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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  • Sharad M.Pro Member
    OP
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    12y

    Couple of more I have under contract:

    They both need about $10k-$15k in work, but ARV is $80k and $65k

    Podcast Guest on Show #155
    3Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    12y

    @Sharad M. Are these in chicago, what part? I saw a BUNCH of WCNs with low crime, very high rents in the Chicago area under 30k.

    1Reply
  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    12y

    Great Thread @Sharad M. !

    For some reason BP won't let me upload my photos. I had one that I got for $8K that I put a hair over $21K into. Was renting for $650 but is currently vacant. That one is pretty nice looking.

    Was going to show another one that was not nearly as pretty but totally decent that I got for $17.5K and put less than $2K into and rents for $575.

    The first one is in arguably the 2nd nicest part of town and the other one is middle of the pack area.

    1Reply
  • Sharad M.Pro Member
    OP
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    12y

    @Lisa Phillips These are actually in NW Indiana. I live in downtown Chicago, so these are about 30-45 minutes drive from my place.

    Great working class neighborhoods. I love investing in these areas.

    Podcast Guest on Show #155
    0Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    12y

    You're preaching to the choir! My baltimore property is 45 min away, Richmond if 90 min. That's why I need the property management - I am not close enough to handle little things that arise. I tell people: Be willing to travel an hour each way, you're opportunities will explode!

    Im so excite to finally have others doing this showing their successes out in the open. I will bookmark this topic for longevity. Its the start of the WCN revolution here on BP!

    0Reply
  • Rob K.
    Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
    12y

    This one was my favorite. Paid $6,001 from HUD in 2009, put another $7,000 into it, and then rented it to the same couple for 49 months at $795. They paid like clockwork and only called me twice during that whole time. They recently bought their own house.

    I'm selling anything I own that's built before 1940. This one was built in 1927, had no basement or garage, and a shared driveway. It was in a trendy part of town and sold quickly last month for $75K.

    3Reply
  • David O
    Investor · Detroit, MI · Member since 2012 · 119 posts · 64 votes
    12y

    Damn Rob, you get some good deals. I wish I was investing in '09. Seems like if you had the cash, it could have been very lucrative. Everyone is showing some pretty nice houses for being under 30K. I'll have to take pictures of mine and put it up.

    3Reply
  • Account Closed
    Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y
    Originally posted by @Bryan H.:

    Brian: Is the $975 rent coming from Section 8 or is it easy to get that rent from tenants without vouchers?

    0Reply
  • Bob Hines
    Real Estate Investor · StL, MO · Member since 2008 · 296 posts · 152 votes
    12y

    I had pics of my properties on Flickr but apparently they changed things and I can't log into my account now or find my pictures. This is the last one I purchased. I paid a bit much for the house at $35k. It was on the market forever and slowly dropped so I assumed it was a foreclosure but it wasn't. The old lady's husband had died and she wanted to move closer to her adult children so I didn't beat her down on dropping the price like I would have if it had been a bank. I like to take care of things in the beginning so I removed carpet, refinished hardwood floors, painted and upgraded the old fuse box to breakers with space to switch house over to all electric as water heater and furnace need replacing. Total cost about $5k. So over $30k in price but this house is smack in the middle of the great area in my #1 preferred zip code so I paid up a little bit. Renters moved in December 1 for $725. Probably could have gotten a bit more but I was trying to get it finished and rented before Thanksgiving.

    This is what I call my 'shoe boxes'. There are blocks of these small, rectangular brick houses in St. Louis. I love them and will buy as many as I can in the right blocks.

    3Reply
  • Chris K.Pro Member
    Investor · Baltimore, MD · Member since 2012 · 1k+ posts · 655 votes
    12y

    I'm jealous of all the detached homes you guys are getting for so cheap. I'm stuck with row/townhomes. I love the pics

    0Reply
  • Sharad M.Pro Member
    OP
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    12y

    2 bedroom/1 bath house. Rented for $749/month. Tenants pay all their utilities including lawn maintenance and snow removal. There is a garage in the back of the house.

    The house came with a brand new roof, new plumbing, new electric, new furnace. I put new flooring and paint throughout.

    Podcast Guest on Show #155
    1Reply
  • David O
    Investor · Detroit, MI · Member since 2012 · 119 posts · 64 votes
    12y

    Here are some pictures of a house I bought. 2 bedroom/1 bath. Bought for 13K in tax auction and put 5K into it. Rents for $600, but I could probably get more. Did nothing on exterior (besides remove that graffiti and replace one window) and the interior was trashed. Tore most of the floors down to joists.

    1Reply
  • Rick Baggenstoss
    Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    Here's my latest under $30k ...

    Last sold for $47k in 1997! Mine tomorrow at 1pm for only $29k.

    This is inside the perimeter in Atlanta ... Decatur, GA 30032. 1300 sf, 3BR/1BA, 1.5 stories. Closing tomorrow.

    I liked the new architectural shingle roof, nice curb appeal. Needs a new kitchen, kitchen subfloor, condenser, paint, carpet, etc. I'll end up flipping this one to help fund another two under $30k.

    Price is under $30k because it's not fixed up, needs HVAC, and the subfloor under kitchen needs to be replaced. $1000 of framing work.

    Somebody's got to do it.

