Flower Street STR (Main Home + Guesthome)

[Landon Moore]

Investment Info:

Single-family residence other investment in Phoenix.

Purchase price: $490,000
Cash invested: $49,000

2000 sq. ft. STR Main home and 660 sq. ft. STR the Guesthome on back of Property

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

Cash Flow and CoC ROI

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

Began as a primary home for my wife and I and we rented the Guesthome out on STR booking platforms while we lived there and it paid 100% of the Mortgage+ Utilities each month. We then turned that revenue and invested to furnish the 4 BR Main home into its own STR.

How did you finance this deal?

10% Down Primary Conventional Loan, lived in it for a year.

How did you add value to the deal?

Remodeled the Master Bath // Removed an interior wall // Added 8+ Person Hot Tub // Outdoor paver Dining Area // Turf Cornhole run // Turf Putting Green // Decor // Decorations

What was the outcome?

The revenue currently booked for 2022 through April 1 surpass the entire 2021 calendar year just renting the Guesthome in the back. Which paid back the initial capital put into the deal to start.

Lessons learned? Challenges?

Who not how. Delegate the work...it may save you $300.00 to do something yourself..or have it done professionally..quicker and book the property sooner and make that $ up.

Look at local comps and what they provide.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ryan Swan