Profile picture for zeebest001

I have 50k cash and I want to buy a house, or a condo outright.

I have been on this forum for hours and have been researching realestate for a while now.  I am looking to purchase a house or a condo in full with 50k and rent it.  I am 30 years old so I don't mind holding this for 5, 10, 20, years.  My goal is to buy low, rent, and sell in the distant future.  I can not qualify for a loan since I am stated income.  At this point I am looking to invest anywhere, but from research is appears, Vallejo, Merced, Modesto, Stockton are all good places in California, Vegas appears to be good for investing and Florida.  I am just going in circles here and was hoping someone can shed some light on some properties.  I am looking to buy now.

Thanks,

Chris

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December 22 2011 - US
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Answers (7)

I know a seller who would sell his condo in Modesto for less than $50,000 but it is not currently on the market. Let me know if you are still looking.
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October 21 2012
Profile picture for Roger Noujeim
Just stumbled on this thread. One of the things you may want to look at is how much mileage you can get from your 50K. Instead of buying one property you can buy 3-4 each between 20 - 60K, with WOC (owner financing). Should be cash flow positive after all monthly costs like HOA, taxes, insurance, etc. Seek 4-5 year term or longer. No banks involved and fast. On the spot in many cases, online. Not sure if you heard about www.listedby.com, but lots of great options there and no fees to participate in online auctions, nor transaction percentage sharing. Totally free. 
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May 12 2012
First of all you need to set your goals and strategy. To achieve good cash flow + high equity + low investment, it helps considering the following 2 options:
1- Cities with low economical activity typically have abundance of land, therefore low prices, low equity but probably good cash flow.
2- Cities with higher economical activity tend to have scarcity of land, higher prices and good possibility of high equity but cash flow may not be as good as in option 1.
Other point to consider is vacancies: option 1 has more risk of vacancies than 2. 
It is also good to consider to invest as close as possible where you live in case you have to travel to solve issues, you do not need to do it once a week but long trips may result a burden.
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December 22 2011
Profile picture for the_country_hick
It depends on the auction. If you are bidding on the court house steps before a foreclosure is complete do not even consider raising your hand and bidding. You could be bidding real money on nothing but a worthless note that can collect nothing.

If you are looking at something like www.realtybid.com it may be ok. That is a completed foreclosure that should have a legal title. But be sure to buy title insurance and the better type. Also, this gives you less protection as you may be uinable to inspect a property before buying it. That could give you a lot of issues to fix you knew nothing about.
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December 22 2011
Profile picture for zeebest001
Thanks Sunny,

I will check that out now and yes I am open to almost any location.  I believe I am looking for what everyone that is investing is.  Best price, highest rent and greatest appreciation.

Chris
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December 22 2011
Profile picture for sunnyview
I would look in Sacramento too. There are condos there in decent areas for that price. If you want to go further South what about an area like Palm Springs?

You can search for homes on Metrolist in NorCal without an agent to see if anything looks like something you would be interested in. Arizona also has an MLS search if you are interested more in that area. Then you can give an agent a call and see if they are someone you want to work with.
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December 22 2011
Profile picture for flerz
foreclosure auctions.
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December 22 2011
 
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