Finding The Perfect Investment Property

Today was another Saturday full of routine activities for me. Between attending my son's basketball game (Gainesville Griffiths) and hanging out on Google+ I managed to see one bank owned property in Manassas. The property is listed at $179,900 with 2712 square feet of living space, 2 car garage on a .46 acre plot. Wow right? That is a great deal if you are looking for an investment or a house to flip and you know how to rehab it.
The problem with these properties is that there is so much interest that after being on the market for only 2

days, there are 8 offers in place already. And from the looks of how busy today was for the short time I was viewing, there will be many more offers before the bank stops taking offers  in the middle of April with plans to be closing the sale by the end of May. In the best case scenario the buyer can double his investment.

The problem is that we will not know who will win the bidding war for sometime. Most people don't have the kind of cash to be held in limbo waiting on the outcome. Of course who wins will be determined by the bid and the bid that wins will be likely much higher than the asking price. The house does need a lot of TLC and the actual profit will depend on the expertise of the people involved.

I am taking another client to see it and I will try and update this post with more information about this old house as they become available.