Guest house on a vacation home

[Alan Schrope]

Investment Info:

Other buy & hold investment in Tucson.

Guest house on my vacation home property

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

I wanted a vacation home in Tucson and wanted to house hack along the way. I saw it helpful to generate income to offset the cost.

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

Found on Zillow and worked with a realtor.

How did you finance this deal?

Used my HELOC to fund 10% down

How did you add value to the deal?

I am renovating the main house and freshened up the guest house prior to renting it.

What was the outcome?

I have not listed the guest house yet...

Lessons learned? Challenges?

Have cash available to pay for needed work (plumbing, refreshing, etc.).

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

PEFCU was great at getting my mortgage done for this. Eddie Green was a hands on, get it done realtor! Al Coranado Plumbing did a great job. McCaleb Design and Construction did an awesome job refreshing the property and got it done timely. West Coast Roofing was very good at communication and getting it done. Truly Nolen did a great job with pest control. I was very fortunate with this group!