Tyler Bushey
Investor · Biddeford, ME · Member since 2017 · 282 posts · 180 votes
7y
Originally posted by @Steve Kontos:
@Nandy B.
Both bought for investment:
A single family home for $2k with no work needed and cash flow ready.
A 6 family building for $25k that needed a gut renovation.
Don't know if I would do it again only because our goals have changed to a different type of investing.
If you ever need motivation, remember good things happen to those that work hard and stay focused! Best of luck to you.

What city/state was it?

0 Reply
Stephen Kish
Member since 2019 · 1 post · 1 vote
7y
@Nandy B. I bought a home for 38,000. It needed a roof and new floors. It’s worth around $150,000 today and continue to live in it Mortgage free 😃 it’s going to make a great rental after I get a few deals under my belt and purchase my next home.
1 Reply
Brandon Hicks
Investor · Avilla, IN · Member since 2013 · 796 posts · 769 votes
7y
@Nandy B.
$17500 in Kendallville IN
$1000 down land contract at 5% for 48 months I think
Was rented at $595/month. I painted the exterior and made a few minor repairs while I held it. Sold it for $34k or $36k 12 months later to pay long term capital gains vs short.
I’d definitely do that deal again.
1 Reply
Marisa R.
Developer · Atlanta and Detroit · Member since 2018 · 601 posts · 821 votes
7y
I purchased foreclosures in Atlanta at around $35,000 requiring on averafe $10,000 rehabs. Purchased 12 of these in 2011 today each worth sround $200,000 renting for $1500 per month
Today doing something similar in Detroit, paying around $32,000, renting $800 pm
3 Reply
Matthew McNeil
Rental Property Investor · Boise/Portland · Member since 2017 · 709 posts · 742 votes
7y
What is the cheapest house you've ever purchased?
4000 SQF 2-story SFH for $65k

Why did you buy it?
Seller was a friend who wanted to help me out. I had nothing and he didn't need the money.

what did you do with it?
I put about $5k into the house; new paint and carpet. Sold it 6 years later for $265k.

Would you do it again?
It was a once in a lifetime deal. Used what I learned and the profit to leverage myself as an REI and built a 7 figure value portfolio.
0 Reply
Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
7y
OMG - this thread is like giving sugar to a toddler!
A collection of succesful deals that were cheap to get in and made a killing - newbie beware!
Notice that a lot of them were flips, so not really an "investment" and no doubt there is money to be made, if you can tolerate the side effects that come with those deals.
For a buy and hold investment, be aware that properties that sell far below intrinsic value are usually fools gold - cashflow looks AMAZING, but capex will exceed cash flow over the years with no other source of income to compensate for it, but you won't realize it until you see it in your bank account 5 years down the road.
This is why you never see a seasoned investor buy these deals.
My cheapest deal was 62k in, about 25k in rehab, a year in rent and then sold it to the tenant for 110k I think. A good deal if you look on the surface, but we were glad when it was gone and will never do it again.
5 Reply
Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
10k big single family home nice yard . Borrowed 100% of it on a line of credit ...sold it a month later for 54k . I’d do that again !
1 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
Tough to compete with the midwest and cheap markets. Median homes here are well over $320k.
My cheapest ever was a mobile. $6500 buy, sold with financing for $11k. Yippee.
Oh- you mean the best value?
Found a forfeited owner contract held by a guy out of state. I used to dig these up inside the courthouse. Bought for lot value $23k on 3 credit card checks. Refinanced it 1 year later and pulled out $106k.
Find yourselves a seller with a problem and solve it.
2 Reply
Linda S.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
7y
$8,500 for a 512 sq ft SFH

LOCATION--Very desirable, quiet street, next door neighbor is a cop and house is worth at least $150K

Would I do it again? No-- it was a full rehab, took a ton of time/money/energy/stress, I'd rather focus on spending like $25K-$40K and having quicker turn around. Sometimes you get lucky, most of the time you won't!

