to a cash investor for 17k.

Originally posted by @Pete T. :
No great deals for me- 50k the cheapest, but missed out on a good one i could have had for 15k out of area.

those sting for awhile. for a long time actually. if anyone knows how to get rid of that feeling, let me know.

Bought a HUD house for $30k in St. Paul, MN a while back on a VA loan with little down. Lived there for 5 years while going to college with a monthly payment of $280. Sold it for about $56k. It got my wife and I through college with almost no debt.

I flipped one that I bought for $125K and sold for $253K in Riverside, CA. I'm looking at buying one for cash flow in Kansas City...$45K purchase with a cash flow of $650. I've only been in the game for 1 year, though...ask me in another year.

I'm buying an SFR for $70k in a decent part of Fall River, MA. This price is pretty much unheard of in this area so I'm pretty happy about it! SFR's average $150k - $300k here! I bought it off of a local investor who picked it up at auction along with 4 other properties so this one was basically free to them.

Good deals still exist!!

Originally posted by @Gualter Amarelo :
I'm buying an SFR for $70k in a decent part of Fall River, MA. This price is pretty much unheard of in this area so I'm pretty happy about it! SFR's average $150k - $300k here! I bought it off of a local investor who picked it up at auction along with 4 other properties so this one was basically free to them.

Good deals still exist!!

NICE!

How much work does it need and what will it rent for?

Thanks @Shaun Reilly

It's already got a tenant in there and they are paying $900 per month. Although I will admit that there is probably about $15k worth of upgrades I could do if I wanted to flip it. Since there is already a happy tenant in there No work Necessary, LOL. I'm looking to cashflow $200+ each month with a little bit of sweat equity to clean up a hole in the basement floor.

Haha - I'm envious of all you marketers out there!

Mine was $57k a SFR REO in Northlake, IL. It got me started though! :)

Originally posted by @Allan Glass :
not going to date myself with some older rehabs... but one of my favorite deals was a piece of land I bought for $15k that I rent out for $2,500 per month.

Gotta ask. What's the land use on the lot now? Parking? Storage? I love land deals. But land with cash flow must be even better!

Originally posted by @Allan Glass :
@K. Marie Poe it's an R2 lot behind a duplex I own. It's land locked on an alley with no street frontage. I rent it as storage space for one of the commercial tenants across the alley...

Someday I intend to tear down the existing duplex next door and build a small lot subdivision on both lots.

Thanks for the link. I didn't know about small lot subdivision ord. Like the idea. Anything to avoid condos. Do you know of other completed projects besides those by Modative? Something less modern?

@k.

Kristine Marie Poe the ordinance has been around since the mid 2000's and there have been quite a few completed. Most are modern design because that style lends itself well to the row house style. It's also popular among the urban crowd.

Here's one that is unique in the sense it's essentially a rehab. they used the existing bungalows and subdivided the lots. Located in Silverlake called the Maltman Bungalows

Originally posted by @Allan Glass :
@k.

@K. Marie Poe the ordinance has been around since the mid 2000's and there have been quite a few completed. Most are modern design because that style lends itself well to the row house style. It's also popular among the urban crowd.

Here's one that is unique in the sense it's essentially a rehab. they used the existing bungalows and subdivided the lots. Located in Silverlake called the Maltman Bungalows

After I asked about the projects I did some research and couldn't find any pictures of projects that weren't modern. I understand why modern is popular (and cost effective) in LA. But I love the Maltman Bungalows. Thanks for the link.

4 bedroom, 2 bath- 1800 square-foot single-family home in southern Colorado back in March for $27,900. It probably needs $15,000 to $20,000 in rehab. I'm trying to decide whether to keep it a single-family and save some of my rehab budget or try to make it into a duplex. I like learning and making my mistakes with small amounts of money. Maybe someday I'll be ready to purchase in California or the East Coast.

Mike

I'm closing on my cheapest this week...$5000 bought on a 3 year land contract at 3% interest. Only put $1000 down & need's $1200-1500 repairs. Closing costs under $500. Will rent for $500-525