Sub 10K properties

[Sandy Uhlmann]

I was wondering if there is a market for properties that require EXTENSIVE work but could be purchased for under 10K. I am primarily an investor that rehabs properties to buy and hold, but I recently found a property that could be purchased for under 10K that would need extensive rehab (including a new roof). The area is not an area that I personally would be interested. The ARV for the area is probably 40's-60's max. I believe it is zoned R2. I believe that I could probably get it for around $5,000. I am thinking that it might be an opportunity for me to try my hand at wholesaling. I really don't care if I make much from the deal at all, I just want to learn the process. Do the numbers still apply for properties under $10K? Or would some investors be interested in obtaining a property for under 10K just for the lot with the appropriate utilities running to it? It would be a great way to generate a buyers list and ease into the wholesaling arena but I am just unsure if there are investors out there interested in houses that are in need of this much rehab.

[Dawn Anastasi]

Originally posted by @Jay Hinrichs:

I stumbled onto Kokomo IND 10 years ago and have been doing deals there ever since. Its pretty good what you have there though is ZERO crime and vandalism that is the everyday problem with investing in the bigger cities and especially where you can buy very inexpensive homes.

No city has zero crime. Even in Mayberry, Opie was caught vandalizing city property by using a stolen apple to break a street light.