$40,000 - Enough for small house?

Asked by Steve & Linda, Charlotte, NC Fri Feb 14, 2014

Me again! I have $40,000 to buy a small home, hopefully clean and repair what is needed, maybe add a half bath if necessary, etc. Outside of a city would be great. I see houses ranging from $15,000 on that look like what I want. I am not afraid of work! I want to retire mortgage free. Am I dreaming??

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dave, Agent, Charlotte, NC
Mon Feb 17, 2014
Steve and Linda,

Based on the criteria you are looking for there are going to be options available to you out there.... I have sold a few homes to people doing the same thing you are looking to do. They bought a house cash and did the minimum necessary to live in the house and worked on the rest of the house as they lived there to ensure they did not have a mortgage. At the $15k mark you might find a home in a lot of disrepair but in the $30k to $40k range you should be able to find something that needs a little TLC and help along the way to get it to what you want it to be.

I would be happy to help you find the right house for you and your family. Feel free to e-mail me or call me on my cell.

Dave diCecco
Helen Adams Realty
Cell: 704-519-7895
1 vote
Lexie Longst…, Agent, Charlotte, NC
Sat Feb 15, 2014
It's possible but you will have to move fast when you see one. Many of the homes you see at that price point are foreclosures or auctions. So they get bid up to higher prices. And make sure you take an inspector or contractor with you before you make an offer. You will have to buy them in "as is" condition which means you usually do not get an inspection period. On a foreclosure you may get a 10 day inspection period.

If you are looking on line and think you have found something good…. do a drive by. Many are in neighborhoods you won't want to buy in. Most foreclosed banks do their research. So either it's been on the market before and didn't sell at "market value" or it is now priced right… at a cheap price and will get multiple offers from investors. Make sure you know the areas real value and make sure their isn't something wrong with the house you can't fix. (i.e. power lines, bad neighbors, steep hill, sink hole, septic issues).

Make sure you have gotten good estimates on materials and the cost of jobs you won't be able to do yourself. Also check out the local building codes. Many may add additional cost to your plans.
1 vote
Candace Ellis, Agent, charlotte, NC
Fri Feb 14, 2014
Maybe, a 2 bedroom-1 bath that needs some updating but livable.
1 vote
douglas chri…, Both Buyer And Seller, Charlotte, NC
Wed Feb 26, 2014
Hello Steve and Linda. I am an investor and I have properties in that price range all day long. These properties are not listed, but GREAT VALUE. I have some GREAT OPTIONS for you in that range right now. Feel free to contact me at 704-604-4728 or email me @ douglaschristian1966@yahoo.com. My properties don't stay around long so if you are looking for the perfect fixer I have them. These are not properties in the HOOD, and many of them have GREAT BONES. I currently have one that is sitting on 1.3 acres of land and is a 2/1 in a A1 location. For more info please give me a call and lets see if we can get you something before you arrive.

Douglas Christian
0 votes
Thanks Doug - I will keep your name & number ...
Flag Wed Feb 26, 2014
Steve &…, Renter, Charlotte, NC
Mon Feb 17, 2014
Thanks for the quick replies. We are living in Southern California now and plan to move to the NC area in a couple of months. I am looking for a "fixer upper" and would prefer to spend less than $40,000 total. My husband wants a large garage or shop - other than that bedrooms / bathrooms / distance doesn't matter. Would love to keep the repairs under $20,000. Linda
0 votes
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