Buying Cheap Houses | Rural Small Town Investing
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- Опубликовано: 29 сен 2021
- Depending on where you are from buying a home for $10,000 might sound crazy but there are still nice and safe communities in America where you can buy homes for $10,000 or less. I will walk you through this home I recently purchased to give you an example of the work needed on a home in this price range.
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People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance.
The government will have no choice but to print more notes and lower interest rates.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?.
I won't pretend to know everything, though. Her name is Sharon Ann Menys but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Your audience is growing because of the price range your channel deals with.. your not flipping LasVegas, your repairing the heartland.. keep up the great work..
Thanks Anthony 👍
I hated that show.
@@cornbreadfedkirkpatrick9647 😡 ?
@@EverydayHomeRepairsqaàà0😊
Best comment❤
When I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll slowly get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but at least for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Do you mind if I ask you to recommend this particular coach you using their service?
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up a meeting.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a meeting.
I bought my first house on a hand shake it was very easy I put about 15 grand into it sold it 3 years later and made 104 thousand dollars profit bought another house 3 months later with cash it can be done don't let the banks or mortgage companies intimidate you set your mind to it and make it happen he's right you can do it.
Thanks Brian, I completely agree. When everyone else is going left some times it pays to go right 👍
If you do it right, you can avoid capital gains too
@@EverydayHomeRepairs I'm definitely gone all the way right it's what our country was founded on the pursuit of happiness and the land of opportunity land of the free.
@@liquidrockaquatics3900 How are you doing Chris? I hope you are doing great
@brian - for example if someone has $40-60k on hand and living in metropolitan city like los angles, Chicago , and Pittsburgh and want to avoid rental but rather generate income through rental property and living in the same property to minimize the mortgage and create wealth at the same time . How can someone do it what advise you can give
Often, purchases like this go from "This Old House" and morph into "This Damn House," Kudos to you for all your hard work and inspiration.
Many of my young friends want to drop $25K to $200K for a "tiny home" trailer...
I'm screaming at them to just buy a cheap house in rural America! They're not even that adventurous!
Yeah, I would not be a fan of tiny homes which are usually a depreciating asset like a car as opposed to an appreciating asset like a home.
@Jake How are you doing Jake? I hope you are doing great
Some people do not find the rural US to be as great as you make it seem. As for myself, I would not live in those areas for many reasons and one is that they are cultural dead zones.
What a beautiful house
I hate modern stuff and think it's ugly so I think that this house is super beautiful
I would love to see you make a series of you flipping a house like this
Thanks for the feedback Ryan, I would actually really like to do that just need to figure out the format. Maybe I just need to place so Go Pros and start swinging the hammer 👍
@@EverydayHomeRepairs seconding this. what a great home. absolute time capsule with all those appliances
@@EverydayHomeRepairswhat town is this property located
I would be happy in that little home.
they will red tag u....not worth fixing
I like that the insurance company most likely paid more for the roof than you did for the house. 😂
I LOVED this video. I've dabbled a bit in buying, rehabbing and selling old homes but can always use help and good advice. Thank you.
You bet 👍
I’m be worked on so many of these. There are a lot of small towns within 100 miles of my mid size city I live in. People buy these and either don’t have the skills to repair because old homes are a way different ball game than newer construction or they underestimated the time and money it needed. I had a young couple that were so excited to get a house for $50k, they had plans for it that were beyond what it could be made into. The wife cried when I told her the list of repairs and the amount it was going to take just to make it comfortable.
It's cool to see your channel growing.. thanks for taking the time to bring us fans along..
Thanks Anthony, appreciate the kind words 👍
Wow, this is a very interesting clip and it expanded my horizon. :) I have never thought or experienced any business like this but I got fascinated by what you have done. Liked it a lot.
Scott I appreciated finding this video. As you're surely aware, there are several YT channels that feature cheap houses but I think you have a different perspective as a DIY-er and landlord. I'm not an investor but it's a fun thought. It's interesting how most comments here either wanted to buy that same house or suggested tearing it down.
For 10k that’s easy money. My first home was 21k, 1700 square foot log home on 2 acres. Needed everything but I sold for 150k and bought a house on more land and with a garage
How did you do that? Was state did you purchase it on? You are brilliant!!!
