Foreclosure in Virginia>Question Details

A, Both Buyer and Seller in 20152

what areas are best in Northern VA to get a investment property from REOs for short term flip or long term?

Asked by A, 20152 Tue Jan 15, 2008

investment ? are there realtors out there who specialize in working with investors?

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8
Short term flip in this market? You are nuts!

No matter what "deal" you get, the next buyer will want a better deal.

Don't do it, unless you have a great rehab team that can fix up on the CHEAP, and they can do it FAST. In a declining market, time is NOT on your side.

Seriously, FIx and Flip in this marketplace? Well maybe if you like Vegas!

Just being truthful, I'd make more money if you bought (from me) but then I'd have to honor my guarantee to sell it for free if you didn't make money.
1 vote Thank Flag Link Mon Feb 18, 2008
I would focus on Eastern Loudoun County or certain parts of Fairfax County. Certain communities/area within each are better for "flip" opportunities while others are better for long-term rental investment opportunities.

In general, Loudoun County has a higher percentage of REO and short-sale properties for sale per capita than Fairfax County, but you don't have to rule out Fairfax County all together.

I specialize in working with buyer and investors. I am currently working with several investors buying properties in the area for both flip and long-term rental purposes while my business partner works with banks/lenders on listing foreclosure/REO properties for sale.
1 vote Thank Flag Link Tue Jan 15, 2008
Very few people are flipping now. Most investors are buying and holding. The cheapest properties, generally, are in Prince William County. You can actually come close to cash flowing them without putting much down. Loudoun County is also good. More expensive, but some nice areas and nice homes. I notice you're in Chantilly. That's not bad either, and there are inexpensive areas right around Reston.

I personally like areas a bit closer in, too. There are plenty of properties around Fairfax and into the Falls Church/North Springfield area. They tend to be older--lots of 1950s ramblers and 1970s split levels. But the location is very, very good, and there are some very good buys.

There are plenty of Realtors who work with investors. I do, and there are many others. Here's a partial list: http://www.realestatecng.com/REITeam/index.cfm?Results_id=54279

Hope that helps.
0 votes Thank Flag Link Wed Mar 19, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
don't do it.
you will be thinking in a year or so "why did i do that, i could have rented"
0 votes Thank Flag Link Wed Mar 19, 2008
This is really not the market for flipping houses. We're currently in a declining market and if you purchase a house at a cheap price, then look to sell it let's say three months later, when the appraisal comes due, your original purchase appraisal can still be counted. You'd have to also 'bet' on the fact that homes nearby will be selling at higher prices. Once you buy your cheap property...you've just brought down the values around you (aka declining market). Keep that in mind.
Web Reference: http://www.MovingToNova.com
0 votes Thank Flag Link Wed Mar 19, 2008
I would go with Pr. William County. I've been looking myself for investment properties in Dumfries because it's in between Ft Belvoir and Quantico Marine Base. There are many newer townhouses just off Route 1 which are bank-owned or short-sales. Use Trulia's keyword search for "bank" or "short" within whatever area you pick. One realtor told me that Lorton is also a good place to look.
0 votes Thank Flag Link Tue Mar 18, 2008
There are a number of opportunities for foreclosed bank owned homes in Northern Virginia. For single family homes in Loudoun County of the 1694 homes listed for sale, 78 are bank owned foreclosures. Of 3197 listings in Fairfax County, 140 are bank owned foreclosures. Of 2957 listings, 260 are bank owned foreclosures in Prince William County. These are single family detached. There are also a number of town homes and condos on the foreclosure list.
Buying a foreclosure is little different from buying from a home owner occupant except that the banks are in a mood to dispose of these "assets" these days. We're seeing more negotiation on the part of banks than in years past. They need the liquidity that selling their foreclosures brings
Web Reference: http://www.homefinders.com
0 votes Thank Flag Link Sat Feb 2, 2008
You should also consider Prince William County, which has a very large inventory and quite a few properties in foreclosure, short sales and the like. However, if your goal is a short term flip, you need to find properties that are in markets that are still moving or that have near term positive outlooks. This means looking a little harder for properties closer in - Arlington, Alexandria, Falls Church. There aren't nearly as many, but the relative strength of these markets means a better chance to do your repairs, make your upgrades and still come out ahead.
0 votes Thank Flag Link Wed Jan 30, 2008
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