Areas that with houses for 50k

Joe S.Pro Member

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

Are there any places that sell single family houses for 50k that’s not in a war zone?

I’m looking for houses that I can buy that would cash flow in descent areas. I’m not looking for appreciation, so no need for that debate please.

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Arsen Atanasovski

Investor · Rochester, MI · Member since 2017 · 1k+ posts · 584 votes

I got SFHs for $50k, that would cashflow very nice. Blue collar, not a war zone. Professional management.

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James Hamling
Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
6y
Does it matter if the home has wheels? Lol, but seriously, $50k, if wheels are ok we can hook you up.
2 Reply
Adrien C.
Property Manager · Griffith, IN · Member since 2015 · 1k+ posts · 913 votes
6y
Originally posted by @Brian Ploszay:
@Soh Tanaka Hammond is the place to be. The City appears strict. I am interested in venturing there as well. What is your experience with the City?

Hammond is easy to work with if you play by their rules and know what they care about enforcing. I do 35-40 houses a year there and have no issues. Houses sub $50k are tough to find in Hammond. I used to buy stuff all day for $10-30k and sell to investors for $30-45k. Not I’m buying $40-60k to sell for $55-70k. But it’s a nice city with average appreciation and good rental rates. The mayor has done a fantastic job making the city a nicer place.
East Chicago, Gary, and Lake station are the only places to find sub $50k houses that are decent. I can grab $20-30k very livable houses in any of those areas any day through my marketing. Can get $800-900 for a 3/1 easily. Tenants can be a little rougher but the CF is great.
3 Reply
Eric Malone
Member since 2019 · 35 posts · 25 votes
6y
@Arsen Atanasovski could you send me his information. I’m looking in Ohio for a duplex rental property.
1 Reply
Account Closed
Rental Property Investor · Tyler, TX · Member since 2019 · 72 posts · 39 votes
6y
Yes, there are hundreds of them across the US. This is my entire business model. Remember that getting into a house at less than $50k doesn't guarantee it will cash flow. Perfect to BRRRR and get all in for low/no money in the property.
3 Reply
Sean Tabor
Rental Property Investor · Flint, MI · Member since 2017 · 17 posts · 19 votes
6y
@Joe S.
I invest in Genesee County, MI. I've been able to get city owned homes and update all the essentials; roof, plumbing, electrical and service the HVAC for 3 bed 1 bath houses that rent for $700-800. Not war zones. I've lived in these neighborhoods. You can send me a message if you'd like to talk.
2 Reply
Garrett Cannizzo
Rental Property Investor · Elkhart, IN · Member since 2020 · 22 posts · 52 votes
6y
@Joe S.
A lot of places in northern Indiana have houses around this price point and an excellent labor market to support good tenants. South Bend, IN, Mishawaka, IN, Elkhart, IN, Goshen, IN are all places that have “larger” population densities in northern Indiana with houses in this price point. As always, you need to do your homework on the areas, and of course the properties themselves, but generally speaking these areas provide good cash flows. Additionally, some of these areas have provided above average property value appreciation post recession and in particular the last few years.
3 Reply
Andre' Arceneaux
Rental Property Investor · Orange County, CA · Member since 2019 · 151 posts · 92 votes
6y
@Joe S. Northeast Ohio (Akron, Cle, Canton) .. can vary by street in same zones ..
1 Reply
Marcus Williams
Member since 2019 · 5 posts · 0 votes
6y
@Arsen Atanasovski do you have some for sale currently?
0 Reply
James G.
MD · Member since 2018 · 71 posts · 23 votes
6y
@Arsen Atanasovski
I'm looking to connect with lendors in ohio can you message me his/her info so I can call and check them out. Than you.
0 Reply
NA Dweik
Member since 2020 · 5 posts · 2 votes
6y
@Joe S.
Definitely have ones already rented and have a management company with net income rate of 8% around the Dayton Ohio area.
1 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
6y
Originally posted by @Joe S.:
Originally posted by @Henry Lazerow:
Lots of places but the cap/ex will kill you if you aren't self managing. Don't fall for the trap you are much better off using the $50k as a downpayment.

I’m not debating that point. 50k may very well be to low of a bar. What I was considering was to buy a number of houses for cash flow that would have low to no leverage.
I already have quite a number of higher priced houses with loans. I’m simply reviewing my model for safety.
Thanks for the insight.

