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Author Topic: Cheapest House Bought (Total Price)  (Read 12909 times)

Offline jmd_forest

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Re: Cheapest House Bought (Total Price)
« Reply #15 on: February 21, 2010, 04:51:29 pm »
The $20K in rehab included: Completely rebuilding the floor(sill plate, header, joists, and subfloor) and gutting of a bedroom addition, replacing about 40 feet of sill plate and header in other areas around foundation, demo of a 1/2 tall brick front, replacement of 80% of the exterior sheathing, 13 new construction windows, new vinyl siding, converting a bedroom into a new bathroom "suite" (poorly utilized "walk through" space to get to gutted bedroom addition), completely gutting and replacing the existing main bath, completely gutting and replacing the 1/2 bath, completely gutting and replacing the kitchen, major refinishing of all remaining sheetrock (I should have gutted it and replaced with new sheetrock), replace all door and trim woodwork and I'm sure I'm forgetting a bunch of other stuff.

I wish I could find one at that price that only needed a moderate amount of improvement too! The only reason I can do it for the low $$ I have is that I do almost all of my own work although I have hired 2 different all around handymen at different times to help with this job at fairly low rates since they were sitting around waiting for their union jobs to restart and a few $$ was better than no $$.

jmd_forest

Offline webuyplaces

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Re: Cheapest House Bought (Total Price)
« Reply #16 on: March 07, 2010, 06:21:20 pm »
Heres a good one.  It was a few years back and a lady called about a house that she wanted to sell me.  I went an looked at it and wasnt really anything i wanted to deal with.  Time went buy and she called and told me that she just wanted to get rid of it and that she needed new tires for her truck.  I said ok, so how much are the tires.  She said $300 so i was joking and said ok well ill give you that for it.  She took and and i closed on it for $300.  Now it wasnt the greatest, but i sold it for $3500 in about a week without doing anything.  So not much profit, but a good story.  I can still say i bought a house for $300. 

Offline redhawk

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Re: Cheapest House Bought (Total Price)
« Reply #17 on: March 11, 2010, 10:19:38 pm »
Cheapest house that I purchased was 2000.00 I almost had one for free but the deal fell through.
redhawk

Offline loverealestate

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Re: Cheapest House Bought (Total Price)
« Reply #18 on: March 30, 2010, 03:51:51 am »
All good deals. I have rehabbed probably 60 properties and all made a minimum of 10k.
fun fun fun
hard work the best deal is just around the corner

Offline eve_32

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Re: Cheapest House Bought (Total Price)
« Reply #19 on: March 31, 2010, 09:21:02 pm »
3 story, 3 family brick building for $1500.00. Structurally sound but run down.

Offline Danny(TX)

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Re: Cheapest House Bought (Total Price)
« Reply #20 on: April 01, 2010, 07:20:15 am »
Now that is amazing :shocked

Danny Johnson
San Antonio, TX
http://www.dannybuyshouses.com

Offline sonia275

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Re: Cheapest House Bought (Total Price)
« Reply #21 on: April 05, 2010, 06:31:07 am »
wow! i cant believe people get houses for such little money in the US. I know its not unheard of but such low prices sound crazy when you live in the UK. I'd be interested to know how bad the areas are where house for < $10,000 are bought. Also are these deals coming from fast house type marketing?

Offline mjg289

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Re: Cheapest House Bought (Total Price)
« Reply #22 on: April 10, 2010, 12:25:19 pm »
2-unit was listed for $60K. Owner came down to $25K after a year on the market. Walked in with RE Agent who said no one would want to rent it. I didn't listen. I offered $20K, he countered at $24K and I agreed. I upgraded the electrical panel ($1525), installed smoke detectors (~$30), cut the grass and weeds in the back (~$2 in gas and 4 hours of my labor $0), posted a for rent sign and an ad on craigslist ($0). Scheduled an open house for a Saturday. Had 60+ emails on it, it rained and only about 6 families showed up. 1 unit is Section 8 for $511 a month and the other unit is an efficiency renting for $300. It's probably worth $50-60K. Not millions of dollars, but nice steady cash flow. I don't forsee either tennant leaving anytime soon either.  :beer

Offline Krames

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Re: Cheapest House Bought (Total Price)
« Reply #23 on: April 20, 2010, 01:55:15 pm »
I've gotta say I'm pretty envious of these deals people are writing about; it would be awesome to start with a deal like this but these obviously dont come around every day.  Would you associate getting these deals to your reputation in buying investment properties, or more so people just wanting to get rid of them?

Krames

Offline Mortgage Rates Phi

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Re: Cheapest House Bought (Total Price)
« Reply #24 on: April 20, 2010, 05:09:10 pm »
Sending this awesome thread to my dad who thinks it was never possible. Amazing deals do happen.

Offline mjg289

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Re: Cheapest House Bought (Total Price)
« Reply #25 on: April 20, 2010, 06:29:45 pm »
I've gotta say I'm pretty envious of these deals people are writing about; it would be awesome to start with a deal like this but these obviously dont come around every day.  Would you associate getting these deals to your reputation in buying investment properties, or more so people just wanting to get rid of them?

Krames

Krames - that was my second deal. Just keep your eyes open!  :shocked People need to sell properties everyday, investors want to buy them, and everyone needs to live somewhere! The person who owned this particular property lived in Florida and this property is in PA and he just didn't want to be bothered with it. He broke even on the deal and went back to the beach. One man's trash is another man's treasure as they say.

Offline Danny(TX)

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Re: Cheapest House Bought (Total Price)
« Reply #26 on: April 29, 2010, 05:20:24 pm »
Krames,

These deals can show themselves to anybody, whether they be a newbie or an investor with 20 years experience.  It is just a matter of who gets the lead and does something with it.  I'd imagine the best deals are negotiated and negotiated with very motivated sellers.  If you are doing a good level of marketing, you could get a call tomorrow that nets you one of these deals...if you are ready to accept it.

Danny
Danny Johnson
San Antonio, TX
http://www.dannybuyshouses.com

 




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