Now that is amazing :shocked
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?
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
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
Sending this awesome thread to my dad who thinks it was never possible. Amazing deals do happen.
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.
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