Our 2nd Scottsdale STR is up and running!

[Jesse Watson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $581,000
Cash invested: $181,000

Purchased a 3 bed / 2 bath SFH in Scottsdale for use as a med / short term furnished rental.
Conventional Investment loan, 20% down, 4.125%
Lots of landscaping, new front walkway, decor makeover.

Here were our expenses:

Hillery - Down Payment -$119,325.13
Hillery - Furnishings and Household Items -$36,852.09
Hillery - Interest & Fees -$555.59
Hillery - Marketing -$400.00
Hillery - One Time Professional Services -$11,570.08
Hillery - Remodeling -$11,177.49
Hillery - Travel - Food -$328.43
Hillery - Travel - Gas -$348.45
Hillery - Travel - Lodging -$367.39

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

Doubling down on an area where we'd purchased our vacation home... Enabled us to utilize a proven process and a team we had already established. STRs cashflow nicely in Scottsdale.

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

Realtor found it. Went on the market mid-week and sellers were motivated to move quickly, so we got mutual acceptance without a bidding war.

How did you finance this deal?

Conventional investment loan

How did you add value to the deal?

Landscaping renovation, front walkway, lots of interior touches and tweaks.

What was the outcome?

So far, we have a 4 month lease with some renters - cash flowing an average of $1391 / mo.. after that we will see!

Lessons learned? Challenges?

Get multiple bids on every job. If a contractor isn't working out, let them go quickly and find a replacement.

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

Our realtor Melanie Johnston is the best in Scottsdale!!