Casa Grande, AZ Short Term Rental #1

[Tara Kinney]

Investment Info:

Single-family residence other investment.

Purchase price: $429,000
Cash invested: $10,000

Single Family home with pool - to be used as my personal vacation home and as a short term rental. Did a 1031 exchange from my 6 unit property that I sold so put quite a bit down. Conventional financing. Using Evolve vacation rentals to help manage. Just started listing is this month, so yet to see full potential but already has been getting booked up quickly and it's the offseason right now.

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

My 7 year goal (when my kids are all graduated) was to be financially independent and have a vacation home in Arizona so I can snowbird there. 4 years from the start of my journey and two years early, I have my vacation home and am close to F.I. I choose this home although not in a large tourist destination, it is the right size city for me to enjoy when I'm ready to stay there more full time. I choose to get a pool to make it more desirable for STR.

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

Found it on the MLS. Hot market right before the interest rate hikes - I looked at the pics and had my realtor send an offer and then he did a virtual tour with me. Offer them $5K over asking, they took it, assessed value came in lower, so we met in the middle on price and I got it lower than their original asking offer.

How did you finance this deal?

1031 exchange - conventional loan

How did you add value to the deal?

Furnished for STR

What was the outcome?

Using evolve property management - so far I am very pleased with them.

Lessons learned? Challenges?

Be picky on your cleaning person. Communication with my current one has been a bit of a challenge, but getting better.

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

Evolve Property Management - doing good so far! Can't complain.