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.
Real Estate Agent · Lansing, MI - Michigan · Member since 2015 · 21 posts · 8 votes
10y
@Josh Cunningham is right on regarding the location of the property. There is a good amount of sub $35K properties in my area with great potential cash flow, but if you're looking for the same thing 65 miles away in Ann Arbor, it's going to be much tougher to find.
In general though, I've done quite well with sub $30K properties and some less than $20K.
Real Estate Agent · Knoxville, TN · Member since 2015 · 3 posts · 0 votes
10y
I live in Knoxville, TN and there are plenty to buy in that price range. I currently have 6 under contract that I am looking to wholesale. They are rented with lots of equity, a turnkey opporrunity. I can also manage them for you as well. Let me know if you have any interest. Thanks,Scott 865.257.2162
Inglewood, CA · Member since 2014 · 74 posts · 17 votes
10y
@Douglas B.
I would love to join the $30k group...how can I help?
Is there anyone in the L.A., Inglewood, South Bay, west L.A. or surrounding areas that is interested and I could connect with? We could discuss our future together over your favorite beverage. ..my treat!
Four Oaks, NC · Member since 2015 · 8 posts · 3 votes
10y
i like this price range in areas where there is some potential for growth. ecspecially is there is a current tenant is place. I would rather have 3 or 4 cheaper rentable properties versus 1 or 2 more expensive properties that are vacant have the time to spread cost
Hilton Head Island, South Calorina · Member since 2016 · 1 post · 0 votes
10y
Searching a nice home by your own in that price is bit difficult. You may take help from the real estate property service provider to solve your issue. My friend visited here so I this may also help you out to search a nice property.
Hope Mills, NC · Member since 2014 · 6 posts · 3 votes
10y
Hi Douglas (Nice name by the way)...I currently have 5 homes in this price point. Have been fairly easy to rent, I make sure I do a thorough job screening potential tenants and always try to rent at the higher end of the price point the home will rent at. That helps weed out some tenants at the lower end of the price range...It may take a month longer to rent that way, but eliminates a lot of hardships later down the road.
Rental Property Investor · Julian, NC · Member since 2016 · 78 posts · 100 votes
10y
@Elizabeth S.
I so agree with you..... "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."
We are long-term investors even at this stage of the game. My goal has been very simple, to live comfortably. We buy in the $30-$60K range in solid stable working class neighborhoods. So far, so good.
Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
10y
So many people say that finding a decent property under $30,000 is not realistic. I have found many properties that are under $30,000 and are in great shape, in a decent area and the rent was about the same as what someone is getting that purchased a $100,000 home. I have met many seasoned investors that have retired buying properties under $50,000 and putting less than 5grand in it to rent out if needed. When people say you can't find good deals I wonder what their definition of a good deal is.
New York, NY · Member since 2016 · 15 posts · 10 votes
10y
I'm saving up because I'm looking to purchase $30,000 (possibly $40,000) and under properties. Unfortunately I am from NYC where you can't even buy a hovel for that price...
So I'm looking in Albany, Buffalo, Syracuse, Rochester, Kingston and in PA at Harrisburg and Philadelphia. Are those areas realistic? Ideally, I'd even love to buy a multi-unit in that price range.
Broker, Investor, Wholesaler · Kingston, NY · Member since 2010 · 71 posts · 20 votes
10y
You would be hard pressed to find a multi in Kingston for under $30k. If you did (there was a 4 family that went for $15k) it will be in extremely poor condition. That's not to say its not possible, but its highly unlikely.
If you have any other questions about the area, please feel free to give me a shout.
New York, NY · Member since 2016 · 15 posts · 10 votes
10y
Kingston is--as I've seen--probably the most expensive out of them all except for some Philly neighborhoods I am looking in. I threw it in there because I know it is actively gentrifying as we speak.
Harrisburg has GREAT prices but I've heard it's very unsafe. I might cross it off the list.
What about the other places? Are Albany and Rochester safe bets?
Broker, Investor, Wholesaler · Kingston, NY · Member since 2010 · 71 posts · 20 votes
10y
It is...I moved up from Carroll Gardens and before that the EV. There are also 300 properties in foreclosure in Kingston. But - most are SFR, not multi. There are a lot of multis (2 family is the bulk), but not at the low price range. If so, lots of multiple offers.
New York, NY · Member since 2016 · 15 posts · 10 votes
10y
It definitely is a beautiful place. :) I love the area.
Sine you're a NY agent, do you know anything about Rochester and Albany or Buffalo? I have to make trips to get a feel for neighborhoods, but I am still in the saving money stage. Not quite ready yet, but still looking!
Investor · Pooler, GA · Member since 2016 · 11 posts · 2 votes
10y
I'm interested in networking this. All of my properties have been in this price range so far. Some I have financed with short term hard money loans, some land contracts. The nice thing is that I now have 11 units completely debt free! But that was in my hometown in Ohio that I knew very well. Now I moved to Georgia, and I'm beginning my search down here. I'd be interested to network with others.
Wholesaler · Rochester, NY · Member since 2015 · 46 posts · 7 votes
10y
Audra, I live and invest in Rochester. I am also familiar with buffalo and have invested in Buffalo Niagara area. Feel free to contact me with questions
New York, NY · Member since 2016 · 15 posts · 10 votes
10y
I will definitely ask you questions! I've never been to Rochester, so I need to take a trip. I need to find some good, working class neighborhoods with moderate to low crime. Is that a tall order?
Hi Anthony, I know this post is a little dated but wanted to reach out to you. My name is Nicole and I'am a new investor from Inglewood. I am definitely interested in finding great properties at 30k. If you are still interested, lets chat!