BRRRish Vacation Rental

[Ryan Hoover]

Investment Info:

Single-family residence other investment in Phoenix.

Purchase price: $125,000
Cash invested: $28,000

Purchased the condo for $125k at 20% down conventional, fully remodeled and furnished using a HELOC from my primary residence and a 401k loan. Property now generates positive cash flow as a vacation rental. Recently did a cash out refinance and the condo appraised for $190k!

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

I original bought as a flip, but the numbers didn't make sense after the renovation went over budget. I found out through the area expert agent, that there was a huge demand for vacation rentals in the complex.

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

MLS listing that had been on market for over 60 days

How did you finance this deal?

Conventional financing with 20% down. I used a combination of a HELOC and 401k loan to raise the money for down payment and renovation.

How did you add value to the deal?

Renovation and furniture