Sub$30k - Property pictures

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Sub$30k - Property pictures

Sharad M.Pro Member
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes

MODERATOR: LET ME TRY AGAIN. IF YOUR POST HERE IS ANY SORT OF AD, NO MATTER HOW SUBTLE, IT WILL BE REMOVED!

MODERATOR: PLEASE POST PICTURES ONLY OF HOUSES YOU'VE PURCHASED INTENDING TO HOLD. DO NOT POST PICTURES OF HOUSES YOU ARE OFFERING FOR SALE.

There's been a lot of talk of sub $30k properties, so I thought it would be an interesting idea to post some pictures of what $30k buys in different parts of the country.

So here's a picture of a 2 bedroom house. I don't have the outside picture, with all the snow I just wanted to run inside the house. These are after pictures. Rent will be $800-$850. Tenants pay all utilities including lawn maintenance and snow removal.

I don't provide appliances anymore. If they are there, then we give them to tenants as-is.

Love to see pictures from other investors.

Podcast Guest on Show #155
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Lisa Phillips
Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
12y

These pics inspire me even more than I already!! Thank you everyone showing this visual. I would love for the skeptics to take a look!

I have before and after of my other properties here:

http://www.affordablerealestateinvestments.com/gallery/

But here is my finished Richmond Home (my most recent)

Just want people to know: Just because its a Working Class Neighborhood (WCN for short), does not mean you have to skimp on the repairs and renovation...I paid 25k for this property, and put about 25k in new repairs (big ticket items needed, more than I put in the past, but if it needs new anything, I repair on the front end, not back end). Previous rehabs were 10k for 35k property, and 23k for 13k rehab.


This is an excellent post @Sharad M. , because the visual does so much for people to understand whats available, abundant, and cash flows well. I'll post more tonight.

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  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y
    1Reply
  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y
    0Reply
  • Cory Mccarthy
    Investor · Fenton, MI · Member since 2015 · 142 posts · 46 votes
    10y

    @Bob E. would you mind sharing the name of your property manager in Lansing?  I currently own one property there and am looking at a couple of homes in the area as well.  I really like what he/she has done with your property, so I would like to talk with them myself.

    1Reply
  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Cory Mccarthy  we are using Jill Powell at 1st choice.  No relationship with them other then bring a satisfied customer.  

    0Reply
  • David Ferri
    Contractor · Maitland, FL · Member since 2015 · 24 posts · 20 votes
    10y

    Great Pics and, a lot, of great work on these. I bought a 30k in Jax and every time I did any work on it, it was stolen the next day… They even took the kitchen sink. 

    0Reply
  • Dan D.
    Huntington Beach, CA · Member since 2015 · 58 posts · 8 votes
    10y
    Originally posted by @Tarik Larue:

    2 Unit Townhouse listed at $24,000. Spent $16,000 to fix. Rents at $1,780/mo

     Wow, great deal!  Would love to find one of those.

    1Reply
  • Frankie Woods
    Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
    10y

    The parking spot is priceless, lol.

    Great find @Tarik Larue

    1Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    10y

    Tarik has a wonderful success story in this price range :-)

    0Reply
  • NA NA
    Investor · Washington, DC · Member since 2015 · 4 posts · 7 votes
    10y

    2BD, 1.5Bat, Basement East Baltimore 29.5K 4K renovations 1200 rent

    4Reply
  • Patrick L.
    Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
    10y
    Originally posted by @Account Closed:

    Here's a 30k property in Miami. Just sold this condo parking spot last month for $29,000. 

     Well it's a corner unit at least.   

    0Reply
  • Patrick L.
    Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
    10y

    Here's one more to keep the thread alive.....it's been hard for me to keep buying decent stuff under $30k with the way the market has been.  

    Duplex purchased for $25k

    Rehab: $5k

    All in, $30k

    Each unit rented for $600/month, tenants pay all their own utilities (separate water and power meters, trash is on the water bill).  

    2Reply
  • Aaron Foster
    Investor · College Park, MD · Member since 2014 · 79 posts · 28 votes
    10y

    Curious about some of your plans for these properties - most are obviously long term holds . 1. Do you leave the money you have invested in it (closing, repair/reno, holding, etc.) 2. Cash out refi 3. Line of credit or 4. Lease to own? or 5. Other?

    0Reply
  • John LaMedica
    Phoenix, AZ · Member since 2016 · 9 posts · 3 votes
    9y

    @Curt Davis  What makes you say that long term these cheap homes always turn out to be a loser?

    @Lisa Phillips You said you always follow up with DRIVE when you promote/share this strategy. What does DRIVE stand for?

