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

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Well, I received a small commission, took a house over for free otherwise, and sold it for $7500 a week later. Still don't think that will ever happen again. This was in 30310 Atlanta, GA...not the best of zip codes obviously.

The cheapest that I have held onto was $4,800. It needed minor work ($1,200 total) and was rented for $525 in 2009, but is $590 currently. Bought another house on same street in 2009 for $5,001 and put about $2,500 into it. That's currently rented for $575 and same tenant has been there almost three years.

I once purchased a house from a bank on a QCD for $4,200 at 2pm and sold it on a QCD for $10,000 the next day at noon. I now wish I had kept that house. My friend bought it, cleaned it up, replaced the roof, and has been getting $750 per month from the same tenant for the last 5+ years. She complains about everything and the house is full of cockroaches, but he is getting a good return.

About 10 years ago, I was offered a house in Detroit near city airport (war zone) for $50, but I declined.

In 2004, long before most people knew what "REO" meant, I bought one in Luzerne Co PA for $3K (they were asking $10K) from PNC Bank. It was a steal. I put less than $1K into it. It was clean when I got it, too. I was able to rent it for $425 a month. It should rent for $625 today. It was a 1K sq ft half double house, basement, two floors and a walk up attic, 3/1. The neighbors were shocked when I told them what I paid. The old lady in the other half would run out and tell anyone looking at it that it was condemned, oil leaks, etc.. to scare away a buyer who would rent it out to bad neighbor tenants. Apparently she was terrorized by the tenants who caused the foreclosure. It was empty and for sale for five years before I bought it. It had a retail value of $25K when I bought it for $3K. I sold it a few years later as a package with some others in the area.

It's the left half of the green corner house in the pic. The addition & patch of grass to the left side was mine as well. Property taxes there were like $500 for the year.

$6,000 for a 3 bed 1 bath in California. Agree with Kristine Marie Poe  about Cakifornia cheap properties. I just bought a 3 bed 2 bath house with a fellow BP member for $32,000.

I bought a 3 bed/2.5 bath house in Jonesboro, GA with a finished walk out basement on 2.5 acres, 2 car garage, and large decks for $22,500 in 2010 that needed a new refrigerator and touch up paint.  I have it still rented at $850/month (I could get more if I swap tenants but it's ok).  It's a nice subdivision and area.  The refrigerator was duck taped closed with a large X, and I wanted see if it could be cleaned.  I thought that I was going to die after opening it since it was full of food for 2 years without power.  

SFR in Calumet City, IL

3 bed, 1 bath on 1 Lot

3 Car garage on 2 lots

Purchase price 18k, Rehab Cost 24K

Rented out House for $975. Tenant Pays All Utilities.

Garage is owner occupied for material storage. LOL

$450 for a tax lein in Hamlet Indiana. Legal and prop taxes came to $850 so in the house $1300. Did not touch it, put up a sign and ran a craigslist ad and sold it for $4900 cash in a month!. I didn't get rich but it helped my annual average ROI calc!

$17,500 for a duplex in Chicago - 2 x 3 bed/1bath but it needed to be gutted...

  • $10K SFR in Chicago. Renovated it for $80K; Sold it for $165K
  • $7.5K SFR in Chicago; Sold to investor for $25K
  • Not going to include land but we've purchased some over the years relatively inexpensively.

$1,200.00

This was a short sale on a mortgage that was originally $70K. I wholesaled it for $21K

I have done a few under $2,500. One is a rental that today would probably appraise at $50k+

Today! 😳judicial sale- 4.6 acres with creek running through the back with 3bed/1bath house for $8750 and 1/2 of a duplex for $2,000. Both need completely renovated, possibly gutted on the 1/2 duplex but not sure. But with $10,750 invested total, I feel like we will still come out on top.

I've bought some cheap properties over the years.

Bought a devoloped lot for $125 with seller paying all closing costs and prepaying taxes for 6 months. Had a cash buyer at $3,000 lined up before I could even close on it.

Bought 2 houses for $3k total ($1500 each). Sold one as is for 5k and put 2k into the other and it's been rented out for $625 for a couple years now.

You guys really got some great deal! My cheapest investment is not that cheap :( we bought it in 2011 in Seattle for $168k. Our mortgage is $980 and we rented it out for $2650 a month. Cash flow is pretty good but acquisition cost is definitely not that cheap :)

I HAVE A BETTER DEAL THAN MY PRIOR POST!!

Hubby found the deal that beat our prior one in terms of income producing potential. 

DUPLEX with 3bedroom/1 bath on one side and the other side with 2bedroom/1bath. Nice, quiet area, fenced in yards. $16,000.  After rehab, we have $22,000 all in. One side is already rented for $450/month plus utilities and the other side will be $550/month plus utilities.

The 4.6 acres mentioned above? Bought for $8750, have 11k into it after clean out and expenses. Sold it for $50,000 on a rent to own deal with 5.5% interest rate for $525/month for 9 years. With interest, the total would be over $60,000 for the property. Great deal for both of us. 

$26 for a house in Flint MI. $1 for the purchase and $25 to record deed. Sold to large Hedge Fund for $2500 a door on QCD. Gotta love Genesee & Saginaw County Tax Sales.

I bought 12  lots .125 acres each for $15 each in the desert by Delta Utah. They were difficult to sell but I more than tripled my money. When I see similar lots at the tax sale every year, I always pass as do the other bidders.