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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  • Sarah B.
    Investor · Key West, FL · Member since 2011 · 127 posts · 29 votes
    11y

    I'm so glad I found this post! Here in Sacramento 30k properties don't exist. I'm from Florida and have recently been looking into venturing into the rental market there. I am finding 2/2's and 3/2's 1000+ square feet for 40k and less.  I have my eye on a 32k one and it's surprisingly NICE!!  I'm still a little shocked at property condition, price and rents.  Rents in this area are at least 800 a month, this is a fantastic return.  My problem is I want to leverage my cash and try to finance it.  I've been reading it's extremely difficult to get a mortgage loan for under 50k, does anyone have financing suggestions?

    0Reply
  • Nikki Robinson
    Investor · Valdosta, GA · Member since 2015 · 187 posts · 112 votes
    11y

    This thread has me ready to wake up bright and early on a Monday morning to go find sub30k deals... and I'm one of those people who hate Monday mornings with a passion. Coffee or not.

    Yesterday I sent a cash offer for $6k to an absentee owner who's 2bd/1ba house caught on fire last Thursday. I have Google Alerts for "Valdosta, GA" sent to my email daily and this was one of the news stories. Faulty wiring was the culprit. The local news station's online report said the fire caused an estimated $4k in damages. I know this city like the back of my hand, so I easily found the exact address of the damaged house and searched the county property records online for the owner's address. I know I'm probably pushing it by offering so little so soon, but it's worth a shot.

    1Reply
  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    11y

    We are finishing up our rehab on our Lansing Property listed above.

    Here Is a link to the rental listing. Rehab was @ 15k so all in for 27/28 after misc. expenses and listed for rent at $875.  We may list for sale to one of our turnkey buyers or cashflow it for a while, have not decided yet.

    0Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    11y

    @Bob E.

    So is that property a buy and hold for you?  If so you must have your own team on the ground there.  

    Curt Davis - KAIZEN Realty538 Reviews
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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    11y
    Originally posted by @Robert Blanchard:

    I know the economy is depressed in a lot of Michigan and Ohio, but would any one here consider buying sub 30K houses in those states while living over a 1,000 miles away?  I do not have a team put together but I know of a guy that pays cash for bank owned properties near or outside of Toledo OH.  Many of them are rough neighborhoods but his returns are very good as he keeps them as rentals. 

    Where I am you can not even buy a decent Mobile Home for less than $30K anymore. A SFH runs 267K for my suburb and 236K for Colorado. Rents are skyrocketing for even 2/1 houses.

    I envy investors that can get homes for less than 100K, and still rent them out for over $700. 

    Good Luck to everyone in 2015 on finding those "home run" deals!

    Long term these cheap homes will turn out to be a loser, they always do.  

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
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  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    11y

    We will hold it for a while.  We have a PM that we really like and has done a great job hooking us up with contractors.  They managed one of our other properties that we sold TK to an investor / friend, that same buyer has expressed an interest in this property.

    0Reply
  • Devin E.Pro Member
    Investor · Torrance, CA · Member since 2014 · 75 posts · 13 votes
    11y

    I wish i could find deals like this in my area. living in southern Cali makes it very hard or should i say impossible. 

    keep the pictures coming and all the great comments. Very motivating to see what you all are doing. I will be starting my out of state acquisition process within the next few months and hopefully i find some great places to invest like all of you have. 

    Thank you, 

    Devin

    0Reply
  • Luke Swab
    Investor · Lansing, MI · Member since 2014 · 32 posts · 16 votes
    11y

    @Bob E. who is the Property Manager that you are using for the Lansing House?  I'm in the area and haven't found one that I like yet.  

    1Reply
  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    11y

    @Luke Swab we are currently with Jill At 1st Choice.  We have had a good experience so far.

    The link above is for the listing on their website.

    1Reply
  • Michael Palma
    Investor · Brooklyn, NY · Member since 2015 · 13 posts · 2 votes
    11y

    wow,  I'm so happy I stumbled across this post!  Living in NYC I was not aware this was possible.  These are exactly the kinds of homes I'm looking for and have now expanded my search!

    0Reply
  • Chi Cheung
    Investor · Brooklyn, NY · Member since 2014 · 20 posts · 12 votes
    11y
    Originally posted by @Michael Palma:

    wow,  I'm so happy I stumbled across this post!  Living in NYC I was not aware this was possible.  These are exactly the kinds of homes I'm looking for and have now expanded my search!

     Good luck with your search!

    0Reply
  • Adrian Chu
    Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    11y
    Originally posted by @Sharad M.:

    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.

    $800-850 for a sub 30k property.  Looks good, wish we had deals like this in the Seattle area!

    1Reply
  • Lisa Phillips
    Real Estate Investor · Arlington, VA · Member since 2012 · 302 posts · 277 votes
    11y

    @Adrian Chu  @evin I hear you. I always work in very high cost of living areas, so I have to invest outside of it. Its 100% worth it. That's why I always follow up with DRIVE when we promote/share this strategy :-) Even Sharad invests 45 minutes outside of his zone.

    0Reply
  • Account Closed
    Rental Property Investor · Vancouver, WA · Member since 2014 · 308 posts · 144 votes
    11y
    Originally posted by @Patrick L.:

    @Sharad M. Yes those properties (and all of my rentals) are in the Tampa Bay area of Florida. I've been able to find great numbers locally without having to deal with trying to invest remotely.

     How are you liking the Tampa Bay area?  Are the returns pretty good?

    0Reply
  • TJ H.
    Philadelphia, PA · Member since 2015 · 19 posts · 4 votes
    11y

    My sister and I bought a duplex for $190K in January, but it is our owner-occupied and she actually lives in one unit and we rent the other unit out.

    I was SURE we can find sub $50K properties but she is very hesitant. I stumbled across BP a couple weeks back and have been reading through so many posts/threads. This one in particular has my blood pumping!!! I can't wait to get my own sub $30K property!

    Thank you everyone for their photos and contributions and motivations!!!

    1Reply
  • Renea Steward
    Massage Therapist · Chicago, IL · Member since 2015 · 613 posts · 84 votes
    11y

    @Sharad M.thank you for starting this thread. I joined Bigger Pockets August 11, 2015. After being referred by my sister, who aware that I recently placed an offer for 30, 000 on a property that was selling for 32,000. I didn't buy it investors were bidding over the asking price. It sold for 48,000. Well that's another story.

    I will find my 30k property (or less) and add it to this thread.

                                Enjoy as you prosper.....

    0Reply
  • Account Closed
    Investor / Real Estate Agent · Miami, FL · Member since 2015 · 81 posts · 55 votes
    10y

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

    6Reply
  • Jose Martin
    Foreclosure Specialist · Miami, FL · Member since 2015 · 34 posts · 5 votes
    10y

    lol 

    0Reply
  • Dyanne C.
    Investor · Miami, FL · Member since 2013 · 49 posts · 7 votes
    10y

    That's Miami for you. 

    0Reply
  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y

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

    2Reply
  • 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
  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y
    0Reply
  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y

    Basement Kitchen

    1Reply
  • Tarik Larue
    Investor · Washington, DC · Member since 2014 · 71 posts · 25 votes
    10y

    Man cave??

    0Reply
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