Nandy B.
OP
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@BOB CRANEY
Love this story...
I m primarily a buy and hold investor.... This story is the reason why I d rather hold. But I do understand that sometimes you have no other choice but to sell
2 Reply
Renee Touchton
Flipper/Rehabber · Chicago, IL · Member since 2019 · 10 posts · 6 votes
7y
@Nandy B. Closing on $21,000 SFR next week. Plan to spend $15,000 to rehab and rent for $950. We'll see how my plan goes :)
1 Reply
Joseph A.
New Rochelle, NY · Member since 2018 · 235 posts · 151 votes
7y
$16200 in March of this year from an online auction just from looking at pictures online. Put about 35k into the renovations I still have a day or two left in touchups and clean up. Have it listed for rent, it has 2 units one 2 bedroom and the other unit is 1 bedroom. I bought it as a learning experience, I learn better by doing. I'm sure I would do it again.
3 Reply
Reco Collins
Rental Property Investor · Baltimore, MD · Member since 2016 · 20 posts · 12 votes
7y
@Nandy B.
Purchased a burned out rowhome for $16k
Full gut renovation - $90k
Currently rents for $1500 with $180k ARV.
Wish I could find more deals like this.
3 Reply
Reco Collins
Rental Property Investor · Baltimore, MD · Member since 2016 · 20 posts · 12 votes
7y
@Nandy B.
1st Fix and Flip
Oct 2017: $25k rowhouse at an auction
Jan-July 2018: $85k full gut renovation
July 2018: Sold for $174k after 8 days on the market.
1 Reply
Jazmin Galvez
Rental Property Investor · Ontario, CA · Member since 2019 · 11 posts · 6 votes
7y
@Adam Fiore what locations were these? Great deals!!
0 Reply
Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
7y
@Nandy B.
Cheapest house I ever bought? 25k
Would I do it again? Yes with this specific property but debatable for that area.
What did I do with it? Still own it
1 Reply
James Maradits
Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 votes
7y
I've bought 4 houses under 30k, all of which turned out to be good deals for me.
The best was purchased for $11,500 and resold in 8 months for $90k after putting in about $30k in rehab.
2 Reply
Cody Ruff
Rental Property Investor · Evansville, IN · Member since 2019 · 41 posts · 24 votes
7y
@Nandy B. I live in the Southern Indiana area and you can buy single family homes even some duplexes as low as 25-35,000 dollars. Of course those require some work but really cheap and usually require some minor repairs and still cash flow immediately.
2 Reply
Marcus Johnson
Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
7y
@Nandy B.
I realize mines not as impressive as everyone else’s, but I bought a duplex in south Minneapolis, a B+ neighborhood for 179,000. This was 2014, and I thought I was overpaying. Here we are 2019 and I wish I would’ve bought five of them back then. This house is not valued at 280000. I’m bringing in $2400 a month in rent. Very happy with this duplex.
3 Reply
Tim SwierczekPro Member
Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
7y
3/1 SFR in NE Minneapolis Price $51,000 rehab $15,000 purchased in June 2009. It rents for $1875/mo currently
3 Reply
Jennifer T.Pro Member
Investor · New Orleans, LA · Member since 2014 · 1k+ posts · 944 votes
7y
4bd/2ba SFH for $38K in NOLA in 2016. Took the money out of my HELOC to buy it cash. Safe, but lower middle class neighborhood. Inherited a S8 tenant with that agency paying $1125/mo. in rent. It was so awesome to close on the 21st of the month and get back almost 3% of my purchase price in rent, only 9 days later! Worth about $50k when I bought it. I was cash flowing about $700/month and that includes my HELOC interest on the purchase price.
Tenant moved out and we're investing around $6K (mostly materials, we're DIY) on new flooring for the living room, total repaint of the interior, and new kitchen cabinets. Including taking out most of the wall between the living room and kitchen to open up the space and put in a breakfast bar. That layout is SO much nicer and cuter for very little cost. We could rent it out again for $1200/mo. But we're planning to sell instead for around $65K and use that as a down payment for a multi.
No doubt I would do this deal again! I wish I could find them. They were rare back then and I don't think they exist now at those price points. At least not in my area.
1 Reply
Tristan Taylor
Member since 2019 · 13 posts · 5 votes
7y
In the process of buying a $20k SFR currently renting $700 and a $42k duplex renting out $1100, buying from the same owner. $3k cash reserves for Capex. All in $65k at the moment
0 Reply
Brent Shields
Rental Property Investor · Sacramento · Member since 2019 · 129 posts · 108 votes
7y
First answer:

The cheapest house I have purchased in terms of the sales price would be $10k,

I bought it because it was really cheap.

