Sub$30k - Property pictures

Innovative Strategies

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.

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Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes

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.

See this reply in the discussion

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Account Closed
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
12y
I have purchased a slew of properties in my years under 20k.

This one I snagged for just over 9k. Unfortunately I am having to ensure no address is on it, as someone in this thread isn't trustworthy. Yikes! So you will not see an "AFTER" photo from the outside. Sorry.

I still want to share. The property has had a tenant for 2 full years at $900/month and makes me a nice income.

3 Reply
Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Bryan H.:

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.

That's great. Having a good PM company is absolutely essential to having a successful long distance investing. Glad to see it's been working out for you for the most part :)
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Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Account Closed:
I have purchased a slew of properties in my years under 20k.

This one I snagged for just over 9k. Unfortunately I am having to ensure no address is on it, as someone in this thread isn't trustworthy. Yikes! So you will not see an "AFTER" photo from the outside. Sorry.

I still want to share. The property has had a tenant for 2 full years at $900/month and makes me a nice income.

Ryan, that's really good quality work. Best wishes for your continued success :)
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Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Christina R.:
This thread is great! Keep 'em coming. I'm hoping that very shortly I'll have photos of my own to add.

Here's hoping to see some photos of your properties very shortly :-)
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Bryan H.
Investor · Willow Spring, NC · Member since 2013 · 788 posts · 285 votes
12y
Originally posted by @Account Closed:

Unfortunately I am having to ensure no address is on it, as someone in this thread isn't trustworthy. Yikes!

Did I miss something?
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Account Closed
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
12y
@Bryan H. no you didn't miss anything. It was a veiled comment intended for one person and they know who they are. Unfortunately not everyone is trustworthy, honest and moral on this site.
1 Reply
Serge S.
Rental Property Investor · Scottsdale, AZ · Member since 2010 · 390 posts · 599 votes
12y
Great thread. I don't see any Southwest representation on the tread so here is a little something from AZ! In Arizona the $30k single family home is long gone. Here are three I purchased when the pickings were easier. First one is a duplex each side renting for $500 and the two others rent for $695. Ave purchase price of the three is almost $30k even.Each one needed only $3-4k in rehab. Each is worth between $60-$75k today. We have had a lot of appreciation in Arizona 2012-2013 but it is clearly starting to level off particularly in the submarkets.

3 Reply
Shaun Reilly
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
12y
Originally posted by @Account Closed:
@Bryan H. no you didn't miss anything. It was a veiled comment intended for one person and they know who they are. Unfortunately not everyone is trustworthy, honest and moral on this site.

It is unfortunate that is the case. Just being on BP doesn't make anyone a saint.

Though I am curious about what you are worried about if you show an exterior picture of the house and this person can maybe figure out where the house is. I mean are they a violent criminal that you fear will vandalize the place or accost the tenants?
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Account Closed
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
12y
@Shaun Reilly I won't show the address. There is a person that swore up and down to me and others they weren't interested in investing or buying where I do. So I gave them advice on how to invest. But they are now competing against me. SO I don't want to show the ADDRESS. The after photo of the outside has a clear address image.

I am saddened that someone I put trust in, has acted in this way, but it is a lesson to be learned.

Again I just wanted to show the pictures regardless of what can be done with properties. I have hundreds more properties and photos I can share. Just wanted to contribute one to this discussion.
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Ed L.
Residential Real Estate Agent · Hattiesburg, MS · Member since 2011 · 475 posts · 141 votes
12y
Housing recovery sucks... I'm finding it harder and harder to find good rentals for under $30,000. Home prices are going up but rents seem to lag.

Sub 20K out in the country. Rents for $825, but is a pain having a house that's 20 min away. After purchasing I find out 1/2 the house was on the adjoining lot. Luckily it was vacant and only cost $5,000. From now on I'm getting surveys.

Sub 30K 2br 1ba homes in town. Rent for $750 each

Pre purchase & exterior paint.

2 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
12y
@? based on these Homes the US has to be the cheapest place in the industrial world to live.. given police protection shopping health government stability and of course the government may pay all your bills as well
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Vana G.
Investor · Fort Lauderdale, FL · Member since 2014 · 109 posts · 29 votes
12y
Wow great post!
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Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Ed L.:
Housing recovery sucks...

hahaha, I agree 100%. In my market there are still some decent deals to pick up, but there's some more competition.
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Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Account Closed:
@Shaun Reilly I won't show the address. There is a person that swore up and down to me and others they weren't interested in investing or buying where I do. So I gave them advice on how to invest. But they are now competing against me. SO I don't want to show the ADDRESS. The after photo of the outside has a clear address image.

I am saddened that someone I put trust in, has acted in this way, but it is a lesson to be learned.

Again I just wanted to show the pictures regardless of what can be done with properties. I have hundreds more properties and photos I can share. Just wanted to contribute one to this discussion.

