Bob Anthes
Rental Property Investor · Port St Lucie, FL · Member since 2019 · 150 posts · 79 votes
7y
@Nandy B. 35,000 needed $120,000 in complete rehab. Yes would do it again. We all have heard great success and horror stories. I believe it’s all about doing your due diligence before you buy. The rehab process is stressful but the end result works if you do your homework.
3 Reply
Nandy B.
OP
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@Bob Anthes
Can I ask how you do your due diligence?
I m about to buy 2 potential rehabs at really low costs in a rural area. I can't seem to find any information. Also I m 400 miles away but my parents live near by and will be my eyes on the ground.
Yes the rehab process is very stressful. I think the most important thing someone needs to succeed in Real Estate Investing is resilience.
1 Reply
Oleksandr IvanovskiyPro Member
Rental Property Investor · Member since 2019 · 124 posts · 38 votes
7y
@Nandy B.
So far it was a condo I bought 10 years ago as primary for myself.
I rent it later on and it’s been renting continuously for 6 years.
1 Reply
Natelya G.
Rental Property Investor · Macon, GA · Member since 2017 · 61 posts · 12 votes
7y
Originally posted by @Nandy B.:
@Natelya G.
May I ask why you why?
The neighborhood is one that you will receive cashflow but not appreciation. So if we had invested in fixing it up, it would take a long time for our return. Unfortunately, it was also a situation that turned into chasing down rent money. But I can say we have done better 15k and up. Not to discriminate but we have done better with fixed income tenants in this price range.

0 Reply
Brian Ploszay
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
7y
I bought some low end houses, during the foreclosure crisis, for under 10K. I still have most of them.
3 Reply
Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
7y
It is really interesting how the market varies. The cheapest SFH I bought for a rental was 3 years ago for $215K and it needed about $30K of work to make it livable (ie nice home, not a slum). Funny thing is about 10 years earlier and in a much less expensive city, I bought my own home for less than that and it is much bigger, nicer and turn key. Location, location, location. Both have gone up about $100K since I bought them.
1 Reply
Jermell Shavers
Member since 2019 · 295 posts · 159 votes
7y
@Nandy B. 17,500 it was a house basically rent ready it also came with a lot and a decent sized one as well.
1 Reply
David Spatz
Edison, NJ · Member since 2019 · 16 posts · 19 votes
7y
@Nandy B.
Cheapest house was $2,100 for a row home in Reading, PA. We gutted and put on a new roof. We never finished the rehab, instead sold as is to the neighbor.
Price was right.
Yes, I would do it again but would finish and finally get the AVR (after repair value) we plan on every project.
2 Reply
Pat L.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
7y
Large 4bed/2bath for $12,500 compete with frozen pipes, destroyed hardwood floors etc etc. We held it rent-to-own $28k @ 12% & the couple completely rehabbed it at their expense. 4 years later when they visited Ohio he was arrested for outstanding OH warrants. His wife cleaned the place out but left it 'livable'. So we took it back & sold it to a neighbor who approached us. We actually held the note on that one (she had a job at the Post Office) $28k @ 9.5% 15years & she paid us off.
We have done quite a few over the years but most were $12-$20k & we still hold the majority of them CFD. The best to date was one for $19k & we did nothing to it, held it rent to own a few times & each 'client' did some rehab. We now hold it as a note $55k @ 12% & he rents it out for $1400/month, but he did a lot of rehab.
3 Reply
Account Closed
Rental Property Investor · Mount Dora, FL · Member since 2017 · 33 posts · 35 votes
7y
In 2017 I was able to buy up a 2/2 single family home for $30k. The owner wasn't maintaining it because he lived out of state. I wrote him a letter and he ended up selling it to me. I did a ton of yard work, replaced some windows, and updated appliances. I rented it out for $1100/month and it's appraised at $148k. These deals are out there!
1 Reply
Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
Oh, this is an interesting question!

We bought the property for $75,000 in a transitioning area in Baltimore, MD, and we sold for it $245,000.

1. Why did you buy it?

I contracted the Shiny Object Syndrome (Flippingititis).

