Homes for under $75000

[Courtnye Nicole]

Hi all, 

I have purchased one rental property but took quite a long break since then! I would like to start investing again by purchasing a SFH to hold long-term. My first investment property was under $50K but that was before housing prices skyrocketed. I did this because I hate the thought of being in so much debt, gives me anxiety. Do you think it's feasible to find a property in decent condition for this price again (under $75/50K) as my first property didn't need a tremendous amount of work? If so where is the best place to start looking in your opinion? Or would you advise I wait to see if prices decrease again? Thanks!

[Ray Hage]

You need to figure out the anxiety issue about debt and purchase a good income producing property with a down payment. 50k? Maybe somewhere 2-3 hours from a major city in a poorer rural area. Otherwise, I would not be sure where. If you're talking mobile homes, then yes 50-75 is possible but then you are dealing with management company, monthly fees and maybe not the best of tenants. The problem with buying a mobile home is there not much appreciate but if the cashflow is amazing, it might be worth it. The real appreciation usually comes with owning the land.