I am sad to hear that too, but I wouldn't worry too much about it. You have a great team and system in place and there are plenty of houses for everyone to make money :)

Happy Investing!!
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Sharad M.Pro Member
OP
Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
12y
Originally posted by @Serge S.:
Great thread. I don't see any Southwest representation on the tread so here is a little something from AZ! In Arizona the $30k single family home is long gone. Here are three I purchased when the pickings were easier. First one is a duplex each side renting for $500 and the two others rent for $695. Ave purchase price of the three is almost $30k even.Each one needed only $3-4k in rehab. Each is worth between $60-$75k today. We have had a lot of appreciation in Arizona 2012-2013 but it is clearly starting to level off particularly in the submarkets.

Great deal!! To add appreciation bonus on top of it makes the deal even sweeter. I understand there are no $30k houses in your market anymore, so have you adjusted your investing strategy to the market?
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Serge S.
Rental Property Investor · Scottsdale, AZ · Member since 2010 · 390 posts · 599 votes
12y
Yes definitely had to make many adjustments. My strategy has never been sub $30k and those three are the only ones I have in that class. During the time I purchased those I was actively buying $50k-$70k newer homes that rent in the $1400 range. I much prefer that tenant class and diverse metro PHX locations and my portfolio is mostly that asset class.

Today those homes sell for $175k-$225! Great for my balance sheet but not much room to grow that strategy as rents have stayed the same. I have had to spread out to counties as far as 2-4 hours away and build a team from scratch to capitalize on those opportunities. In that segment I am purchasing homes around $50k and renting for $1000. Still don't use a PM as my operations can handle it. I've also sold some of those first generation homes for nearly $200k and purchased 3-4 cheaper homes in the long distance submarket. Its slow but steady cash flow growth which is fine by me. Here are some pics of these 2013-2014 AZ submarket $50k homes

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

You have been doing a lot of things right. That's very impressive.

I love the look of your $50k houses. And to top if off, there's sunlight, even though it was in picture, it made my day.

Here's a picture from this morning while walking my dog:

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Matt R.
Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
12y
30k Rent $795+

3+1 1000 sq ft

9000 sqft corner lot

700 sqft steel building workshop /3 car garage

New windows, hvac, water heater, roof , kitchen cabs and counters

built 1955

Southern Colorado fishing 300 feet

C++

I don't have finished pics yet but 2k lam,carpet and vinyl.

0 Reply
Sam Hadad
Investor · sacramento, CA · Member since 2013 · 39 posts · 13 votes
12y
@Jay Hinrichs actually USA is one of the cheapest places to buy houses even now with the prices a bit higher than 2 years ago .

i see so many of my friends families sell they basic house in Middle east or Europe and can buy more than one house here in California .

this is the reason RE investing in USA is so much better than anywhere else .

building houses and construction are so easy ( mostly stucco , wood frames ) and bank loans are better that anywhere else i know (4 to 5 % Interest rates ) .
1 Reply
Warren Foster
Real Estate Investor · Abu Dhabi, UAE · Member since 2010 · 48 posts · 16 votes
12y
I'll Play...

Purchase + Rehab $6052

Rented @ 400 mo

Purchase + Rehab $14500

Rented @ 525 mo

Purchase + Rehab $17700

Rented @ 600 mo
3 Reply
Jon Holdman
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@Warren Foster where are those located?
0 Reply
Mike Cartmell
Residential Real Estate Broker · Colorado Springs, CO · Member since 2008 · 100 posts · 4 votes
12y
@Matt R. - Where in Southern Colorado is that property located?
0 Reply
Chukwudi Motanya
Investor · Lithonia, GA · Member since 2012 · 231 posts · 43 votes
12y
@Rick Baggenstoss congrats Rick. Any idea what you're expecting in terms of rent in those areas?
0 Reply
Dwayne Hubbard
Contractor · Akron, OH · Member since 2014 · 27 posts · 5 votes
12y
Nice home and a good return in the long run,but we personally don't buy homes no smaller than 3 bedrooms.The average family is at least 3 or 4 bedrooms.Good investment seeing there won't be a lot of people living in a 2 bedroom home(kids)
0 Reply
Ann Watkins
Real Estate Broker · Houston, TX · Member since 2013 · 187 posts · 111 votes
12y
@Sharad M. Oh what a great thread! It really does take me back and I'm loving the pictures.

This was the first property a purchased. 4-1.5 with a garage converted to a den, 4 sided brick, central air/heat, huge front and back yard, all for $24k.

This was a HUD foreclosure with only $500 down. My monthly payment was like $300/month. I was a single mom at the time and I made a career move that took me out of state. I had no choice (or so I thought) at the time but to sell it in order to qualify for a home where I'd been assigned to work.

Not knowing any better I trusted a real estate agent to list the home for me. She wound up stealing it for $6k telling me it wasn't going to sell, but would do me a "favor" and assume my loan. Then she turned around and sold it twice once at $95k and again at $75k. I later found out her partner did the appraisal, another partner did the inspection, she didn't use a title company and her son was the first buyer.

@Account Closed Yep...I know exactly how you feel. I hate not being able to trust people you do business with or those you've tried to help. One of the major downsides to this business.

But the upside? The great properties we find, that make great homes for great families!!!!

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