We Bought + LIVED in a $47,000 House | Before + After Renovation Pics | JEN TALKS FOREVER
Articles,  Blog

We Bought + LIVED in a $47,000 House | Before + After Renovation Pics | JEN TALKS FOREVER


hi I’m Jen I want to talk about the
previous house I lived in that cost $47,000 yeah you
heard that right it was 47 grand 47 K 47 GS and I want to talk to you a little
bit more about you know why we decided to buy a house like that what’s it like
and also how do you get that sort of deal so while I live in Atlanta now
previously my husband and I lived in Florida and back in 2009 we were looking
for a house together previously I don’t a condo in Texas and I actually did make
a little bit of money on it before there was that market crash of like 2007 I
literally sold my house in May of 2007 and then it crashed several months later
so I was extremely fortunate and with real estate my husband James and I have
just been very we’ve had very very good timing with things overall one thing you
should know about us is that we like to live below our means so we had a goal of
having a house payment that we could survive and afford on only one income so
if one of us lost a job or something happened to one of us that we could
still live in the house be able to afford the mortgage and not worry about
losing our shirts so we were looking for short sales and foreclosures
in 2009 we had a great great realtor and she was amazing and she actually helped
us find this short sale and we paid forty seven thousand six hundred dollars
so let me tell you about the house and I do have some before-and-after pictures
so we’re gonna get to that the house was built in 1955 it was more of those
Florida bungalow styles it was a two-bedroom one-bathroom house
the bathroom was pretty tiny and the second bedroom the previous owner had
added on a screened-in porch so the second bedroom actually has a sliding
glass door in it so at that point I wouldn’t even consider it a bedroom plus
it was absolutely tiny the real bedroom the master bedroom wasn’t anything too
really right about either but a good thing is that
the house had no carpeting it had tile throughout and laminate flooring it had
been somewhat renovated previously but the work had been pretty subpar if
you’re buying a house like that just know that if you get a great deal on it
you’re probably gonna have to put some sort of sweat equity into it and do a
lot of cleaning we actually spent a few months trying to get it ready to move in
before we actually moved in it needed a lot of cleaning and actually had some
termite issues so we had the house tented and we just did we tried to do a
lot of painting and just general I don’t know cleaning deep cleaning before we
even got in there so we lived in the house for about we owned it for about
four years and in that time we did several pretty pretty cheap but very
labor-intensive renovations my husband James pretty much completely did redid
the kitchen we also redid the bathroom and he put in
some really beautiful finishes he did a black granite floor since it was the
only bathroom we wanted to be nice he also did an overlay in the shower he put
a very nice like solid surface palette panel in it so it looked nicer and we
painted the whole house we had the outside painted and we also added the
washer dryer and when we moved in it actually did not have a condenser unit
in it someone had like taken it so we did have to get another AC unit although
at least it did have the ductwork so let me talk a little about the pros and the
cons of taking on this type of project this type of house so obviously one of
the huge benefits is a very low mortgage I think we put about five thousand
dollars down on the house ten percent and our mortgage payment was like five
hundred and thirty dollars in fact at one point our property taxes were three
hundred dollars for the year for the year so our mortgage and if you’re not
familiar with mortgages the payment has your like property insurance rolled into
it and some other your taxes so so the mortgage company
actually puts into an escrow account what you need to be paying in taxes and
what you need to pay for homeowners insurance and it takes it out of it so
that five hundred and thirty dollar a month payment includes all of that the
only thing it didn’t include I believe was flood insurance
I believe we paid that separately I can’t remember off the top of my head
because we lived in Florida the flood insurance was fairly high it was $1,400
