Condo Investment Buy and Hold in Scottsdale AZ

[Kathleen McDowell]

Investment Info:

Condo buy & hold investment.

Purchase price: $280,000
Cash invested: $55,000

1BR/1 Bath Condo in North Central Scottsdale. Got under contract while it was Coming Soon. Seller/Agent was remodeling the unit so I was able to select my preferred fixtures and fittings. $0 to get it ready. Marketed property while it was being finished to avoid vacancy. Had tenant in place the day after close at $1550, previous rent was $1200. Cashflow $150 with cashflow 29% ROI thanks to a 3.5% interest rate. Current renter is looking to buy a home, which I will be helping him with. Property also allows STRs so potential to STR in future. Complex has multitude of amenities and attracts numerous snow birds who rent from Dec-April.

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

I didnt have to do any of the work to get it rental ready. Easy to rent a fully remodeled unit. Seller was also an agent so very easy to deal with.

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

I always aim to be the first to view a property. I make my offer fast, usually the first day its listed as coming soon, which always benefits me in the end. I explain the benefits of dealing with an agent as a buyer as I know the process and am sure to close.

How did you finance this deal?

Low interest rate 0f 3.5% with 20% down.

How did you add value to the deal?

Rented it for $350 more than previous rent.