I have property now what do I do?

Question

My family has property in Manassas Virginia. We’re at the point where it’s almost paid off and we’d like to sell it and start flipping houses. All the surrounding properties are very pricey and the houses are selling At 1,000,000+. This would take some serious investors and developers to get the most out of it. Does anybody have any good suggestions that would help us move forward?

Heather Skowronsky · Answer

@Shane Bond I just pulled up the listing(s) - I see the other parcel that was separated from the main 10+ acres when Hoadly Rd was moved.  There is another property for sale near your family's property that is on 5+ acres with a remodeled rambler on it listed at $565,000.  I think asking $1mm for 10 acres zoned agricultural is way high, you can typically get 10 acres in our area for $200K give or take depending on the exact location.  I know that there is the potential for commercial zoning/usage but (at least per the listing and public record) it looks like it's just zoned agricultural.  Your agent probably knows more about this, I'm sure he does.  You've got an excellent agent - he has a great reputation in our area.  I wouldn't change agents if I were you.  Just my honest opinion!

Account Closed · Answer

If you are going to sell the property it doesn't matter if it isn't paid off. Why not get an opinion from a broker as to what it would sell for?

Matthew Reichert · Answer

1,000,000+? Also curious about location as I live in Manassas and have no clue where houses here could be THAT high.

Charan K. · Answer

@Heather Skowronsky I second your opinion. Rezoning is very hard in PWC(Manassas), most of the rezoning requests from builders got rejected during public hearings recently.

Lauren Do · Answer

I'm not sure how it works in your area, but have you considered subdividing a house lot next to that million dollar house and just selling that? You could retain the bulk of your land but get some cash to start your flipping projects.

Shane Bond · Answer

@Heather Skowronsky The property is (raw land) off of Hoadley Road between Prince William Parkway and 234. It is posted on the market right now through a agent my father is chosen. We haven’t had any bites and I’m not sure if we should be questioning the price or the agent at this point.

Shane Bond · Answer

@Kenneth Croisetiere thank you very much for your advice. We have 10.8 acres of land off of Hoadly Road in Manassas Virginia. There was a beautiful house that is being built right next-door, went for 1.7 million. The high school right around the corner has an Olympic size swimming pool and we’ve just watched  company’s and people start to build higher-quality homes and businesses in our area.

Heather Skowronsky · Answer

Hi @Shane Bond - where in Manassas is the property located? There are some parts of Manassas that are considered the "Rural Crescent" and developers are having a tough time fighting to develop in those areas as they are restricted by type of sewer, etc.  If it's over by the Occoquan Reserve, and possibly water front, then it would be an easy sell for sure.  There is one builder in particular out that way that would probably buy it from you ASAP.  There are lots of options for what your buyer could do with the land (if it's just raw land) but really all you would need to do to get started is get it on the market.  Right now things are moving so quickly in Manassas, as long as you are priced right, you'll sell it quickly.

Maxwell Fontaine · Answer

Hey @Shane Bond,

That's a weird question I think because to sell it does not require it to be paid off first. And you should really think about either getting the house at least rented to help off set some costs. By doing that it will give you some insight first hand about 1 renting in your area and if it is really in demand or not, 2 how high rents could potentially be in that area. I don't know Manassas to be a hot rental areas, I may be ignorant in that. Overall you need to do some homework and examine what gives you the best exit strategies and go with it.

If you need any help with insuring that property please let me know. We can talk about the property and saving some money on the monthly expenses as much as possible.

GOOD LUCK!

Greg Dickerson · Answer

@Shane Bond I would be happy to talk with you about the property. I know Manassas and Northern Virginia well and do a lot of development deals there. Shoot me a PM with your contact info and we can set up a time to talk.

I have property now what do I do?

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