30 to 40k houses today?Are you kidding? - Posted by Julia Anne


#1

Posted by J.P. Vaughan on December 21, 1998 at 14:38:33:

Good sound real estate investing principles do not
change with the price of real estate. If the principles
are sound, they will work at any price level.

Even so, I have bought houses as recently as 3-4 years
ago in southern CA (highest priced housing market in
the country) for $23K, $35K and $47K. These deals don’t
just “fall into your lap.”


#2

30 to 40k houses today?Are you kidding? - Posted by Julia Anne

Posted by Julia Anne on December 21, 1998 at 11:22:24:

I can’t help it but I am a little skeptical when I keep seeing and hearing that homes (especially multi-family units) are being found for 30 to 40 thousand and they are not total dumps or in the worst, declining neighborhoods in town. Even in the South this is a low price today but it seems like CS and so many of you are able to make this into gold. Any house in my area selling for that is in neighborhoods filled with rentals and only investors buy there (then they are stuck). Any one else have this curiosity about these sale prices?


#3

30K? Don’t pay that much!! - Posted by HR

Posted by HR on December 21, 1998 at 22:03:32:

Julie,

I, too, had that initial concern. You may be surprised to find, though, that there are many properties in the 30-50K range. How’s this?

A friend just bought a house for 3k. Solid construction, but a mess. A guy in our local reia group asked him, Rodney, did you fix it up at all? What? he says; not a nail!

Ran an ad in the paper: $500 down; $300/month. As he tells it, his biggest mistake in this deal was leasing the classified ad for 30 days. His phone ran off the hook after one Sunday. Sold by Tuesday.

I’m finding there is stuff all around me that someone will buy. Just never forget the great secret: Financing moves Real Estate!

Go get 'em!

HR


#4

Re: 30 to 40k houses today?Are you kidding? - Posted by Rob FL

Posted by Rob FL on December 21, 1998 at 20:07:33:

The last rehab I did I bought for 34K and sold for 57K with about 7K worth of repairs needed. It was in a average blue collar neighborhood in Orlando. 3bed/1bath SFH


#5

Re: 30 to 40k houses today?Are you kidding? - Posted by Billy

Posted by Billy on December 21, 1998 at 18:34:51:

Even though Waashington DC is an expensive area…If you go outside the Washington area there are plenty of
nice “positive cash” flow properties in decent neighborhoods in the $38K - $55K range. As a manner of fact I know where two are now if you are interested.