    Rick

    1Reply
  • Bob Hines
    Real Estate Investor · StL, MO · Member since 2008 · 296 posts · 152 votes
    12y

    Here's my first rental property purchased in 11/2008. $18k purchase. Water pipes, A/C and coil were missing and replaced. Painted rooms and basement, cleaned the carpets. Purchased fridge and stove. Total rehab was $4k. 2/1 with the main bedroom a walk through/shotgun style and very small second bedroom/office so it's not the most desirable layout but it's been rented for $595/month to the current tenant since July 2010.

    1Reply
  • David T.
    Specialist · Las Vegas, NV · Member since 2013 · 639 posts · 176 votes
    12y

    Nice deal @Rick Baggenstoss!

    1Reply
  • Bob Hines
    Real Estate Investor · StL, MO · Member since 2008 · 296 posts · 152 votes
    12y

    My second property purchased from an auction.com auction here in town for $11k. These are before pics. New A/C, new roof, tore out bathroom and re-plumbed with pex since it's on a crawl space (great decision as pipes have frozen a couple of times with no splitting) new flooring, painted and appliances. About $10k in to it. Should have been at least $3k less as I have since found a cheaper roofer, HVAC and flooring installers but this was #2 so you learn. Since I purchased this property a brand new YMCA has been built 2 blocks away in a major park. It's a 2/1. The floor in the living room slants quite a bit and you have to walk through the one bedroom to get to the bathroom so it's really a large 1 bedroom. If I got the floor leveled it would rent for more but it's currently rented for $550/month and the previous tenant was that for 3.5 year before moving out this past summer.

    These are all before pics.

    0Reply
  • Sharad M.Pro Member
    OP
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    12y

    @Bob Hines

    Did you do any of the work yourself? That's a very good price for all the work you got done.

    Podcast Guest on Show #155
    0Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    @Rick Baggenstoss congrats

    " This is inside the perimeter in Atlanta ... Decatur, GA 30032.

    1300 sf, 3BR/1BA, 1.5 stories. Closing tomorrow "

    1Reply
  • Bryan H.
    Investor · Willow Spring, NC · Member since 2013 · 788 posts · 285 votes
    12y
    Originally posted by @Sharad M.:

    @Bryan H. - How are you handling the management? You must have a great management team in place.

    I'm pretty happy with my PM company. They get stuff done, but could be better with communication though.

    0Reply
  • Bryan H.
    Investor · Willow Spring, NC · Member since 2013 · 788 posts · 285 votes
    12y
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:

    Brian: Is the $975 rent coming from Section 8 or is it easy to get that rent from tenants without vouchers?

    No sec 8 for me. It rented in about 30 days this January

    0Reply
  • Account Closed
    Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y
    Originally posted by @Bryan H.:
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:

    Brian: Is the $975 rent coming from Section 8 or is it easy to get that rent from tenants without vouchers?

    No sec 8 for me. It rented in about 30 days this January

    Can I ask what area of Detroit (generally, if you don't want give way your deal zone)? The purchase price isn't as interesting to me and the rents for that type of house. Low crime? Good schools?

    0Reply
  • Bryan H.
    Investor · Willow Spring, NC · Member since 2013 · 788 posts · 285 votes
    12y
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:

    Brian: Is the $975 rent coming from Section 8 or is it easy to get that rent from tenants without vouchers?

    No sec 8 for me. It rented in about 30 days this January

    Can I ask what area of Detroit (generally, if you don't want give way your deal zone)? The purchase price isn't as interesting to me and the rents for that type of house. Low crime? Good schools?

    It's not in the city of Detroit, it's in Madison Heights, 48071. Low crime, schools, mehhh. It's a good renting area though. Close to hot spots of Royal Oak/ Ferndale.

    0Reply
  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    12y
    Originally posted by @Bryan H.:
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:
    Originally posted by @Account Closed:
    Originally posted by @Bryan H.:

    Brian: Is the $975 rent coming from Section 8 or is it easy to get that rent from tenants without vouchers?

    No sec 8 for me. It rented in about 30 days this January

    Can I ask what area of Detroit (generally, if you don't want give way your deal zone)? The purchase price isn't as interesting to me and the rents for that type of house. Low crime? Good schools?

    It's not in the city of Detroit, it's in Madison Heights, 48071. Low crime, schools, mehhh. It's a good renting area though. Close to hot spots of Royal Oak/ Ferndale.

    Hey that's my hood. You are right low crime but open schools is not helping the south side.

    I grew up there and still like the city. But the inspector guy is a pain in the ***.

    1Reply
  • Account Closed
    Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
    12y

    I've posted previously that I've only regretted selling one property in 15 years and this is it. I bought it in July 2013 and sold in August. I was all in at $31K. 800 sq ft 2/1 on 9500 sq. foot lot, with no neighbors on 3 sides. It was rent ready and came with the furniture. Rents are $700, easy to get because of the lot with RV access and out buildings. It's in the middle of nowhere in a 1K pop. village. Nearest town of any size is 50 miles. Nothing on that highway. No villages, no gas, nothing except ag land and hills. Too far away but I should have kept it. Turns out people like to go there to get away. Who knew?

    1Reply
  • Christina R.
    Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    12y

    This thread is great! Keep 'em coming. I'm hoping that very shortly I'll have photos of my own to add.

    0Reply
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