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SHOW NOTES FOR EPISODE 128: WHERE CAN YOU BUY A HOUSE FOR $1,000?
A few quick updates:
- I’m back in Indy this week, living at my apartment for 5 days
- Converting 2 units to AirBNB rentals
- We’re hoping to offset the transient cash flow inherent in studio or efficiency units with increase ROI in the AirBNB units
Introduction
Real estate investing is amazing because there are many possibilities. Not only are there multiple types of real estate investing (flipping, buy and hold, commercial, deeds, liens, development and more), but there is also a lot of room for creativity. In this episode, Bill doesn’t ask the question “Can you buy a house for $1,000,” but instead, assuming you can, asks “where” can you buy a house for $1,000.
Now, some people may think that this is a ridiculous question but, if you’ve been in real estate long enough, you realize there are no ridiculous questions — only different ways to answer the “so called” ridiculous question.
- I was going to entitle this podcast “Can You Buy a House for $1,000?” but realized I had to re-title it “Where Can You Buy a House for $1,000?” because I realized the outcome is a direct reflection of the question.
- I went from asking a “yes” or “no” question, to asking a positive assumptive question because, after meeting and interviewing many successful real estate investors who have done the “so called” impossible in finding and closing deals, that there has to be people who have purchased houses for $1,000 or less
- So I asked the “where” question instead of the “can you” question
- Too often, I respond with the negative first “You can’t buy a house for $1,000!”
- In the same way, many of us go to the negative when asked if we’ve bought our first or the next property – “I don’t have enough money to get started in real estate all the time.” “I’m still researching.” And more. But really this is too often a fear-based lie. Most of us are just fearful of the unknown.
- What I’d like to show you here is how money, or knowledge or whatever really isn’t the barrier that you think it is. My hope is that after listening to this podcast, all excuses will be stripped away and that you will see, in most cases, there really isn’t a reason you can’t take action today and change the course of your life.
- Every week, I interview some of the most successful real estate investors in the country and a bunch of average Joes, who have:
- Quit their “day job” and are living off their rental property income
- Or, are growing a multi-million dollar portfolio for their retirement and family legacy
- Or are making the so called “impossible” happen!
- Instead of asking, “Can I really be financial independent in 5-10-20 years? They are asking “When can I start?” and “How long will it take?”
- You see, it’s no much easier to find the excuse to say “no” than it is to just do it!
- At the end of each of my podcast interviews, I always ask the question, “If there was a major catastrophe and you lost everything except $1,000 cash, what would you do with that $1,000 cash to rebuild your real estate business?”
- I have received a wide range of answers, some which are extremely creative, but, more often than not, the most common response is, “I wouldn’t need the $1,000?
- Why? Because it’s not about the money, it’s about your attitude and it’s about the relationships you build
- Most of very successful are confident because they have “been there and done that” already. They know what’s required.
- Think of some of the wealthiest people in the world…
- Have they ever failed? Gone bankrupt?
- Have they ever lost everything? How many times? And how many times did they re-build their businesses back bigger and stronger than it was before the failure?
- If billionaires can recover from complete financial collapse, you should be able to find a house for $1,000 and sell it for at least $2,000
Where You Can Buy a House for $1,000
- To clarify, I have never bought a house for $1,000. I almost bought a multifamily property on eBay for $30K but never but that’s as close as I came
- But I know of people who have
- Here are a few links that show places you can get a house for $1,000
- Type in search under “Homes for Sale” Then, look at left column. Go down to price listing and where there are 2 boxes, side by side, in the right box (the maximum price box) put in $1,000 and click on the >> button. The results will reflect homes priced $1000 or less. Now, the properties may be in a bid situation but you can put $1,000 maximum bid and see what happens. See my podcast 072: Buying Properties on eBay.
- Bid4Assets is a leading real estate online auction website, having sold over 100,000 properties since 1999. Bid4Assets auctions all types of properties, including rental properties, vacant land, fixer-uppers and commercial property. Bid4Assets specializes in distressed auctions for the federal government, county tax-collectors, lenders and bankruptcy attorneys.
- Bid4Assets conducts federal forfeiture auctions for the U. S. Marshals Service and has conducted online tax foreclosure auctions for over 75 counties nationwide. New county tax sales are coming throughout 2017.
- It has 2 special bidding channels: $1 No Reserve Homes and $1 No Reserve Land.
- Auction.com is the nation’s leading online real estate transaction marketplace focused exclusively on the sale of bank-owned and foreclosure properties. The company brings a breadth of quality assets to the market, attracting prospective buyers through world-class marketing and leveraging a scalable technology platform to conduct transactions in a transparent, efficient manner.
- Auction.com and its parent company, Ten-X, are headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors include CapitalG (formerly Google Capital) and Stone Point Capital.
- If you want to take the time to learn how to bid, you may be able to find a $1,000 house. You don’t know unless you try.
Detroit, MI
- Detroit is a city going through a major transformation. Look at the numbers.
- Many major companies are investing in Detroit. Why?
- It’s worth checking out some of these sites as well as doing searches on Realtor.com, Trulia and Zillow
- Here is a site with a number of homes listed for under $1,000
- Detroit Land Bank
- Detroit Land Bank – Recent Auctions
KANSAS CITY SPECIAL OFFER (Feb 14, 2017)
- Here is a special offer made in February of this year in Kansas City for homes for $1,000
BUYING RAW LAND
- It’s even easier to buy raw land under $1,000. Listen to our podcast on flipping raw land
- Episode #083 – “Flipping Raw Land” with Mark Poldolsky “The Land Geek”
- ONLY HAVE LAND? BUILD A HOUSE ON IT FOR UNDER $1,000
- http://www.goodshomedesign.com/tiny-house-for-under-1000/ – 8X8 Arched Cabin
PROPERTY RADAR
- Foreclosures – coverage areas of AZ, CA, NV, OR, WA
- https://www.propertyradar.com/
Well, that’s it. I hope you at least got excited about real estate investing. Even if you don’t buy a house for $1,000, maybe now you realize it’s possible and other great things and deals are possible through real estate investing as well.
This little exercise was more of an encouragement than a “be all end all on” treatise on where to buy properties for $1,000. If you really want to buy a home for $1,000, I believe you can and encourage you. If you do, I want to know about it and have you on my show to talk about it!! Just contact me at bill@olddawgsreinetwork.com.
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2 comments. Leave new
What type of requirements needed to purchase a home and where can I get a list of homes
Check out the article for links: 544: How to Invest in Real Estate for Under $1,000