Investment Info:
Single-family residence buy & hold investment in Phoenix.
Purchase price: $585,000
Cash invested: $73,000
Our first Airbnb Property, bought for $585,000 and has not appreciated much since we bought it. Furnished for around $15,000 and pulls in an average of $1,000 profit a month with super high earnings coming in February-April.
What made you interested in investing in this type of deal?
Was like most people who get into STR deals, wanted higher return. Have a hospitality background after starting and owning my own restaurant and this combines my desire for real estate wealth with my background. Added perk of having somewhere I can visit with a pool!
How did you find this deal and how did you negotiate it?
Broke down numerous deals in the area on market and this one fit the best for what we were trying to do.
How did you finance this deal?
10% down vacation home loan
How did you add value to the deal?
Furnished and Managed
What was the outcome?
Very positive, makes about $1000/month. Did close to $9k in March.
Lessons learned? Challenges?
Pool maintenance is very difficult!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, George Mevawala was great in the Phoenix area.