@@thesharingtreewithshari2735 i saved the 21k over a year and then went to the tax auction and lucked out, it’s in my hometown in upstate ny bordering Vermont. I bought 2 houses with the money and one is worth 300+ and the other 200+ in same town. Working on houses is simple and hard at the same time if that makes sense.
Cheap house= money pit that you'll regret! I bought a cheap house, years ago, and had to replace the electric, plumbing, roof, repair the foundation and NUMEROUS other things, that ended up costing about the same as a new, or newer home.
I will give it to you. This is a very scary deal for me. I have purchased few properties and just a bit of fixing and rented them for 99%. Occupancy and waited until value reach the max. I did all the work myself with the exception of the A/C. Hats off to you. Thank you for sharing
That’s great! I am a big fan of rentals and probably no better way to build wealth. 👍👍
There's opportunity in places like that at those prices, houses selling for less than the cost of a good used car, no mortgage, no rent, no problem.
Great work on this video. I spent 20 years buying and rehabbing homes(I've moved on to a more hands-off approach.) But my team would often tell me how neighbors would approach them and thank them for fixing the blight in the neighborhood, offer them lemonade, etc. We need more people like you doing just this- affordable housing is an unmitigated good.
My concerns about living rural are: Being so rural that you don't socialize with anyone and, in the case of emergency, you are hours away from the nearest hospital. Other than that, I would rural. But I think I am going to have to live rural anyways because its the only thing that's affordable
Oh man, that basement was given me flashbacks to the basement in my first house minus the termite damage.
The 1970's called and wants that TV back at 4:14
you should do more walk thrus like this of homes you buy, very informative ;)
Thanks, appreciate the feedback 👍
If you ever buy one and do the repairs, that would be a great video series. There are a lot of house flipping shows, but they don't go into much detail from what I've found.
Thanks for the feedback 🤔
I agree. my wife and I watch a husband and wife do a great job with the cosmetics but never go down in the furnace room. that drives me crazy. you do it all. Big Thanks
Bought a duplex, 2 units for $150,000 but it needed probably $150, 000 in repairs. Retired in 2020 and took me a full year to fix unit number one for about $25,000 doing all the work by myself. Second unit is being remodeled right now.
I've replaced a main support beam. It's a lot of work and can be scary at times. Those houses will talk to you when your lifting them!
Thanks for the correction
So beautiful home.
As far as I know, November wiring, as well as glass fuses, have been illegal for a very long time.And you're not supposed to even able to sell a house with either of those things without it being redone.Before it is sold , you definitely cannot keep those things in the house if you have it and we're going to remodell
The house is beautiful! 🤍🕊️🏡 ☀️☁️✨
Some of my friends' house look like that and they're worth $900,000!
It's magical what people will spend on old beach-shacks here in Orange County, California 😂
Yeah, I can only imagine the increase in prices there over the past 18 months. 🤯
SF Bay Area resident here. I don't think you can buy a collapsed latrine within a full tank's of gas driving distance for $10k. If it's a fully detached house you can actually live in, $1M is the starting point and it goes well up from there. Watching someone talk about buying a serviceable property for 3 moths worth of rent is a strange feeling. Property prices vary across the country, of course, but this particular contrast is incredible.
Same here in Los Angeles. 🤭
Exact same thing in San Diego
Thank you so much
You are the best of the best guy l see in my life in youtube or any channel
The way you are giving advice is very simple modest for all ppl with different level of education its real and natural
You are the king 🤴
Thanks!
Beautiful home imaging during snow
Yeah, with a lot of love the home could be turned to a great home. The lot was really nice!
I did a remodel on a house not to dissimilar to this about 15 years ago. In hindsight I should have just got an excavator and dumpster and sold the land with utilities and septic, or just put a modular home on it.
@10p6 How are you doing? I hope you doing great
From afar that looked like marble veins in the plaster cracked shelves! Haha
Contact local fire department and offer them a free training house burn down. If they agree buy the property because the lot itself is worth ten grand.
Clean up anything that's left after the burn and put up a decent new house with minimal investment. Flip and enjoy.
As a contractor and a person who has renovated and flipped homes the only thing I’m seeing good about this home is the property. It would be too much time and money trying to repair . it should be torn down and a newer home built
Yeah, I really like the lot as well. I agree this is not an ideal fix and flip. The best option for this one was a young tradesman who wanted to put in some sweat equity.
Its 10k. Did you expect a custom brand new house done to your exact specifications? No duh any house at this price will need lots of work.
