Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
7y
@Nandy B.
- 4-family in a C area here in CT for 55k, it was a foreclosure
- purchased 6 years ago when there was still a large inventory of foreclosures on the market
- We put $25k in rehab into the project and BRRRR our money out
- Current ARV $210-$220k
- Still own it today and it is the best cash flowing rental I own
- I would definitely do it again because they are all 1-bedroom apartments with electric heat which for a C class building makes it easier to manage day to day
Real Estate Broker · Bakersfield, CA · Member since 2018 · 269 posts · 597 votes
7y
$65,000. A dilapidated squatter occupied duplex that was part of a portfolio of properties that were being liquidated under court order (had been purchased by a real estate scammer with other peoples misappropriated funds). It was in a really tough area. The place would get disassembled at night almost as fast as we could put it together during the day. When I was finally able to get the major utilities on I had to have someone live in the property until the close of the sale to keep the place together. Nonetheless, we got it back together and flipped it, which was the intent from the outset. Though it produced a decent return in the end I'm not exactly looking for more deals like it.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
7y
$6,500. Why did we buy it? Because it was cheap.
Would I do it over? No.
Tried to sell it but couldn't.
It's currently being renovated after we kicked the can down the road for nearly 5 years. It needs a lot of work and we'll have way more in it than what it would sell for. So I guess we'll be holding it to rent. (that was the original plan anyway)
Rental Property Investor · Bloomington, MN · Member since 2019 · 404 posts · 542 votes
7y
@Nandy B. $49,000 purchase price on a condo, 3 bed 1 bath thats 10 minutes from St Paul. 25% down. 75% financed. Bought 7 years ago. Cash flowed right away with very minimal work. $700 rent at that time, $1,100 today. If I could find that type of deal again I absolutely would do it!
The cash flow has increased since that time, as well as the property value. If everything stays similar in the market my plan is to sell this unit within 2 years and use the proceeds for a multi unit property. Nothing huge, but 3-4 units.
May I ask why you bought. Did you know it was going to be in a bad area?
Were you new to investing then?
I supposed you ve learned how to properly vet those issues now?
Sorry asking bcs I might be in a similar situation.
I bought it because I knew there was still money in it. Nothing was really much of a surprise. I was far from new at the time. I'd say this was somewhere in the neighborhood of flip number 100. I'm just doing too many properties at a time now to have any one that requires a ton of attention. I could manage these greasy dirty deals if I was doing 3-5 at a time. I can't manage 15 of them at a time.
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@John Teachout
I m on the same boat right now.
I want to grow my portfolio but financing is a pain in the butt....
I have the opportunity to purchase 2 properties but they are so cheap!!!!
I see at best a great learning opportunity
Here is the scenario
An opportunity just came up for me to purchase 2 separate bank owned properties in a rural area where I grew up. The neighborhoods are not war zones but just really tiny towns.
🏠 1 -
About $3000 with double closing cost total purchase of 5500
894sqf -- 2 bed 1 ba on about 1-2 acres of land (will have to do a survey)
Will need about 20k worth of work
Can rent "if it does" for about 550-650
I would give out more comps buy it's a very small farmer town of about 1300 people so none really exist.
🏠 2 -
About $10000 similar closing costs about 2000.
1168sqft -- 3 bed 1 ba on about 1/2 acre along with a large shed that could be a mother in law suite.
The house has been completed gutted and ready to build a new. Will need about 30k worth of work
Can rent for about 650-850.
They just build a new hospital in the area so this city has a little bit more potential.
OPPORTUNITY
I have primarily been a buy and hold investor who s done cosmetic updates. In the past 2 years I have learned a lot about basic cosmetic repairs (I know how to do doors, floors, framing work, baseboards, trims, etc...).
I see this as an affordable way to learn how to do more challenging renovations.
I would love to be able to invest in a flip here in Dallas but lack the confidence and experience. This could be an opportunity to develop both.
Contractor · San Diego, CA · Member since 2018 · 432 posts · 221 votes
7y
@Nandy B. $7k. I got under contract in hopes of making it my first flip, but by closing I had already figured out it was more worth it to work a job instead of spend the time flipping it. It’s still a cool house, so I paid off my little borrowed money and hung onto it and it sits there vacant, storing some of my stuff somewhere in the middle of the US. I guess now I’m either waiting for appreciation, or really just the time to go remodel it to at least slumlord status to rent. I think in the markets where you can find some real cheapies, there’s still some profits to be turned if you’re patient and can hang onto them for a while. Could be wrong, but it’s a start.
Contractor · San Diego, CA · Member since 2018 · 432 posts · 221 votes
7y
@Nandy B.
I’ve recently purchased one for $15.5k and one for 12.2k in areas we we’re thinking about moving to. Kind of a chance to explore the areas while we flip. It’s cool for us, but it gets exhausting moving around for these things. It’s really cool looking out of state for “good deals” but after a while I start to realize how I’d like to have all my investment in a single area.
Specialist · DC Metro Area - MD · Member since 2017 · 16 posts · 5 votes
7y
@Nandy B.
I bought a single family house for $5k from a tax auction. Put in about $23k to fix it up, and could have rented it for $1400/month. Cash flow dream!
Yes, I would do it again. I made the mistake of selling it as it was in a distant market from where I was based at the time. Looking back, I would’ve done my due diligence to find the right property management company to manage it.
Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
7y
@Nandy B.
I won an auction on Hudson & Marsall, could not see the inside of the house. 3/2 half double with a huge 2 story garage. $23,100. Rehab cost $14k. That was 4 years ago. It’s worth $105k, rents for $1200. Winner winner!