All Forum Posts by: Michael Steward

I lived in 23111 Mechanicsville almost all of my life until this past September, 23223 is defiantly NOT Mechanicsville (23111 and 23116 are M'ville).  It seems to be in the Creighton road/ Laburnum Ave area.  Not an area I invested in when I lived there.

Investment Info:

Single-family residence buy & hold investment in Mechanicsville.

Purchase price: $189,000
Cash invested: $20,000
Sale price: $207,500

3/2 brick rancher Used as residence and rental property

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

MLS

How did you finance this deal?

VA

How did you add value to the deal?

repaint, new plumbing, new bathrooms

Lessons learned? Challenges?

Want to do more RE deals

Investment Info:

Single-family residence fix & flip investment in Mechanicsville.

Purchase price: $185,000
Cash invested: $60,000
Sale price: $305,000

Great neighborhood, but had been a rental for 10 years. Replaced roof, windows, 2.5 baths, full kitchen, new carpet in bedrooms, hardwood look vinyl in entire first floor, landscaping and power washing.

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

Great neighborhood

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

MLS for 240,000. I used the calculators available to me on BP, found the number that made sense, made that offer. Seller accepted and we closed in 30 days.

How did you finance this deal?

Private money

How did you add value to the deal?

My father and I did all the hard work except roof and windows.

What was the outcome?

Looking for another deal now!

Lessons learned? Challenges?

Time management is extremely important!