a year but you know what that’s that’s the breaks of living in Florida so that
was all right so it was definitely a lot cheaper than renting at the time rent in
the area we lived in was between $1,000 to $1,200 for a decent two-bedroom
apartments so we were getting a pretty good steal of the deal
we did have some maintenance to the house obviously there’s a lot of things
with homeownership that comes with it that you don’t have to pay for when
you’re living in an apartment and also because the house was so old it did have
like zero insulation so we ended up having to do some things you can add
insulation to old homes you can get it put in after the fact and it will
actually significantly help with your utility bills so the utility bills in
that place we’re actually fairly high because of the age of the home but again
the mortgage was so low it ended up being pretty okay even then so that are
some those are some of the pros and cons of living in a really old house
obviously if you’re trying to get a good deal on a house not all of them are
going to be old but a lot of those properties that are very low priced are
probably gonna be a few years old so there is a lot of unknowns about those
houses there can be definitely problems a lot of homes in the south have termite
damage or mold damage and that’s definitely something you should look for
if you’re looking to buy a house but I’m actually really happy that we did not
get more of a mortgage than we didn’t bite off more than we could chew that
was definitely a very manageable amount of debt for us and we also have student
loans which I’ll talk to talk about in some future videos but because of that
we wanted to keep our mortgage as whoa as possible so if you’re a young
couple or if you’re a young person and you’re looking to buy a first home I
would tell you this don’t don’t necessarily think you need to buy the
most expensive house you can I know it’s gonna be very appealing especially when
you see all these new pretty homes custom builder homes that you know cost
half your take-home pay but just think about it what happens in the worst case
scenario what happens if one of you loses a job what happens if you lose
your job or you get sick and cannot work and cannot afford your mortgage anymore
we personally like to keep our mortgage at about 10 to 15 percent of our
take-home pay that is an amount that gives us a lot of breathing room and
flexibility and you don’t know what’s gonna happen in the future maybe you
want to make some changes in your life and your mortgage payment doesn’t make
that possible so that’s something to think about the other thing to think
about is getting a good deal and putting that sweat sweat equity in there it
means that you could possibly make money on that property and we actually did my
husband did an absolutely amazing job with the renovation the realtor said
that the kitchen looked like a three hundred thousand dollar kitchen and we
got some cabinets from cabinets to go we got some new appliances the one thing we
didn’t do for this particular home we did not upgrade to a solid surface
countertop and that’s because the neighborhood we were living in wasn’t
very high-end if we were marketing a $200,000 house we definitely would have
put in some sort of solid surface countertop but the neighborhood was a
very affordable one so buyers in that area weren’t going to necessarily be
looking for that feature and we ended up selling the house for $85,000 which was
pretty awesome we did put some money into it when it’s all said and done I
think I estimated we put in about eighteen thousand dollars worth of
appliances you know renovation costs and the air condition that also includes the
air condenser unit so all-in-all I think we sunk about eighteen thousand dollars
into it that also includes the tenting for the termites but you know walking
out of the deal I think we pocketed about thirty-five
dollars that certainly wasn’t bad of course you have to pay your realtor’s
commission and other certain costs for closing but we were very happy with that
amount and at least we felt like living there gave us a bit of a financial leg
up and we actually used that money from the house the proceeds we used it to pay
off one of my husband’s student loans so I’m going to be talking about some of
these house stories and future videos so if you enjoy hearing about this sort of
thing feel free to subscribe to Jen tops forever and also let me know what else
you’d like to talk about but for anything and I’ll see you next time