I tried to rent it out but had a lot of problems because it was in a really bad neighbourhood.

I sold the house because it was a headache, and I probably wouldn't do it again, even though I made money on the house.

Second answer:

Cheapest house in terms of how much money I had to put into buying the house, the answer would be zero,
I bought it because I didn't have any money at risk and I knew I could easily sell it.
Then I sold the house for a nice profit.
I would absolutely do that again.
0 Reply
Cookie Brown
Rental Property Investor · Syracuse, NY · Member since 2017 · 1 post · 1 vote
7y
@Nandy B.
I got my second rental property for free (my first one was inherited). It originally was a wholesale deal that I struggled to find a buyer. The owner was older and really wanted to get rid it. It had almost 5k in back taxes which was transferred to me at closing. The property is a 3 unit all with 1 bedroom/1 bath. It needed some TLC. I had family and friends help fix it up for me for cheap and I helped out with some things, here and there, such as painting and flooring. We focused on one apartment at a time. I live in one unit. I put roughly 5k into the property. The two other units rent out for $750 each. Cash flow is $700.
This was a great learning experience and I feel confident in understanding the numbers.
**the previous owner own another property on the same block in which he shows interest in selling in the near future.
1 Reply
Nandy B.
OP
Rental Property Investor · Los Angeles CA · Member since 2016 · 128 posts · 55 votes
7y
@Reco Collins
What is a rowhouse?
0 Reply
Guy Gimenez
Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
7y
Junker SFR for $5,275 in South Texas...it was boarded up. Had the yard mowed and sold it 2 days later for $19,900 cash. Not very sexy by most standards but still easy money. There is a buyer for every property.

2 Reply
Reco Collins
Rental Property Investor · Baltimore, MD · Member since 2016 · 20 posts · 12 votes
7y

@Nandy B. It’s a house that is typically attached to a home on both sides unless its an end of group unit.

1 Reply
Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
7y
$ 7500 for a 2/1 1100sqf in the Pittsburgh community of Atlanta in 2010. Sold it last year for 78k
1 Reply
Marcus Floyd
Hinesville, GA · Member since 2016 · 3 posts · 0 votes
7y
@Ronnie Williams is the Hinesville area a local market for you?
0 Reply
Ronnie Williams
Member since 2019 · 6 posts · 5 votes
7y
@marcus floyd no, I lived there while in the military and fell into it due to the limited supply of suitable properties. I like bling and granite, and it just wasn't the market for it, so I made my own. I am investing in South Carolina and Texas now, specifically college towns.

0 Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
7y
Just bought one for $12,000. I have houses that I have bought via Tax Sales that I have paid as little as $1500.00 and they already had a tenant in them.

I have actually had some given to me and I paid $200 to the person to have a monetary amount on the deed.
3 Reply
Paul Sandhu
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
7y
We only do STRs. At that time, we had two. There were 9 refinery contractors living in one of our houses. 9 guys, 3 bedrooms, 1 bath. So were were looking for a house with a alot of bathrooms. We found a 3 story house with 4 full baths and a jacuzzi. It was a bank foreclosure. We offered $15,900 and the bank accepted it. That's about $6 per square foot. Spent another $3000 on furnishings (9 beds) and appliances. All in is less than $20k.
The first group of renters were 13 pipefitters from Baytown Texas. I charged $1200/week, and they stayed about 16 weeks. We've bought 20 more places since then. None as big, but all were about $6 a square foot.
1 Reply
Adam Fiore
Investor · Simsbury, CT · Member since 2015 · 46 posts · 31 votes
7y
@Jazmin Galvez
They where all in my home town
Off market deals people call me
With crappy deals all the time
Eventually I find one that works for me
0 Reply
Joel Florian
Member since 2019 · 111 posts · 130 votes
7y
@Nandy B.
I read other responses to your post and I'm ashamed to admit that the cheapest house I've purchased was $78k cash (we are Dave Ramsey freaks) plus $20k materials and 2.5 months labor.
I bought it because I didn't have a job or enough income to support my family. I wanted to make an offer on a D-class 4-plex but my realtor convinced me to flip this 2/1 SFH. It is under contract for $180k and the buyer took early occupancy with a pending sale of her other home.
I would do it again but hire out more especially the trash removal.
2 Reply

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