That's pretty good for 10k. In moscow rural area we can only buy a house without a bathroom or heating for $15
That's pretty nice for 10k my house ran the same and was a 4 room type house with an add on that was a kitchen
Very nice house for my family to start
Cool house and property
Thx!
u r great. reallly appreciate.
4:30, you don't get a refrigerator, but you do get a TV. 😂
Sounds like prison
Very interesting. How much do you think it would cost to simply put it on a slab? Tear out the old basement and pour out a big slab and set her down? Maybe just fill in that old garage area also. Do you think that is a viable option? Not worth fixing anything above the basement before making the basement stable or it will just keep splitting apart right? Thanks.
..
Good video thanks
I feel like he got this place and realized it was a money pit, decided it would make a good RUclips video and off loaded it quickly. I don't blame him.
You can get a studio in NYC for 3500 a month with the bathroom really in the kitchen
This is amazing! I bought an older mobile home that was in really good shape for the year, but rent the property it sets on (very cheap). However, I want my own land, with an older fixer upper house on it, in the country. I've been racking my brain how to buy an older fixer upper and not be in debt, but it seemed so impossible until now!!! I've known about buying tax delinquent properties for a few years, but never had the time to research it all. Now I babysit my 2 grandchildren and homeschool one of them. So, I have more time to look into this. There are so many abandoned houses in my area, within an hour, any direction you want to take. I've often looked at them and wondered if they were tax delinquent or just someone had them and wasn't doing anything with them. I'm going to be more proactive about finding a tax delinquent home now. I know you said, that you have may possibly have to do 100 inquiries, until you find one. I have the time now, and the persistence. Thank you and the Lord, for leading me to find your video. You've given me hope, and possibly an extra income on the side. 🙏
Needs help is an understatement. What is the lot worth! Cleared.
Maybe $30K but it could sit for a year or more. Lots aren't usually in high demand even though this would be an AWESOME lot in this small town.
Great investment
All new wiring, new plumbing, the bathroom is a gut job, insulation. Whew!
hello, i'm Jorge, a pilot from Lima peru, working with LATAM airline. i came across your page here through the utube suggestion for me so i thought to write to you. where are you from?
Write me when you can and do have a nice day and may God bless you°^
always look for distance from BOTTOM plate-to-grade!!! the more, the better, for lots of good reasons! Me, I build my ECOhomes upon 4' h. conc. piers, here in SW FL, USA...for lots of good reasons :-)
A $10k house, that is insane. Can't even get a lot for $10k that size in East TN
Yeah, each market is a bit different and most are much higher comparing to the prices in these small towns around Illinois.
Well, he did specifically say rural small town in the title, lol.
Should have been “Really really, I mean really rural” to really drive home the point.
That is one of the scariest houses I've ever seen. The condition of the basement is far worse than the one that was my grandmother's and now belongs to my Aunt.
The size of the property is where the most value is - I would check the flood plane maps, that amount of water damage and influx of soil is from more than just the downspout.
The home is actually perched up on a little hill and well out of any flood planes.
Looks like 1930’s home with foundation damage just from what I see in the first room. Radiator heat, so it has a boiler and will lack a lot of ventilation. Plaster and lathe means a lot of demo unless someone can do plaster work. Fixing the foundation and sanding the floor, then adding central air would cost around 40-50k, but would make it worth significantly more. You could easily get 140k out of that.
Basement changes everything. That adds another 20k probably for joist repair and electric service upgrade
I saw a lot of copper that had replaced the old galvanized, so replumb probably isn’t necessary, but the old two handle faucets and lack of shower might make it not sell.
@@liquidrockaquatics3900 yeah the house is a mess. tbh I do not believe flipping this can even make much - complete plumbing and electrical, foundation, plaster. radiator can work well so maybe central air is not needed... sketchy af
This one ended up being a quick flip to another investor. After all expenses I made $7,500 after just doing cleanout and digging the dirt out of the basement.
@@EverydayHomeRepairs that's sweet. wish we can get this kind of deal in Canada. (spoiler: we can't lol)
@@ddjohnson9717 lol for real, I wish you could even find anything for
Anybody got a big match!!!!!
I would be shocked if I could find a house like that for 20k here in Ohio.
I bet you can find houses like this all over Ohio. Just need to look in the smaller communities.
@@EverydayHomeRepairs Next time I drive up an hour into the country to pick up raw milk/butter ill stop in the villages and give them a look over. thanks.
