I love this subject “Top 3 Cheapest Properties to Purchase” because when you’re first starting out, you don’t have a lot of money.
Now what? Work my fingers to the bone and save as much money as I can so that I can take such a huge risk on a 6-figure property. An economic change could bankrupt you.
1) The cheapest property to purchase is mobile homes/ manufactured home.
In an investment mindset these properties hold their value like a car. The reason for the drop in value is because most mobile homes are set on leased/rented land.
BUT, if you are thinking of buying a property for literally pennies on the dollar, this is how to do it.
It is fairly simple to purchase a mobile home for less than $2K and put less than $1k in it and sell it for 12-15K to the land owner or even a consumer.
2) Condo units are the second cheapest property to purchase.
This is because you are purchasing a room/apartment in a larger building so the maintenance costs are a lot lower because they are shared with all the other condo owners. One thing to keep an eye out on is the management or Homeowners Association.
3) Townhomes/Row Houses are the third cheapest properties to purchase.
Again, it is because you share the maintenance costs with the other owners. You also don’t own the land, you lease it. And once again, the homeowner’s Association is the key to the success of this purchase. Some banks won’t work with some associations. Do your research!
Want more real estate tips and tricks? Just visit our blog often: http://www.realestatesalesllc.com/blog/