100 Comments

  • Jen Talks Forever

    Read more details about our home renovation and buying/selling process: https://goo.gl/4RU5GE
    We owe many thanks 🙏 to our fantastic real estate agent Melanie Atkinson! If you’re looking for a realtor in the Tampa Bay area- we can’t recommend her enough! 🏡
    http://www.smithandassociates.com/Real-Estate-Agent/melanie-atkinson/74193

  • BamSavageTV

    My dad bought a Brick house for $20,000 and i’m not sure why it was sold for that much. $47,000 for a house is nothing but my dad loves buying houses, renovating and reselling for a lot more. He’s currently asking for $500,000 for one of his houses. The house in this video looks nice.

  • John Doe

    0 student loans. Made 104k a year. Got a house for 52k. Put 15 into it. Paid it off after 3 years. I rent it out today for $1400. It's funded my other rentals since then and helped fund my house flipping on the side starting out.

  • Charles Moore

    We r in Greenville, SC and here under say $120,000…you would be in a horrific neighborhood….dangerous.

  • Marie Neely

    You are unbelievable. ! I didn't know people like you existed anymore. Living below your means, what. I had to look that up to see if it still meant what I remembered growing up. My dad always taught us to live that way. Of course my day was a builder so he knew how to pick them and do the redo work himself and he taught my brother to do the same as well as me and my sisters. I made sure my husband had the same goal to live below our means, which he did. We have done great living like that for years. Thank you for sharing.

  • Sabreena Mohr

    Great advice. We bought a foreclosure. Renovations are difficult. ….Still at it. Thanks for the honesty.

  • Regina Polo

    You have such a good husband. My sits at a computer all day long and then sits out in the porch to smoke a cigar.
    Good for you and thank you for your tips. I am looking for a house like that for myself in northern flotida

  • N. Laurista

    So glad I tuned in to your video. I'm starting over after an ugly divorce and I do not want to pay more on an apartment than a home I can buy and then eventually rent it out for retirement money. The pros and cons were very helpful. Thank you so much for sharing your experience.

  • Master Wrong

    Whaaat? This was $47,000? My house was smaller but since it’s in the middle of the city, close to the mall and a high school it’s $116,000, was listed at $122,000. Damn!

  • Terry Reyes

    Those deals dont exist anymore especially in the big cities like Houston. My dad also bought a great house back then for 50k which is now worth 120k. He still lives in it. That was a luck draw because the house needed bedroom doors and that's about it. Great house really. I wish my generation had luck like that.

  • KyleTVProductions

    The cheapest house in my area is $180k and it looks like a house from the worst part of Detroit. Living in WA as a new investor is impossible!!

  • Sarah Owen-Babb

    I love what you did to the kitchen! I love living below our means. My husband and I bought our first home in 2012, it was 26k and we paid cash for it. We put almost 10k into for new flooring, updated the bathroom and a new roof, then moved in. We just sold it last month for 115k, it was getting a little cramped for a growing family😂. But since we decided to buy something less than what we could really afford, we were able to save money while still being able to pay for his law school and completely student loan free as well as debt free altogether. We just bought our second home and put the entire 115k down on it. And since we also saved up while living in a small house, we just bought new furniture for our 3900 sq foot house , which is huge to us since our small house was only 970sq feet.

  • Evelyn Hall

    Mine isn't even worth 30,000. It was left in an inheritance. Not livable…It's horrible..no money to fix it up…have some of the items we need but no one to fix it…no money to have it fixed…we'll never have our own house to live in….

  • Sheriese Henderson

    Okay What bank loan you the money what was the requirements of getting a home like this.was this in U.S. I’m asking how High was both of your credit scores.

  • SC

    I’m from Perth, Australia. Houses in Perth are cheaper than Sydney and Melbourne but I’m still looking at a minimum of $350,000 – $450,000 for a house in the suburbs (40 mins from the city). I’m single so single-income and started my career fairly late after spending nearly 9 years studying a bachelor, a master and a PhD degree. I was shocked to hear you talked about buying a house for $40,000+

  • Manuel Seda

    One of the cons of old houses in Florida is maintenance and the foundation start deterioration. Old houses can be cheaper than new build but you won’t have problems with new builds in like 10 years

  • Shining Sakura

    It helps it was 2009….. where I live the ghettos and most dangerous homes are minimum 150000…..houses are nuts high in cost right now. Everything jumped more than 100,000 in 1.5 years. Been going up for 4 years now. Locals are getting shoved out and californians are invading.
    I would have loved to get in on the low cost homes, but I was on a mission at the time or in high school at the time. Once I got married shortly after, everything changed and californians and tech companies invaded.
    Now I cannot find anything in a semi safe place under 200,000. We can't afford it right now. Anything that would be affordable is bought up by landlords and turned into rentals….. I just want a home, can't have that even these days. We are saving almost 1,000 a month towards a home and have been for quite a while. At this rate we will never afford anything.

  • x FLATICIA x

    Beautiful, responsible, smart homestory. Is so good to know that to buy a affordable home is a matter of choice for americans.
    Here in Brazil a trailler home cost about 50k, and our minimum wage is $r998,00. The new goverment just announced that taxes for middle class buying houses will be higher.

  • H 35

    I'm planning on moving to Tampa and flipping a cheaper house 😁 Even if it's a rental or a small profit I would prefer that to renting from someone else. This is getting me excited to start the process.

