Rehab Properties Available In DC?
I"m a newbie to TCI, but been reading and researching REI for a while. I want to get into rehabbing properties, I consider myself quite the handyman, and have almost finished completely remodeling my 2BR condo myself.
The question is, I live in Fairfax, VA, a suburb of Washington DC, and the housing prices here are unreal. It seems that properties are selling because of the land value regardless of the condition of the home.
Has anyone had experience with rehabbing in the Northern Virigina/DC area, been able to do it successfully, and make a profit by flipping the property? Could anyone share experiences or pointers in this area?
Thanks.
And a follow-up question:
How to you calculate FMV? I've been looking at www.domania.com which lists recent home sale prices, and estimating from there. Is there an industry consensus out there?