Buffalo, NY · Member since 2014 · 82 posts · 75 votes
I'm looking to form a networking group of people who specialize in under 30k properties for cash flow. I propose we share ideas to help each other maximize our success!
Real Estate Investor · Fort Wayne, IN · Member since 2013 · 168 posts · 78 votes
12y
I buy houses in the $18,000-$23,000 range, typically put $3,000-$5,000 in them and then rent them for $650 a month. @Matt R. is right about the roof and furnace, they are profit delayers.
The key is to know the area or work with someone who does.
There is more to investing in any house than just working the numbers ahead of time to see if it will have positive cash flow and those are the factors that will kill you.
1. Contractors that you can trust, that do the job correctly and go above and beyond for you since you're not around.
2. A property manager who can rent the house to good people and make sure they are holding up their end of the contract.
People who buy expensive houses have the same issues, their tenants just drive nicer cars. It's all a process, just jump in and learn the lessons good and bad.
I like the podcast, we had a lot of fun taping it. Let this group know when you have any questions, its a great brain trust here with new and experienced investors.
HVAC mechanic · Philadelphia, PA · Member since 2015 · 241 posts · 57 votes
11y
I'd like to join. I don't have any property's yet ,but plan is start with property's in the $30000 range or lower for flips to build up capital and experience, then start buy and hold for cash flow
Wholesaler/Real Estate Investor/Consultant · indianapolis, IN · Member since 2009 · 265 posts · 51 votes
10y
Hi Douglas B and Welcome to BP If your wanting all the $30k to $40k Properties that are Turnkey and Fixer uppers we have Plenty in Indianapolis and this is a hot market for these types of Homes an low taxes as well I would Recommend you do you Due Diligence feel free to send me a Reply hope to be of some Help.
Rental Property Investor · Algona, IA · Member since 2015 · 43 posts · 33 votes
10y
Count me in. I purchased my first rental for $35k and my second one for $20k. On both properties, I have 5 year personal unsecured loans. I split the first one into a trip-plex and tripled my income. My 20K house only rents for $600 a month which leaves me with about $10-20 profit. I try to project estimate of repairs, prop. mgmt costs, prop. tax + ins., and loan payments. If I have to put some personal money into it for repairs, that ok, but I look for cosmetic fixers.
Wholesaler · Bremen, IN · Member since 2014 · 91 posts · 11 votes
10y
Hello All,
Nothing wrong with properties $30K and under. These are the types of properties we mostly deal in. Like Indianapolis, IN or Springfield, MA (for example), South Bend, IN can also be block by block, but can also be in large sections as well. Many cities are the same way. And, just because they are cheap doesn't make them bad houses. You can buy a good house in a decent area in the teens, put maybe $6-10K (or less) into it depending on it's condition, and it would make a great rental that brings in between $600 - 750/mo (some with or without Sect 8). You can buy nice house in a better area between $20-30K, and still may only need minor work. Really depends on what you can find, or have others find for you. I can't see someone buying a house for $30K in Chicago, or any other higher priced market, and it not needing a ton of work. In some areas of Indiana, you can find many properties that need very little work. What areas you can get these for at that price, with little rehab needed, makes all the difference. In the hood, you can find decent homes that need little work for the first price mentioned. If you are wanting desirable areas at that price, you are probably buying junk or getting it at tax sale/foreclosure pricing. This is in regards to our area, and possibly a lot of other areas.
I didn't look at every post in the 19 pages of replies to see if anyone had mentioned their business....
Anyone who is looking for properties under $30K, whether it is to purchase or co-wholesale, please contact us via our website's Contact page or call my cell direct (web addy and phone info below). Keep in mind, we don't post all our properties on our website or other media. We'd love to hear from you to discuss what you are looking for! Have an awesome, blessed, day! ;)
Silver Spring MD · Member since 2015 · 198 posts · 116 votes
10y
This thread is great! I jumped into REI recently with under 30K for TWO houses together (all in)! They are in Detroit, but both have long term tenants who pay on time and the combined rent is $1300/month. However, before I go further down this route, I'd really love to here from someone who has been doing under 30K for at least 10 years... Is there anyone here whose been doing it for that long? I'd love to connect with you and chat!
Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes
10y
Looking for someone to replace some bad wood siding on a house in Louisville, KY. If you have recommendations, pm me please. Good workers are hard to find!!!
Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
10y
@Levi F.
You buy MULTIFAMILY in Alaska for 20-60K! A four-plex in my area is 500K! May I ask what your rents are and cash on cash return? I presume there is little or no appreciation?
Investor · Florence, SC · Member since 2015 · 27 posts · 2 votes
10y
My strategy is to seek out local cities that are on the verge of revitalizing. Purchase properties (especially commercial buildings) for $50,000 or less and spend $10,000 renovating. Its a great business strategy in the right areas.
Kitchener-Waterloo, Ontario · Member since 2015 · 85 posts · 28 votes
10y
Out of interest, what type of yield would you generate? If foreign investing is of any interest, popular right now around the world are properties in Japan because of the depreciated yen. They are between $25,000 to $50,000 with a yield of 6% to 11%. A great way to earn monthly income.
Your market is ideal for these types of properties. I am just selling my last holding in Rochester where there is also a plethora of properties selling in that range, from 10,000 to 30,000 per unit, if you concentrate in the city.
Contact brokers and let them know your strategy. The key is to find a good management company. If you are interested, contact me and I can refer one to you
Real Estate Investor · Hilo, HI · Member since 2015 · 134 posts · 14 votes
10y
Yes this seems to be a hot subject! I'm I. The same boat as many of you. I'm a newbie, and willing to do elbow grease and sweat equity to get to my goal of owning atleast 2 income producing homes by the end of 2016. I have good credit and a eager desire so!!!!!
Real Estate Investor · Kalamazoo, MI · Member since 2015 · 46 posts · 5 votes
10y
I live in a market with plenty SFH in the $25-30K price range in decent areas I would feel safe to live in. 3 beds going for $750/ mo all day and not requiring much rehab to move in.
It is all relative to location. There are some markets where you cannot buy a house under 50K with shootouts every week!
New York City, NY · Member since 2014 · 14 posts · 2 votes
10y
I'm looking at $30k - $40k per unit. It seems to be spitting out money but repairs tend to eat what could be great profits turning them into good or fair profits.