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Houses Under Fifty
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Buying Rental Real Estate Cheap
Is buying rental real estate
cheap still possible? It always has been, as the following examples
from around the country will show. But be sure that they still
produce positive cash flow. Also, this is not a sale's guide.
It is meant only to show you some of what was out there as of
mid-to-late 2008. These are properties I found listed in a real
estate guide that covered more than a dozen states.
Fort Smith, Arkansas - $54,900
for a duplex that is totally remodeled inside and out (it looks
really nice in the photo). New paint, carpet, cabinets and more.
In a good central location. I don't know what the typical monthly
rent is in Fort Smith, but it seems it would be hard to lose
on this.
Paragould, Arkansas - $32,500
for a three-bedroom house with vinyl siding. Has "wonderful
cash flow," and large rooms.
Alturas, California - $255,000
for a historic two-story hotel that has been used as a residence.
There are 10 bedrooms and 4 full bathrooms. This could be a real
money-maker as a bed-and-breakfast or a boarding house.
Salina, Kansas - $80,000 buys
an eight-unit apartment building on a large lot in town. Four
2-bedroom apartments and four 1-bedroom units. I don't know what
the rental situation is here, but buying rental real estate for
$10,000 per unit isn't common. I imagine if you had 50% vacancy
you could still make money with this one.
Dexter, Missouri - $61,500
buys you a duplex in town with off-street parking. This one also
comes with possible seller financing.
Glendive, Montana - $90,000
for a four-unit apartment building, two with two bedrooms and
two units with just one bedroom each. Off-street parking and
all are currently rented.
Shelby, Montana - $60,000 gets
you an apartment building with four two-bedroom units. May need
some work, but it looks decent in the photo.
Hugo, Oklahoma - $150,000
for an eight-unit apartment complex. Four have one bedroom, and
four have two. Lots of parking and tenants pay utilities. Brick
buildings with patios off of all units.
Gilmer, Texas - $65,000 for
a house currently split into three separate units, each currently
rented. Seller financing possible.
I don't know what the numbers
are for the investments mentioned here. This was just some of
what I found in ONE real estate guide (published by UnitedCountry.com)
in 2008. It does suggest that buying rental real estate at a
reasonable price is possible in many areas of the country.
Houses Under Fifty Thousand
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