9345 N. 92nd Street #209

[Andrew Townsend]

Investment Info:

Condo buy & hold investment.

Sale price: $349,500

My VERY FIRST PROPERTY! Condo northern scottsdale.  Conveniently located within 15 minutes of all popular areas. My plan is to run the property as airbnb.

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

Opportunity to have property in a high traffic area. Potential for rental and turning profit is very high.

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

Found the deal via real estate agent. Did not use any tools to find this first deal. Just did research of my own and hoped for the best. Main selling point was locating property on airbnb and finding that nightly prices range from 100-300$ a night. This area a hot spot for golf! Every single rental around me, even the 300$/night were rented out for months in advance and the ones 100-140$/night rented out for 4+ months in a row. Cash flow varies in region depending on events. Cash flow will be between 600-800$/month depending on the season.

How did you finance this deal?

30yr fixed/10% down. I took out loan for 2nd home/vacation. 

How did you add value to the deal?

All inspection items will be fixed prior to closing.

Lessons learned? Challenges?

Too early to tell.

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

Yes.