Scottsdale buy and hold short term rental, purchased in 2017

[Chris Bang]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $253,000
Cash invested: $100,000

Short-term and completely renovated furnished rental in beautiful McCormick Ranch area of Scottsdale

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

Deep knowledge and familiarity with this area and future prospects given the desirable location

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

Individual needed quick close. Closed the transaction in 4 days.

How did you finance this deal?

Cash.

How did you add value to the deal?

Complete renovation throughout. Tasteful remodel, opened kitchen which doubled the size of kitchen alone, deleted all steps, 9' ceilings, and much more..

What was the outcome?

Property is high-demand for short-term furnished rental in Scottsdale

Lessons learned? Challenges?

As with all projects, budget for 50% more in expected cost and 50% more in expected timelines

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

Yes, as a mortgage banker since 1998 in the Phoenix area and in Sacramento, I have a large network of industry connections