Possible to find $30k turnkeys?

[Eric Foss]

Are you able to get a turnkey for $30k in a Class C neighborhood that generates at least $200/month cash flow?  This would not be a downpayment, I mean all in for $30k (could come up with closing costs separately).

I've been wanting to get into rental property investing for a long time but never had the money (I might still not have enough, I'm 47).  I have $30k which is from an equity loan on my home.  I made the mistake of buying my home in 2005 and took a beating on it, but that's a story for another day.  The area where I live is very expensive so I think I would have to go for an OOS turnkey.  I have a strong background in contracting/construction although I don't do it for a living anymore. Ideally I'd buy distressed properties, rehab, rent and manage myself, but the prices here are way out of my range making it impossible and frustrating.

Thanks for any input/opinions, Eric

[Jay Hinrichs]

Turn key usually denotes fully renovated property ready to be put into service. pretty tough to buy the home renovate and crate a profit for those doing it all for 30k.. something has to give.

either the home was bought for nothing and there fore is in the worse of the worse neighborhoods.. or there is no major reno going on and cap ex will kill you..

use the money as a down stroke and buy something at 100k that actually is renovated and tenants actually pay.

@Andrew Johnson  that has always been my thought process when one wants to buy one rental home in a far flung area travel eats into all cash flow... one needs to be able to get to 5 to 10 units ASAP to make it worth the travel and over head expense.. otherwise just better off buying a reit or something..