2. What did you do with it?

Full gut rehab (down to the studs)

3. Would you do it again?

Probably, because I learnt a lot about myself but we don't flip any more.
1 Reply
Alan C.
Investor · Baltimore, MD · Member since 2015 · 155 posts · 166 votes
7y
Disclaimer: I did not actually buy these houses since I am a full-time wholesaler in the Baltimore-DC area. I put one house (a large shell) under contract and the owner only wanted it out of his name and did not even want $1.00. I wholesaled it for $1500. The other house was boarded up and I got it under contract (over the phone) for $500. I assigned it for $1200 so I made $700 without getting out of my office chair. I did not ever see these houses for my self.
1 Reply
Jesse Kerr
Fairfield, CA · Member since 2015 · 80 posts · 26 votes
7y
@Adam Fiore
Where as this and how long ago?
0 Reply
Adam Fiore
Investor · Simsbury, CT · Member since 2015 · 46 posts · 31 votes
7y
@Jesse Kerr
2014-now
0 Reply
Penny ClarkPro Member
Sacramento, CA · Member since 2014 · 513 posts · 319 votes
7y
We bought a half plex in South Sacramento for around 40K; renovated and rented it for a couple years for $1100, then sold it for $180K.
0 Reply
Barb Asay
Rental Property Investor · Member since 2018 · 64 posts · 40 votes
7y
$6000 cash for a one bed one bath home on a huge lot.
Spent about $15k and 2 months renovating...well, actually more like rebuilding the whole dang thing. When we went to put on the roof we discovered the walls were about ready to fall over. Fun project, learned a lot.
It’s currently rented for $550/mo. Haven’t financed it yet, waiting to see if we actually need the cash for a deal yet. So far haven’t needed to tap the equity. Nice to have in my back pocket if needed.
Cheapest Flip: $19k, spent about $30k renovating, sold for approx $80k. Took 8 weeks.
1 Reply
Laura Abbott
Specialist · New Milford, CT · Member since 2014 · 30 posts · 23 votes
7y
@Nandy B.
Bought a 6 unit building for $1 (aND the bank gave ME a check for $95k at the closing)
And
Bought a house for $10 and netted about $2k/month
1 Reply
Sachin Bhat
Rental Property Investor · Lancaster, CA · Member since 2016 · 68 posts · 26 votes
7y
@Nandy B.
$9000
Will not do it again as property was located in D class neighborhood. Pain in the a$& property
0 Reply
Porche Jackson
Member since 2019 · 5 posts · 5 votes
7y
@Nandy B.
Where at ?
0 Reply
Lynnette E.
Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
7y
$38,800 for my first house. I bought it to live in. It was a row home in Upper Darby, PA.
Lived there for 4 years, and as the neighborhood was changing and I adopted a ten year old and needed a better school district for her, I sold it, made $10k when you could not give most houses away in that area.
I did replace the tiny kitchen with new cabinets and build in a snack bar. Drywalled the living, dining and kitchen ceiling and put in crown molding, painted everything, terraced the tiny hilly front yard and landscaped it, converted a nested 'nursery' to a bedroom by adding a closet along the entire wall. That house needed closet space badly!
I'd do it all again. Lots of memories doing the work with my dad when he visited every Summer for 1-2 months. And I was pretty happy moving into a house vs. an apartment where the heat temperature was not controlled by me!
1 Reply
Natalie KolodijBusiness Member
Moderator
Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
7y
If Mobile Homes count: $50.
I flipped it.
Bought it. Put my sign in the window. It was sold within 24 hours. Before I even started the reno It was sold for my planned ARV.
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2 Reply
Nicole Wood
Investor · Bath, NY · Member since 2015 · 149 posts · 44 votes
7y
I bought a single family for 5,685. Needed a lot of work. I underestimated my ability to get it flipped and rented it out for $450 a month for a year (that barely covered taxes) then ended up selling it a year after buying it for 10,000. So all in all not too bad. It was at a tax auction. I would do it again but flip it right this time...
The guy who flipped it is making 1200 per month in rent and its appraised for 120,000.
1 Reply
Dustin P.
Realtor · Tempe, AZ · Member since 2017 · 541 posts · 442 votes
7y
I just bought one for $128k for only about $2k out of pocket on Friday, once the tenant is out in December I plan on cleaning it up and selling for $175k
Cheapest actual dollar amount house though was $36k. Closed it, wholesaled it for $65k, investor is going to sell for $170k after a renovation
1 Reply
John Baughman
Investor · Tallahassee, FL · Member since 2017 · 33 posts · 31 votes
7y
@Nandy B.
Bought a house from an out of town owner on “Contract for Deed” with $0 down for $12000.
It was trashed by the previous tenant who left all their belongings and left town.
I got a dumpster, had 2 guys clean it out for $500. Sold it to a rehabber for $22000 in about a month.
Heck yeah I’d do it again.
1 Reply
Jill F.
Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
7y
A 7-unit for 98k with 14k out of pocket. 5 of seven were rented but the crazy was deep. We are still working on it. We'll probably have an additional 5k per unit largely financed by home depot when all is said and done. It will probably take three years to fully renovate including new appliances, cabinets, windows, flooring, paint, bath fixtures, water supply lines and drains. The roof is good and the furnaces are good. everything else is bad (lol).
1 Reply

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