Value Add Golf Course 2 Bedroom Scottsdale Condo

[George Mevawala]

Investment Info:

Condo buy & hold investment.

Purchase price: $195,000
Cash invested: $33,129

Value add condo I purchased with purpose to remodel and turn into a short term rental. It has been a successful property that has been booked solid the last 4 years and brings in around 45k a year in gross rental income.

Not only have was it a successful BRRRR ( we pulled out over double our initial investment when it appraised for 357k in 2021), the complex has had similar units sell as high as 490k in the complex.

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

I saw an opportunity to add value in a condo that was priced well at the time, and in a complex that allowed short term rentals.

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

It was on the MLS and I negotiated it.

How did you finance this deal?

Conventional financing, but I brought in a partner to help with the project.

How did you add value to the deal?

I negotiated the deal as the buyers agent, and then managed the remodel, design, and furnishing for project.

What was the outcome?

The outcome was income as I like to say, and the property has been one of my most successful condo investments so far, and brings in steady cash flow as a short term rental property.

Lessons learned? Challenges?

We had some issues with the first contractor we hired, and had to fire him about 3 weeks into the remodel.. It was frustrating and it cost us a little more than we wanted to spend. However, it was a great learning curve and one of the most hands on projects I have been involved in.

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

I represented as buyers agent on this transaction.