There are always opportunities to buy investment property in Manassas. The important thing is to know the market well so you can properly analyze a deal. The market is always changing. Neighborhoods trend in different directions for a variety of reasons. If you don't understand the market, you can easlily get caught in a bad deal.

Also, many investors stay away from condos. The association fees is just another variable that you can't control. A poorly run condo association can result in the need for dramatically increased the condo fees because of poor planning and budgeting. This can suddenly wipe out your cash flow and reduce the resale value of your unit.

Shannon,

You are signed as Antioch, Tennessee.

Are you familiar with Northern Virginia?
How do you plan to manage the property? Do you have a family/friends near by or do you plan to hire someone to manage the property for you?

You need to factor that in when computing the costs and the risks of the investment.

The value of investment property depends on the rent u can collect, the hassle with tenants, and a sound business plan.
All this requires careful planning.
Direct answer to ur qs. is , this is the best time to buy real estate for investment or for ur living accomdation.
Please work with a good agent and lender and may be an accountant, b4 plunging into this venture.
Rgds,
Ramesh handra,
703 635 8209
mepcigroup@gmail.com

Yes, though the ideal time was really back in February and March.

Back then, you could buy a 3 bed/2 bath townhouse for maybe $70,000. You'd put a bit into cleaning it up--maybe $10,000 or so. Your monthly expenses--mortgage and condo fee, might come out to $700. Then you could rent it for $1,100-$1,200.

The numbers are a bit narrower now, but still good. And your strategy for Manassas--buy and hold--is the right one.

How could you go wrong? It's possible. A lot of those properties aren't in the best neighborhoods. And while you certainly should be able to rent the property out for enough to more than cover your expenses, you may encounter higher-than-expected maintenance and repair costs. If you're in Tennessee, you'll also have to factor in the cost of management.

Also, be cautious of condo fee increases. I'm familiar with a lower-priced condo community in Reston (Shadowood--you might look that up, too). Condos that sold for $300,000 pre-bust now are going for $125,000 or so. But there--and other places--condo fees are going up sharply. Part of the reason is that many of the condo owners are no longer paying their condo fees, and a smaller base of condo owners now have to cover the entire cost.

So, do your due dilligence. Having said that, investors who are buying those units today will be very happy 10-15 years from now.

Hope that helps.

The best time to buy in years I have a ton of programs for investors If you need a broker, send me a email thomastjoh@yahoo.com.

Hi Shannon,

If you purely looking at it for investement purposes, and you've done your homework it's a great time to buy. That said, many of the condo's that have dropped in price in Manassas to the $50K-$60K range. are tiny. Big enough for 1 or 2 people. Many of the condo's have a monthly condo fee of $250.00 or more. Then before you purchase I definately think you should talk with the neighbors and review the condo documents thourghly so that you know how the community budget is and when the last special assesment was levied.

I sold brand new condo's for years in Manassas and Lake Ridge. They are all aging now. With age comes speical assessments.

The average one bedroom, one bath condo rents for $750.00 a month, plan on at least 2-3 months marketing time to get it rented. It may rent faster,it will depend on condition. So just do your homework and plan for the unexpected and you will be fine.

Here is a link to the condo's that have rented this year
http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=33400206694

Below is a live link of all the current condo's in Manassas.

Most definitely! As you state, values are high and prices are low. Interest rates are also great! Don't wait because the prices are starting to increase as more people enter the market. Come to my Home Buyer seminar at the woodbridge campus of Strayer University on the 17th to learn more! Meanwhile, get your mortgage fully approved and research desired areas.