1 Reply
Mike Hamner
Rental Property Investor · Naples, FL · Member since 2019 · 1 post · 0 votes
7y
@Nandy B.
In 1998 I bought a small farm property with a main house, barn, several outbuildings, and a double-wide trailer that was like new and unused. I didn't need or want it so I basically received it for free. About a year later I bought a small lot and moved the trailer onto the lot. I added a small room on the back to make it compliant with minimum square footage requirements and then rented it out.
I refinanced it and pulled out $60,000 and held it for ten years. I sold it for $117,000.
If I had to do it over again I would have been patient about screening tenants or better yet, paid a pro to do it for me.
Mike
0 Reply
Steve Kontos
Investor · Great Neck, NY · Member since 2016 · 679 posts · 467 votes
7y
@Tyler Bushey
Pittsburgh, PA - this was back before it got red hot over there.
0 Reply
Bob Prisco
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
7y
@Nandy B. 10k, 5k repairs, sold, 50kish,looking back should have kept it and rented for 950,,,,,
1 Reply
Nandy B.
OP
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@Bob Prisco
That's an interesting comment.
Is it better to sell or hold. Even if it's just for a little awhile.
0 Reply
Anthony Rosa
Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes
7y
To answer the questions:
2 family house for $400K in 1994; Purchased it for rental income but primarily for appreciation; I still own it and would do it again in a heartbeat!
0 Reply
Ronnie Williams
Member since 2019 · 6 posts · 5 votes
7y
I bought a 2bd/2ba condo in 2014 in Hinesville, GA across from the Army base for 45k. It was a HUD home and had been vacant for 3 years. Smelled like cat piss. I put in 15k of renovations - completely gutted it. I now rent it for $950 and my mortgage is $230. I would do it again
1 Reply
Bob Prisco
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
7y
@Nandy B.IMO do both, but lately I am holding more. The market I am in seems to be going higher so long term cash flow is better then a quick, 20, 30k...... Flipping is a job, a good one but still a job,. Residual IMO is better for long term wealth
Good Luck
1 Reply
Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
7y
$182,000 for a duplex in Northeast Minneapolis
Lived in it and rehabbed it
Yes, I sold it for $3327,000 and lived for free for a few years
I don't live in or invest in low cost markets. I don't want a $30,000 war zone shack.
[email protected]512-888-9122
The Moorhead Team5140 Reviews
Website View Page
0 Reply
Jacci Konkle
Real Estate Coach · Appleton, WI · Member since 2018 · 66 posts · 61 votes
7y
Bought a single family home for $7k and wholesaled it for $12k to a rehabber. Would do it again!
Bought a single family home from a mortgage company that was condemned for $8,500 and hired an engineer to draw a plan to present to the city to rebuild and rennovate. Got the approval, rebuilt the home, sold a mostly new home to a great couple, and made $37k in the flip.
0 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
7y
Just got a contract accepted for $11K just 30 minutes ago. (ARV is $181K). Needs about 50 in repairs. But this still is not our record.

$5K is our cheapest we purchased.
0 Reply
Claire Mahon
Flipper/Rehabber · Boonville, NY · Member since 2019 · 16 posts · 2 votes
7y
@Nandy B. My first place was 19k but values around 35 so I can now borrow against for a multi family,
0 Reply
Ed Tamayo
Investor · Sugar Hill, GA · Member since 2014 · 168 posts · 97 votes
7y
@Nandy B.
I paid 13K for a house at a tax sale auction.
Put 3K of legal work
Sold it for 40K as it was
I have done a couple of other deals like that.
0 Reply
Nandy B.
OP
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@Steve Vaughan
It is really tough to compete with the Midwest.
I m in Texas and although it's just a neighboring state. I m amazed at how much more cash flow vs money invest you can have in Oklahoma.
I live in Texas but will be investing in Oklahoma soon.
Maybe long distance invest🤷🏾‍♀️
1 Reply
BOB CRANEY
HIGHLAND, MD · Member since 2011 · 160 posts · 141 votes
7y
@Nandy B.
I bought a 2br 1 bath coop unit outside Baltimore for $8000. I thought it was a mistake because Condos in the area in similar condition and age were $50-100k
I did a nice Reno on it and had about $20k into it and listed it for $75k hoping for a home run. Turns out that due to the large qty of units that were investor owned that you couldn’t get financing for it. I called a lot of people who were Coop experts and al said I was screwed because the investor ratio in the complex was over 57%
I dropped my price all the way to $45k and sold it cash to a retiree who was downsizing. I still did well and learned a lot. If I had more Capital I would have kept it, since nice it would have cashflowed like crazy, but I was in the Capital Growth stage.
1 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
Originally posted by @Nandy B.:
@Steve Vaughan
It is really tough to compete with the Midwest.
I m in Texas and although it's just a neighboring state. I m amazed at how much more cash flow vs money invest.
Maybe long distance invest🤷🏾‍♀️

Tough to complete with the Midwest or OK for cashflow or for 'cheap.'

But it's all relative. West does appreciation well, mostly forced. Easier to force larger equity positions on larger value assets.

I'm just glad I started a long time ago and got into multis. If starting now I would have to go rural or OOS.

I am considering some OOS, but also passive options like syndications and more passive asset classes like NNN, self-storage, etc. Good luck with your OK adventures!
1 Reply
Harold Albertson
Rental Property Investor · Huntington, IN · Member since 2019 · 12 posts · 8 votes
7y
@Nandy B.
Cheapest home we ever purchased was our first BRRR. Purchase price was $14k cash sale. We put $5k into it for a rehab and when done it appraised for $37k. We took out a loan for $27k and it has a nice positive cash flow to this day.
Yes I would do the deal again. The rehab was pretty quick and painless.
2 Reply

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