I do this in Tolédo Ohio, no war zones, working class neighborhoods.
1 Reply
Kenneth Kussman
Investor · Irving, TX · Member since 2015 · 101 posts · 23 votes
6y
@Arsen Atanasovski
Hi,
If you don’t mind sharing some location info
Please pm me.
0 Reply
Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
6y
Buying outside of your local market without a lot of due diligence is potentially riskier than knowing if you can handle a war zone or not.
2 Reply
John Kedziora Jr
Rental Property Investor · IN · Member since 2018 · 18 posts · 13 votes
6y
I have two 50k houses in St Louis. Working class neighborhood. I was able to get a mortgage for both and they cash flow. I invest long distance and have property management in place.
3 Reply
Soh Tanaka
Property Manager · Lindenhurst, IL · Member since 2016 · 854 posts · 506 votes
6y
@Brian Ploszay - I think a strict city can be a double edge sword. I haven't had any issues yet, but then again it hasn't been too long since the purchase. Also, I work with a company that deal with the city, so I don't directly get involved with the city.
1 Reply
Steven MayBusiness Member
Real Estate Agent · Kansas City, MO · Member since 2018 · 262 posts · 250 votes
6y
@Joe S.
Independence, MO - just on the outskirts of Kansas City, MO!
Great area for low cost homes that need minimal work and still cash flow.
1 Reply
Debbie J. Skora
Investor · TX · Member since 2020 · 56 posts · 54 votes
6y
Originally posted by @Joe S.:
Are there any places that sell single family houses for 50k that’s not in a war zone?
I’m looking for houses that I can buy that would cash flow in descent areas. I’m not looking for appreciation, so no need for that debate please.

Hi Joe - I see you are from San Antonio...there are those towns all over East Texas! Do a search on Realtor.com for <$50,000 in Texas and you'll see where there are concentrations.

2 Reply
David BowlesPro Member
Rental Property Investor · Davison, MI · Member since 2019 · 76 posts · 24 votes
6y
@Arsen Atanasovski ELGA credit union will do small loans. I current have my first house under contract with them. 60k market value, 43k agreed sales price. Total down at closing should be around 17.8k (after the 1k earnest money) and I am getting 17k back from the seller after closing.
Long story short, there are a few good lenders in the genesee county area that will loan small. The two best lenders I was working with locally are Dort Financial, ELGA credit union. Any large loans I need will go through Rockwood mortgage. Rocky (the owner) is a true rockstar!
1 Reply
Paul Shannon
Rental Property Investor · Fishers, IN · Member since 2016 · 337 posts · 470 votes
6y
These properties are all over the rust belt/midwest, as specially in tertiary markets. You'll struggle to find them in any other area of the country. If you're investing out of state, you'll need to build a team. Go with the market that's showing population growth and one that you're able to find people you can rely on and trust. That's more important than any other factor when investing in these types of properties.
2 Reply
Kiera Underwood
Real Estate Agent · Oklahoma City, OK · Member since 2019 · 956 posts · 600 votes
6y
@Joe S. it is! I want to emphasize that was a value add play. The buyer bought with 20% down and then had to do a 8-11k upgrade to push that rent rate. Typically if you cash flow as-is you're looking at closer to ~$150-$180/month.
2 Reply
Curt Smith
Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
6y
@Joe S. Please read my buy and hold help paper linked off my profile 1st paragraph,; how to buy a bullet proof rental portfolio.
Please buy decent 3/2 house in ok decent area near freeways then screen for good tenants who commit to long term lease. I keep priblem free tenants fir years :)
0 Reply
Luke Stewart
Real Estate Consultant · Indianapolis, IN · Member since 2020 · 23 posts · 19 votes
6y
Hey Joe! I am the Dispositions Manager with a RE Wholesaler in Indianapolis. Usually about once a week we get a new house in our pipeline that sells for ~50k. The Indianapolis Area can be a pretty good area for people wanting to start investing in real estate for low entry costs.
1 Reply
Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
6y
Central Indiana
0 Reply
Tracey Valle
Flipper/Rehabber · Silver Spring, MD · Member since 2019 · 5 posts · 5 votes
6y
@Joe S. Baltimore MD has low housing prices and is being regentrified. I’ve been told b-more city is difficult to deal with as a landlord but I am not familiar with all the reasons why yet.
3 Reply
Brandon Penn
Rental Property Investor · Erie, PA · Member since 2018 · 84 posts · 462 votes
6y
In Erie, PA we have both SFH as well as duplexes that sell for 50k an are in decent areas (blue collar). I also manage properties if you are out of town or down have anyone close to the area. Shoot me a message if you are interested
1 Reply

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