Updated over 3 years ago on . Most recent reply
Modern Luxury Short Term Rental !
Investment Info:
Single-family residence buy & hold investment in Phoenix.
Purchase price: $1,275,000
Cash invested: $400,000
Sale price: $1,275,000
This Modern Luxury home lays right up the street from the coveted Arcadia and Biltmore destination. A perfect retreat to enjoy the beauty that downtown Phoenix has to offer!
What made you interested in investing in this type of deal?
The location and the modern style. Once we add a pool, the figures reflect an impressive 9.6 cap.
How did you find this deal and how did you negotiate it?
We found this deal on the MLS. I was using it as an example to the design, I pulled comps and had a feeling it would comp in at 1.2, (It did) i knew to be competitive against the other offers that at 1.275 we where going to be ahead of most other offers after speaking with LA, and we put in another 50k escalation clause.
What was the outcome?
We beat out 7 other offers, closed the contract, and built an incredible relationship with the listing agent.
Lessons learned? Challenges?
Trusting my gut, as well as leading my clients with the proper expectations. My clients wanted to offer 1.25 with an appraisal gap. I said 1.275 with waiving the appraisal. Come to find out the other best offer was 1.275 with an appraisal gap. The difference between locking up this amazing home vs not, came down to the appraisal contingency and having enough trust built with my clients to have them listen to what needed to be done