  • Valeria Del Rio-Rodriguez

    Tremendous transformation though brave that u even bought a short sell cuz i heard when u go into short sell ur buying the house with eyes closed not knowing anything of it and whatever debt the former owners had u would have to pay so u got lucky

  • B Elise

    I got high standards and I like expensive looking things lol. I know it’s dumb but I’m much more comfortable in an expensive modern apartment than an OKAY house for cheap

  • Mrs.A

    A question for those of you that have taken this path. As someone who believes in being debt free this approach is very appealing to me, but I wonder after all the renovations are done, doesn’t it equal out the same if you just purchased a more expensive house that doesn’t need work….?

  • melissa alonzo

    I just bought a 1940 1,500 sq ft 3 bdr home with carport, detached 2 car garage and large storage building on 2 1/2 lots for $36,000 on a 10yr contract at 5% interest. My house payment $350! This house needs some love but livable and we moved in 2wks ago, I will do as much as I can on my own then hire pro's for the rest.

  • Random Considerations

    You can't even get en empty lot through foreclosure or tax auction for under 100k in my part of the world these days. Having the luxury of not being tied by non-financial binds to an expensive locale is the first step to getting a home for that price. I'm just glad my house has doubled in value since buying it 10 years ago (all in the land value) and when we move in the next few years (hopefully) we can have our pick of buying cash in hand all or most of the house cost.

  • Jessica Caballero

    We did this. 75k bought and lived in for 7yrs. Did some updates like floors ceiling plumbing and paint. Currently renting it out for 750 per month. It's a nice little income property and was our first home for a little family of 4. 2bed 1 bath 886 Sq ft. In central Okc. It was the best decision. We could've made. We had to definitely sacrifice luxary and had to be super wise with our money ut investing our money into the house to pay off and now have 100% profit was for the best! I always advise people to live below their means in the beginning just to make sure that life doesn't completely screw you over. Because life always like to get in the way.

    We are hoping to continue to buy and flip property for income purposes but we did need up building and buying our dream home. It's a "for now" home til the kids leave.

  • FrannieFine

    I thought it was interesting how you described everything as "tiny" in the house you bought. I thought the rooms were regular sized, but I'm not from the US, so my standard is probably a different one. For two or three people, that house looks very comfortable to live in. I think a lot of people have expectations that will just get them into debt or make then very unhappy as they keep comparing themselves to others. I thought the house looked great, even better if it was cheap. You did a great job doing it up, too! 🙂

  • Brandon Ivey

    Is 47k unheard of to you guys? In PA you can get tons of houses for under that, and nice mobile homes for under 10k

  • cricketaylor

    I bought my house on the Mississippi Gulf Cost last June for $11,000, it was a piece of crap (literally it was filled with dog crap) and inhabitable. After putting in another $9000 it is finally finished. It had to be gutted to the studs, but it’s done and I have a 3 bedroom 2 bath house with no mortgage. It took a lot of diy projects and sweat equity, but I love it and 2 blocks from the beach, yea!!!

  • MadRhetorik

    I know this is a crazy concept but different areas have different markets. I have no problems finding homes from 15k-400k in my area that are easily liveable. Meanwhile people I used to work with cant find anything under 300k that's liveable in their area.

  • noor jehan bashir ahmed

    you are exactly saying what i have in my mind & can you share item you used and videos……… thanks

  • Nancy Bryant

    I paid $46,5000 for my 1200 sq ft frame house in 1993 after a divorce. I raised my daughter there and money was tight. The house had good “bones” and I slowly made improvements as I could. I just made my final mortgage payment after 26 years. I’m 70 and retired. I’m comfortable here. I guess I could sell it and buy a more expensive place but won’t. Going to travel instead.

  • J Podolski

    Graet move! I do the same for the last 16 years. The "dirty" job suck, but..Im semi retired the last 5 years and full retire in next 2. I'm 54 now! Good luck to all!

  • Amy Stricklin

    Me and my husband are currently looking to buy a house under 100K and fixing it up. We also live under our means as well!

Leave a Reply

Your email address will not be published. Required fields are marked *