Updated about 2 years ago on . Most recent reply
Mesa Arizona STR
Investment Info:
Single-family residence buy & hold investment in Paramus.
Purchase price: $615,000
Cash invested: $110,000
We are currently working on a turn key STR project with Seller financing. This home is turn key from a seller who has decided operating a STR is not for him. There is some improvements to be made to the back yard appeal. Also making sure we are keeping our nightly rate within the completion and improving the amenities offered in the home.
What made you interested in investing in this type of deal?
We were looking for turn key STR options in Arizona. We like the deal and like the area.
How did you find this deal and how did you negotiate it?
I have been working with a realtor who specialize in seller financing. We negotiated using comps in the area.
How did you finance this deal?
We are using seller financing.
How did you add value to the deal?
We are adding value by improving the grounds and also using our network to make sure the home is being advertised on all platforms.
What was the outcome?
Just completing negociations and looking to close in 30 days.
Lessons learned? Challenges?
So far it is never as easy as it looks.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes we are working with a local realtor.