Vacation Rental Condo

[Ryan Hoover]

Investment Info:

Single-family residence buy & hold investment in Phoenix.

Purchase price: $108,000
Cash invested: $28,142

Purchased the condo for $108k at 25% 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 $191k!

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

I purchased another identical unit in this complex 6 months prior for $18k higher, so I new it was a great deal.

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

MLS listing that had been on market for over 90 days. The owner had passed away and the kids just wanted to get rid of the property, so I put a low offer out there and it got accepted.

How did you finance this deal?

Conventional financing with 25% down. Used a combo of a HELOC and a 401k loan to fund the down payment, renovation, and furniture.

How did you add value to the deal?

Renovation and furniture

What was the outcome?

Cash flowing vacation rental.