I live in a small rural town, population 5,858 (and continually shrinking ~ 30 people per year on average). I bought my house for $11,000 in late 2015. Its an 864 sq. ft. prairie ranch originally built in 1945 with an attached 624 sq. ft. garage/shop added in 1987 all on 1/3 acre. I'm currently all in after nine years for ~ $58,000 including property taxes appliances repairs improvements and furniture. I'm anticipating spending ~ another $30,000 over the next few years. Its perfect for me - but I have many cautions for city folk dreaming of moving to an affordable rural city. There will be lead paint, asbestos, and other dangers lurking. Many inexpensive older homes have no insulation and worn out single pane windows and no door weatherstripping. Some rural areas have regular electricity outages and boil water alerts because of water supply issues. Go meet the neighbors BEFORE you purchase - many rural cities do not have much of a police department, so most issues will need to be resolved by you and your neighbors in face to face meetings. Also because of low police presence: some young men and teenage boys may like to drive like the Dukes of Hazard. Many rural towns have low home prices for the super obvious reason of limited local job opportunities. If you are still in your working years, expect to drive a bit to go where the jobs are or to get anything from stores. Its best to move into a small town as a married couple - not much of a dating scene in many rural towns where the average person is older. That said, many small towns are quiet, have a slower pace of life, low crime, no HOA hassles. Life is good.
This is charming
A piece of land near where I live runs you about $50k for 0.19 acres
Yeah, I am not a huge fan of the lots under 0.2 acres. Just feels like the homes are so packed in but understand the developers are going for highest density of homes possible.
😅😅😅 replacing that beam. Would be EZ. I'm a Union ironworker. So, you know I Would put Steel in its place. I would also gut out the walls and fill them in with AIR-CREET😮. You'll never have to worry about cold or Hot summers again😂.
Wow, does that great tube TV come with the house? With termite damage, mold, and water damage, it looks like a total tear down and re-build to me.
Another issue, which I don't think you mentioned, is that many old homes have asbestos, lead, etc. These can be damaging to your health if you don't know what you're doing.
I live in rural Ohio and can't find homes like this. There are two houses currently for sale on the same street for around 20k each, and both of them look like they're about to collapse. I can't even buy an empty 1/4 acre lot for 10k.
Money saved is money earned
Epic!
I appreciate that you are schooling us.
I can't get out to see abandoned properties, but I'd like to buy one, repair it, then live in it.
Do you have any that you are currently selling, and how to contact you?
Much appreciated...
Where did you find the buyer? Networking? That would be another interesting video
I really like that house and as someone that enjoys DIY, I'd feel fine to do almost all the work myself (and likely enjoy much of it too), however I can only assume that area has no jobs, so who is going to rent or buy a home in a place with no jobs and almost certainly with a high poverty rate, which would be an awfully depressing place for a financially intelligent person to retire to?
Same question
Hey Don, actually not true. I can see how that is true in certain parts of the country but in this part of Illinois there are plenty of jobs within 30 mins drive. Like most places we have a skilled labor gap so many companies are hiring and are pretty aggressive with the pay and benefits.
@@EverydayHomeRepairs Nice deal!
@@EverydayHomeRepairs can't wait to see how it looks like after you finish it
@@willbass2869 - if you're right then this could be an even better investment. I assume one of their main life goals is for their kids to have a better life then they did (as is one of my life goals for my own kids) so it stands to reason a town full of Afghans will become financially vibrant as the decades pass and they work hard to gain wealth.
Looks like a fun project. It gets real tough when you have to live in it while demo-remo is going on
As you were listing the massive amount of work this house needs I was wondering if you'd say you're doing it all yourself. Replacing those beams certainly is not something you could do alone.
GENTRIFY!!!!!
Great potential but I would have it jacked up for a new foundation.
Yeah, it was pretty rough
Nice property 👍
Thanks 👍
Congratulations on a quick 50% profit!
Hi great video! Can you tell us what state is this to get an idea please
Thank you awesome video!
I like it
nice 👍
Awesome :)
I'm definitely in the wrong country. Finding a home at that price would be tough anywhere near Toronto. Even 200 miles out of my zone would still be pricy.
