PROPERTY SUCCESS STORY
Property: Woodbridge, VA
Property: Dale City, VA
Purchase Price: $115,000
Sales Price: $220,000
Renovation Costs: $26,000
Profit: $29,000 for each partner
Length of Renovation: Five months
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The sellers of the property in Woodbridge were in the process
of a divorce and behind on their mortgage payments. Their
house was scheduled for an auction at the Prince William County
courthouse within a week when they contacted Sharon. After
inspecting the property, the couple agreed that the Whites
could buy the property subject to an existing first mortgage.
The next step was to reinstate the mortgage with the bank
and schedule a settlement to transfer ownership of the property.
At this point, as they were wondering where to start on the
rehab, the Whites brought in John Peterson. John’s
contractors completed the cosmetic renovations – which
included landscaping, painting, updating kitchen and bathrooms
and installing carpet – within six weeks.
The property was introduced to the market and multiple offers
were received based on the condition and location of the
house. After reimbursing renovation expenses of $26,000,
holding costs, realtor fees and closing costs of the transaction,
the partners each received a check in excess of $29,000 at
the settlement table.
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