What has been your cheapest buy?

[Shannon X.]

I just saw a house that came up today for 25k and gave me the question to ask the flippers. As the title say's, what was the cheapest you brought a house for that you ended up flipping? If you can; give a description about it and rehab cost and ARV as well as your payout.

[Rob K.]

I bought a house in late 2008 for $4,000 from a bank. I flipped it to an investor for $10,000 15 days later. A month later, I bought another house from the same bank for $4,200. That closing was at 2pm. The next day, I sold the house at noon for $10,000. I only held it for 22 hours. Both houses were bought and sold with quit claim deeds. There were no fees except the investors that I sold the second house to were whining about a water bill. After some back and forth, we agreed that if I bought them lunch, we would call it even.

In 2009, I purchased two houses on the same street. One cost $4,900 and and then got a $1,200 paint job. It's currently rented for $590. The other house cost $5,001 and got another $3,000 in repairs. It's rented for $575. I like those kind of returns.