Oh man, yeah Toronto Real Estate has been insane over the past 10+ years
200 miles haha does that get you outside Toronto surrounding area ....Too bad others got there first haha
Haha that really sounds like b.s you actually put the time into look...300 klms ....0% interest rates has allowed anyone and their mothers to be able to flip houses.....using 0% interest as a short loan haha ....of course the prices are high particularly when those participate and support this agenda....beware interest rates are coming with a vengeance soon enough
Yeah, made a mistake. Then thought a correction was coming. A big percentage of our GDP is based on housing here. You are both right though, there are always opportunities to find something under market value, if I did more of the footwork. I do enjoy watching your channel, you have lots of practical solutions for problems that will occur in any renovation. Thanks
I'm wanting to find a cheap house or mobile. I want to use it for a get away. In the mountains near scottsville Virginia. Do you have any ideas how to find something like this?
That garage might be somewhat suitable as a tornado shelter. Reinforce the roof. / I like wood floors. / A lot of work to be done in that house.
For sure, but it actually make a great home after some hard work is put in.
This is possible but the sweat equity scares people off. I picked up a house on 3 acres for 20k on city water flipped it in my spare time, sweat equity and made 60k. Not easy but doable if you are young and poor and want a home get your hands dirty and make it happen do not bury yourself in debt.
What would it cost to fix the center supporting-beam?
I realize you're not fixing that beam but it seems the whole value of the house hinges on that beam... literally.
That is tough to say. If I did it with a few guys that work on my projects we would be in for less than $500 in materials but probably about $2,000 - $3,000 in labor. The challenge is hiring this out it is tough to find someone that knows what they are doing without charging about 5X -10X the cost. This type of project can vary widely in terms of the quotes you will get back so best to get at least 3+ quotes. Cheapest is not always the best.
what is an estimate on the costto make all the repairs and some updates?, i'm thinking 50,000 maybe more,i would need to use a contractor,instead of doing the work myself,still to have a nice home for a total investment of less than 100k is enticing. just on a personal note.i would keep the old console tv try to have it repaired and used for a game gaming,and or dvd movie center.
If something is cheap it might be so far from jobs that nobody will want the commute attached to the area.
This buying to make 7k as a middleman, really is crap. You should be doing the repairs yourself if you expect anything. There should also be a time you have to have the property in your name for. At least a year, at least, before being able to sell.
For a house in a condition this bad, is it even worth gutting and fixing up? Seems like a tear-down to me. Put up a new, larger house with modern building codes and the nice sized property.
Completely depends on the area. In a higher priced market you would just scrape the lot and start fresh but not in some of these small towns.
@@EverydayHomeRepairs Unless you get free labor from doing it yourself or with partners, I don't see how any investor could rehab a house in this kind of shape for less than it would cost to build a new one. Actually I'm surprised the house isn't condemned with that level of structural damage. Seems unsafe just to be inside of it.
Does it ever make sense to just fill in an old basement and make it a crawl space?
The reality of good economic living
💯
Hi, i have a question sir
-This house have a anti-thief system?
-This hood are safe or dangerous?
Beacuse this questions really important for buying house-propority.
Btw im sorry for my english
Thanks
Yes, great video, where can I find a small senior friendly one level cottage at a reasonable price?
🤔 where do you live?
@@EverydayHomeRepairs the big old cold state of Maine with an 80 lb rescued dog that nobody wanted.
@@EverydayHomeRepairs all I need is the size of a 2 car garage with a yard for pooch. I can't do stairs anymore, willing to move .
How about housing just being a place to live & not a speculative investment to maximize profit
Either a really old person lived there alone or that house was abandoned. No one capable of repairing things could have lived there.
It was an older lady, she probably hadn’t been down in the basement for 10 years.
demolition and rebuild
I like to buy a cheap Houma for an art studio . Have family come and visit the state I am living in now
If you want a cheap house, you have to go where the cheap houses are. You can't find a cheap house in an expensive area.
Pretty amazing...you can't get a decent vehicle for 10G.
I would really love a property like this but one that's all ready to move in. like it would already be fixed up but selling for like you said around 25,000. how would I find a deal like this? I live in Columbus Ohio, how would I go about financing something like this? or would I have to go outside of Ohio.?
Already fixed up, as in already renovated? No, lol. You will definitely not find a newly renovated house done to your exact specifications for $25k. lol And you would have to pay in cash.
Im interested in auctions foreclosures for flipping
Would you have to pull a permit to replace the structural beam in the basement in that community?
Nope, pretty wide open in that small town.