    0Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    9y

    @John LaMedica

    I have been doing this long enough to have seen statistically that more investors who invest in this price space end up having a less desirable experience. I sold my last duplex about 4 yrs ago. Was a nice 2 bed 1.5 bath per side with each side renting for $595. We sold it for $59,900 so on paper this looked like huge cash flow and returns. Unfortunately this client of mine has never truly realized the returns or cash flow for one reason or the other. He could have had a better experience with a SFR in the same area that rented for $700 per month.

    Keep in mind I think that if your buying places like this in your local market and not paying a mark up then you might have a better chance at success but for the long distance investor I dont recommend them. 

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
    2Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    9y

    @John LaMedica Hi, I am not familiar with your term DRIVE - where did you see this? Im not sure what its referencing, but there is alot of different checklists to go through if you're using this strategy.

    FYI  - I do coach people who are interested, and 100% of them invest out of state, so its extremely doable. 

    1Reply
  • Shannon K.
    Buffalo, NY · Member since 2015 · 252 posts · 109 votes
    9y

    Jeez, I'm jealous looking at some of these under $30k properties. I see most people here are renting them out, but I wish I could find a flip here in Buffalo for under $30k. Everything in that range here is in a war zone!  Looks like many people here have found some gems...

    0Reply
  • Patrick L.
    Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
    9y

    Unfortunately for me here in the Tampa Bay area the sub $30k properties are now long gone.   The properties I used to be able to buy for $20k a couple years ago are $60k+.   Low end properties are fine in your home market where you know the area, the people, and have local resources to manage and maintain them.    I have properties that I bought back at the bottom of the market for as cheap as $11k that rent for $800-850 a month now, they've been cash flow home runs for me.    I've also seen people from out of state buy the same type of properties and mismanage them and they end up vacant for long periods of time or end up with terrible tenants and trashed.

     I have my own in house rehab/maintenance crew so that keeps my costs in line and my properties well maintained.  One of my maintenance guys also handles showings of vacant properties, so all I do is the back end work (screening, paperwork, finance, etc).   One day I'll probably hire a property management company and pursue something else, but it's hard to find anyone that would care about the performance as much as I do. 

    1Reply
  • Derrick H.
    Real Estate Investor · Buffalo, NY · Member since 2009 · 151 posts · 49 votes
    9y

    @Shannon K. ...that kind of Deal Happen all the Time here in Buffalo. You just have to know where to look. Found one in Cheektowaga recently for less than 40k. It's all about Marketing which I personally believe is 90% of Real Estate. 

    0Reply
  • Michael Haynes
    Investor · Tampa, FL · Member since 2016 · 681 posts · 288 votes
    9y

    @Patrick L.  Hello from Tampa. I have also seen the guys from out of State who joined a group that buys properties all over the States and leaves them holding houses that need lots of work or with bad tenants. The "numbers" can look good, but, Houses don't take care of themselves. I am amazed at the numbers that the guys on the TV Flipper shows come up with for Professional Labor and Material costs. I don't believe any of them. A Mechanic wants $75 an hour here in Tampa. I don't have a Handyman anymore, because they all died. Licensed Contractors have no time and their costs are prohibitive. In Florida, if you want to start small, you have to think of buying War Zone property to fix up and forget Renting it. Or you can think Trailers or Manufactured Homes with single lots. Cash is King and will be as we wait to see if the Economy is going to hold up or will we experience a major downturn, where you can Buy again when there is "blood in the streets." 

    1Reply
  • Tanya Davis
    Saint Petersburg, FL · Member since 2016 · 16 posts · 2 votes
    9y

    Hi Patrick and Michael,

    I live in the north St.Pete area. I'm a beginner wholesale investor, it would be nice to chat a little with you guys and get some more education before my first deal. I'm so excited by reading the forum of the success you guys have and had in the Bay areas. 

    I have a possible deal I'm piecing together and may need some direction soon with purchase and sale agreement contract. Hope you can help.

    Regards,

    Tanya

    0Reply
  • Jeff Filali
    Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    Flipped another property this week that was purchased for under $30K and will profit $25K after closing!!  But remember you cannot make money investing in Sub $30K properties!!  :-)

    2Reply
  • Sarah Khan
    Atlanta, GA · Member since 2017 · 2 posts · 0 votes
    9y

    Beginner Investor. Purchased Fannie Mae property a year ago under 30k for land value (uninhabitable at the time). Replaced roof, still in the middle of fixing floors and plumbing and it would be good to go to rent. If zillow and past sale of house can be believed, property is valued at 120k-150k. No current pictures.

    0Reply
  • Derrick Jordan
    Real Estate Consultant · Atlanta, GA · Member since 2012 · 43 posts · 21 votes
    9y

    How many square ft?

    0Reply
  • Lacy Vickers
    Member since 2022 · 1 post · 0 votes
    3y

    why can't I see the pictures?

    0Reply
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