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.

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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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  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    12y

    89 cents homedepot vs 39 cent junk. The guy is going to charge same to install.

    0Reply
  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    12y

    bpers, I am so impressed with your quality on the 30kers. Let's keep it up it up for the working folks. There is no country on earth that treats their peeps like we do. We we still out produce China per capita even when they work 12 hours a day 6 days a week.....just saying

    Thanks,

    Matt

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    12y

    @Matt R. Matt some of my turn key guys go with large ceramic tile that they buy on the cheap... especially in markets like Vegas PHX.. orlando.

    I got so sick of replacing carpet I did the same with a lot of my rentals were I could. Its amazing how we can own our own home get 5 to 15 years out of the carpet but our renters cant get hardly 6 months out of it and its all stained to hell its like its intentional

    smooth flight tonight can't think of a better thing to be doing on a 6 hour flight but trolling BP... can't beleive I only found this site about a week ago :)

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  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    12y
    Originally posted by @Jay Hinrichs:
    @Matt R. Matt some of my turn key guys go with large ceramic tile that they buy on the cheap... especially in markets like Vegas PHX.. orlando.

    I got so sick of replacing carpet I did the same with a lot of my rentals were I could. Its amazing how we can own our own home get 5 to 15 years out of the carpet but our renters cant get hardly 6 months out of it and its all stained to hell its like its intentional

    smooth flight tonight can't think of a better thing to be doing on a 6 hour flight but trolling BP... can't beleive I only found this site about a week ago :)

    0Reply
  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    12y

    @ jay hendrics

    holy crap Jay, your advice is awesome. Bpers check out Jay's post. He has been to hell and back 200 times on exactly what we are trying to do.

    Thanks Jay. You rock Led Zep style.

    0Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    12y

    I am in Anne Arundel county Maryland , the houses is just saw in this post , every last one in my area would be 100K plus . The cheapest house I found in this area was in 1984 a 2 bedroom rancher I got for $ 51K and it was a deal . My most recent purchace was $ 150,000 and it was a deal . ( 4 acres next to 3 acres I already own) The first and last pics are after , the middle is before . I bought it from the 2 nd owners estate , they lived there since 1940 and didnt do much .

    2Reply
  • Levi F.
    Real Estate Investor · soldotna, AK · Member since 2011 · 69 posts · 36 votes
    12y
    Originally posted by @Jay Hinrichs:
    @Matt R. Matt some of my turn key guys go with large ceramic tile that they buy on the cheap... especially in markets like Vegas PHX.. orlando.

    I got so sick of replacing carpet I did the same with a lot of my rentals were I could. Its amazing how we can own our own home get 5 to 15 years out of the carpet but our renters cant get hardly 6 months out of it and its all stained to hell its like its intentional

    smooth flight tonight can't think of a better thing to be doing on a 6 hour flight but trolling BP... can't beleive I only found this site about a week ago :)

    I totally agree! Tile kitchens and baths, laminate everywhere else but the bedrooms. We have some building that the floor were to spongy for tile and they got commercial grade vinyl.

    1Reply
  • Christopher Cruz
    Real Estate Investor · New York, NY · Member since 2013 · 33 posts · 21 votes
    12y

    Hey guys -

    Do most of you make cash purchases? Or do some finance these cheap properties?

    Thanks,

    Chris

    1Reply
  • Levi F.
    Real Estate Investor · soldotna, AK · Member since 2011 · 69 posts · 36 votes
    12y

    @Christopher Cruz

    We finance when we can. We have a bank that we work with that gives us commercial loans on property as low as 8K. We know our strategy is to hold 6-10 years so we keep the terms short and at fixed rates between 5.57-6.25.

    0Reply
  • Mark Pritchard
    Real Estate Investor · Baltimore, MD · Member since 2013 · 17 posts · 3 votes
    12y

    @Matthew Paul I couldn't agree with you more. I'm looking at all of these great $30k houses that would be $100k+ houses here.

    1Reply
  • Sharad M.Pro Member
    OP
    Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes
    12y
    Originally posted by @Christopher Cruz:
    Hey guys -

    Do most of you make cash purchases? Or do some finance these cheap properties?

    Thanks,

    Chris

    Hi Chris, there is funding available for these low priced properties. You just have to find the local bank that will lend on these properties. There are couple of banks in my area that will lend on these properties in my area.

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    0Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    12y

    @Christopher Cruz Hi Chris! Personally, some have been cash (401k for one, Titles my car that was paid off but had value at 5% for another property). I also obtained a personal loan, as well as conventional financing. You will hear this many times, some credit unions/local banks don't have a minimum, others do. You have to just ask around before getting preapproved.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    12y

    Picked this up for 17k. Spent about 8k. Currently rented for $750.

    0Reply
  • Account Closed
    Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
    12y

    I already posted a couple, but figured one more couldn't hurt.

    Purchase 12k

    Rehab: 13k

    Rented: 900/month

    Chicago land area.

    0Reply
  • David B.
    Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
    12y

    Townhouse that I paid $9,000 for. Rehab was $6,000 and is currently renting for $1,150.

    This duplex was $7,900 with a rehab cost of $12,000 and rents for $850 and $925.

