Buying a property from another investor

[Maria P Soriente]

Investment Info:

Other buy & hold investment in Manassas Park.

Purchase price: $205,000
Cash invested: $21,000
Sale price: $234,900

3 bedroom 2.5 bath townhome that has a spacious kitchen lots of cabinets and gorgeous granite. The property has a fence and a patio with plenty of room for a barbecue party. It is located in the Manassas Park Village and only 10 minutes away from Downtown Old Manassas.

What made you interested in investing in this type of deal?

I got interested in this deal because the location of the property is ideal for rentals.

How did you find this deal and how did you negotiate it?

My previous real estate agent had an investor who is flipping this property and would like to find a buyer before the property gets completed. I guess the investor wanted an assurance of a quick turn around, so he could move-on to his next project. We looked at the property while it was still under renovation and told my real estate agent that I am interested of buying it.

How did you finance this deal?

Personal financing.

How did you add value to the deal?

Since the property was completely renovated when I purchased it, I just added the regular cosmetic updates with granite, new paint, and carpet.The investor whom I purchased the property from had already changed the value of the home by creating a third bedroom and a half bath on the first floor.

What was the outcome?

When we sold the property, we placed it a little above the average comps and we got an offer in a week. Another investor purchased the property to hold as a rental.