Where is the cheapest place to buy property in America?

Discussion in 'North America Real Estate' started by tawnyacox, Sep 8, 2012.

  1. clarkd384

    clarkd384 New Member

    There is many area in Florida southwest Florida where you can buy properties with cheap price. Also you can search in Alaska and Alabama State.
    Some cheap but high profitable Real Estate Market in Florida are:
    1. Naples
    2. Bonita Spring
    3. Ft. Myers
    4. Estero, etc.
     
  2. roundy

    roundy New Member

    Were can an invester buy in the us for 40,000,as an hands off investment
     
  3. speedy gonzales

    speedy gonzales New Member

    Hi Roundy,

    Obviously your talking some sort of hands off real estate investment or you wouldn't be on this forum. I can tell you for a fact that buying real estate is not a hands off investment.....you'll be dealing with tenants and toilets and emailing or calling your property manager for all sorts of things. Then you have the other issue that your only talking an investment of $40,000-00 which generally puts you in the warzone area's and the problems you will have with that which again takes it back to not being classified as hands off.

    The only hands off investment that I have done that involves real estate is to buy real estate notes instead of the actual real estate. I purchased a few last year and each and every month a check gets deposited into my account for the same amount month after month and will continue for another 4 years that way at least. Let me explain as I know in Australia we don't have anything like this so not sure about Ireland where your from but in the US.....buying and selling of notes is as big as the real estate market.

    Example of one of my investments is:

    $40,000-00 investment. Term of the note is 4-5 years. I have the first Deed of Trust over the property which is valued at $59,000 independently so the loan to value ratio is 68%. I share in the equity 50/50 so in 4-5 years time if we decide to call in the note the property is sold and I get half of the equity. So if it doesn't rise in value I get my initial $40,000 back plus $9500 equity whilst for the last 4-5 years I have been getting paid 9% on my initial investment so $300 a month. I don't have to care or get involved with maintenance or vacancy issues. I have other property investments both residential and commercial but nothing is as simple as this one.
     
  4. gura

    gura New Member

    I don't understand why you pay so much for properties in Detroit.
    you can buy properties that generate rent of $650 for 20-23k with %19 Net.
     
  5. Benn

    Benn New Member

    Hi Speedy are you able to provide a link or two to sites that explain these real estate notes (including risks involved) or detail the names of some of them?

    Much appreciated
     
  6. Kirt2012

    Kirt2012 New Member

    The reason the good investments are so much more expensive is because these are generally in better neighbourhoods and have been fully refurbished throughout the property.
    The more expensive investments also have clean titles so no worries about outstanding debts on the addresses.
    These are also fully managed and tenanted.
    Investors are seeing yields up to 24% and of course by taking advantage of the current climate and the BMV market in the U.S the natural appreciation of the property as the economy recovers over time.
    I have seen firsthand some if the $5,000 - $9,000 properties being offered and these properties are all but destroyed.
    They are in very run down, poor neighbourhoods.
    All pipe work has been stripped along with any other metals, they have had walls smashed through all glazing gone . They are for all intents, derelict.
    If you have the time to base yourself in Michigan and manage and project manage the refurbishment yourself, this may be feasible but surely it makes more sense to deal with some of the 'good' brokers and pick up a much, much simpler product already for you to hit the ground running and collect rental income from month 1?

    I do understand that people see these cheap properties and maximise on the market but if you are looking for quick returns speak to Crystal about 12 month social housing projects offering 20% yields.
    If you want to build your portfolio with proven properties and good yields then Detroit is the place to buy.
    Investments should be like watching a tree grow.
    I have seen properties in very desirable areas for under $40,000 that were sold two years ago for more than double this figure and it will return.
     
  7. david001

    david001 New Member

    I think Detroit is the cheapest location to buy property
     
  8. Billy_

    Billy_ New Member

    i've just moved out of my mums house. We were arguing too much and she just didn't get me in general. Where is the cheapest place to buy property in America, If you guys can list them i'd be really grateful, as right now home is NOT where the heart is. – You know, it’s rather difficult to tell you what is the cheapest place to live and buy property. Maybe you are considering some cities or towns? What are you looking for exactly? What type of property do you want? What is cheap for you? Try to make a list of places where you’d like to live and compare the prices on property there to know what you can afford.
     
  9. Noreleen

    Noreleen New Member

    Followings are the cheapest places to buy property in America.

    1) Kankakee, Illinois
    2) Buffalo, New York
    3) Jonesboro, Georgia
    4) Sioux City, Iowa
    5) Jackson, Mississippi
    6) Saginaw, Michigan
    7) Flint, Michigan
    8) Garfield Heights, Ohio
    9) Cleveland, Ohio
    10) Moberly, Missouri
     
  10. danielgriffiths797

    danielgriffiths797 New Member

    Boise is the beautiful city for Living. So you can buy home at Boise, Idaho. Also cheap.

    Please check idahohomerunteam dot com
     
  11. Gcastano

    Gcastano New Member

    If you stay away from coastlines and any attraction cities it will be the cheapest. Usually somewhere mid-west is also a lower scale property markets. Hope this helps :)
     
  12. dcmhomebuyers112

    dcmhomebuyers112 New Member

    Looking for an affordable house? Head to Detroit, which has the cheapest homes in America. The city's median home price is less than $35,000, and in certain neighborhoods you can buy homes for even less.

    But the Michigan city, whose economy has been declining for decades amid the loss of manufacturing jobs and, more recently, the subprime collapse, isn't alone
     
  13. Noreleen

    Noreleen New Member

    Followings are the cheapest places to buy property in America....

    1. Kankakee, Illinois
    2. Buffalo, New York
    3. Moberly, Missouri
    4. Jonesboro, Georgia
    5. Sioux City, Iowa
    6. Jackson, Mississippi
    7. Saginaw, Michigan
    8. Flint, Michigan
    9. Garfield Heights, Ohio
    10. Cleveland, Ohio
     
  14. The Cheapest place to buy property in america are: metros, Detroit and Pittsburgh. These places are undesirable to live and also have higher risk.
     
  15. zeviion

    zeviion New Member

    Thank you for your information
     
  16. towerrealestate

    towerrealestate New Member

    The best option to take an advice from a good real estate property guide. He will guide you which area is best suited for you. All the very best.
     
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