    0Reply
  • David B.
    Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
    12y

    This duplex was $7,900 with a rehab cost of $12,000 and rents for $850 and $925. It was initially my RE office but now I rent it. These interior pics are from when it was my office.

    Townhouse that I paid $9,000 for. Rehab was $6,000 and is currently renting for $1,150. I actually purchased two of these, the other on is two doors down with the white awning. That one was $16,500 with a $8,000 rehab.

    4Reply
  • Christina R.
    Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    12y

    @Matthew Paul

    @Mark Pritchard

    I agree with you that SFH around here . . the cosmos has to be perfectly aligned throughout the entire universe to pick up properties like were are seeing (SFH) in other markets. There is $ to be made in the rowhomes in Baltimore and other similar markets around here and I think one of the primary questions (or maybe evolved-out-of-questions) of this thread is . .. do you improve your rehab on these types of properties as you would on a duplex or SFH in a better neighborhood . . in the hopes of securing a better quality tenant (market or section 8)?

    1Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    12y

    @David B. congrats

    " Townhouse that I paid $9,000 for. Rehab was $6,000

    and is currently renting for $1,150 "

    1Reply
  • George C.
    Involved In Real Estate · My City, NJ · Member since 2013 · 181 posts · 81 votes
    12y

    Purchased 2012 for $21K (got a $500 commission on the sale too), put in $17K, $37,500 all in after repairs and rents for $950 (N/E PA).

    Can't get the outside "after" to load...

    Before

    After & staged to rent

    Yes, there was a new wrought iron railing installed on the stairs. Notice I added a landing & a turn. The stairs use to end less than 2' from the wall & heater, go figure... was a simple fix that made a great change in looks & safety.

    .........................................................................................

    In 2003 I bought an REO for $3K (yes three thousand dollars & got a $500 commission on that too), I put in $1,200 & three weekends of elbow grease and rented it for $425 a month. The house was a half double in Luzerne Co PA and in great condition, it had a retail value then of $30K. The old lady neighbor would run out and tell everyone looking at it that there was a big oil spill in the basement, fire dept involvement, that it was condemned, etc... I bought it anyway :) It was all BS, she didn't want to be terrorized anymore by renters, she kept buyers away for over 5 years with that routine of hers. I made sure to tell her how much I paid for it and thanked her :)

    3Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    12y

    I have to say to everyone here, these are some of the best stories I've seen. Excellent, and @George Carr - how beautiful!

    1Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    12y

    @Christina R. I WILL ALWAYS SAY YES! Now, I dont install new dishwashers or upgrade to granite countertops, but for what I call the The Coziness Factor, when I newly renovate a property I spend extra on - nice paint on the walls, tile/laminate, nice light fixtures (cheap), and new appliances. So far, everyone of those items makes it rent faster rent, makes the tenants appreciate the nice home, attracts higher quality people for those neighborhoods (nicest house on the block mentality), and all those things help to deter maintenance (unlike fixing linoleum and cleaning carpet). i think that's why I don't have much trouble renting out my units very quickly.

    Seriously, those little details make the house look brand new (sparkling shiny new appliances, esp). AND, they hold up beautifully, i have had no service calls on the appliances at all going on 5 years.

    1Reply
  • Pyrrha Rivers
    Investor · Yokosuka, Japan · Member since 2014 · 631 posts · 184 votes
    12y

    @Sharad M. Another great idea of yours to start this thread! I am in awe of the wonderful work being done again and again by the sub$30K group.

    @Rick Baggenstoss 30032 is the zip where I am hoping to get my first Sub$30K. Great exterior picture. I love how much architectural character these houses have. Wish me luck I'm looking hard!

    0Reply
  • Rick Baggenstoss
    Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    @Pyrrha Rivers Best of luck. Rehab prices are increasing in the area so it's more and more difficult to find the $30k deals. Be patient and offer $30k on the $50k deals not just the $30k listings.

    Best of luck!

    Rick

    2Reply
  • Pyrrha Rivers
    Investor · Yokosuka, Japan · Member since 2014 · 631 posts · 184 votes
    12y

    Thanks @Rick Baggenstoss I have set my search price to $50K thinking I should offer $30K and see if they take it.

    Do you have any pearls of wisdom regarding the 30310 and 30311 zip codes? I'm finding a few Sub$30K and slightly above listings in these two zip codes.

    Thanks

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

    I invest in 30310. It's varies block by block. Some areas, I would not invest in at all.

    My advice is to search only in the Historic West End, South of Abernathy and North of White. I you stumble across a really nice house, then you might expand to the footprint of MA Brown Elementary which goes into Westview. Stay close to the Beltline.

    Also decent is Adair Park along Catherine. The Beltline follows this street and there are some nice houses in the area in need of an investor. Stay away from and west of Metropolitan.

    I think you'll find it challenging to find a $30k all in property, but this is a great place to find them. Many of these houses are large and have been neglected for decades so they need attention.

    After you have a good contractor and PM in place, you might venture farther but I'd try to stay with this area for now.

    I'm not familiar with 30311. I don't seen anything driving improvement or stabilizing in that area.

    Hope this helps!

    Rick

    2Reply
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