You can actually get them for even less than that and get more in rent. The cheapest way is through Tax Sales. You can buy a 3 bedroom house at a Tax Sale for low thousands of dollars and rent them out Section 8 for $800/mo or more and the US Government pays you all or a portion of the rent so it's reliable residual.
Of course it isn't that simple, sometimes the houses need a lot of work to get rent-ready and if you don't live near them you need a property manager. It's complicated and a lot of hard work but the dividends are incredible. You can also lose your shirt if you aren't careful.
I'll email you.
EDIT: Strike the email, here's a post to a blog with results from a Tax Sale in Tulsa County Oklahoma last year:
Some of what you read in these comments below is true. Skepticism is warranted. It's hard. It's dirty. The houses do need a lot of work. The tenants don't pay sometimes, but the US Govt always does. Property managers take 10% or more of the rent to manage the properties. It's a BIG risk but BIG returns can be had as well. Plus, it does take time and emotional stamina. Imagine buying a house that was a meth lab. It happens. Imagine removing the person who lives in it and they burn it down. It happens.
The tricky part is that it's very easy to not notice when your "investment" turns into a "second job" that may not really be paying that well per hour.
It's important to find a good property manager in the area you are investing. They do the work for you but the returns are less of course. Just like anything...
Please email me. (talithamichele at gmail dot com) It has been a long time since I read real estate books. I need to figure out how to buy a house cheap. I know it can be done but I don't know where to get the info I need.
Of course it isn't that simple, sometimes the houses need a lot of work to get rent-ready and if you don't live near them you need a property manager. It's complicated and a lot of hard work but the dividends are incredible. You can also lose your shirt if you aren't careful.
I'll email you.
EDIT: Strike the email, here's a post to a blog with results from a Tax Sale in Tulsa County Oklahoma last year:
http://www.gavelhound.com/blog/Final+Results+for+the+2012+Tu...
Some of what you read in these comments below is true. Skepticism is warranted. It's hard. It's dirty. The houses do need a lot of work. The tenants don't pay sometimes, but the US Govt always does. Property managers take 10% or more of the rent to manage the properties. It's a BIG risk but BIG returns can be had as well. Plus, it does take time and emotional stamina. Imagine buying a house that was a meth lab. It happens. Imagine removing the person who lives in it and they burn it down. It happens.