Long Term Furnished Rental - Phoenix
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $436,000
Cash invested: $21,800
This is a current long term furnished rental. I purchased it originally as a primary and furnished the unit throughout. It currently rents as a long term rental.
What made you interested in investing in this type of deal?
I have been buying rentals for a few years and I was looking for an investment that I could have the opportunity to have different streams of income for. Originally, I lived in the main portion of this house and rented the mother-in-law suite (primary bedroom) separately on Airbnb. I did this for about a year and made great income renting it as a nightly rental. Once I moved out, I rented the house as a whole.
How did you find this deal and how did you negotiate it?
MLS, I had the other agent rep me and we decreased the purchase price since we received dual agency representation.
How did you finance this deal?
Conventional
How did you add value to the deal?
I remodled the primary/mother in law suite and furnished.
What was the outcome?
Monthly income and the benefits of a long term tenant.
Lessons learned? Challenges?
Many! I had challenges with renting the MIL suite. This took a special tenant who was looking for a place for a few nights and came with many different clientele renting the room.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
N/A
Nice work! Now you just need to run this same play about 10 more times!