(Owning a rental property is a great way to create passive income. But many investors are not sure how to secure Arizona Rental Property Loans.)
There are many people who are figuring out that rental income is a great way to boost their finances and even consider early retirement or a career change to something that they really enjoy rather than being a slave to a high paying but also high-stress job. But what they are not sure about is how to best go about getting Arizona Rental Property Loans or how to ensure success in this new business venture.
One of the best pieces of advice, as you start to move forward with your plan to purchase a rental property, is to be working on your finances early. This means checking out all of your options for loans such as a traditional lender, borrowing from a 401k or HELCO or working with a non-traditional hard money lender. By doing the research early, you will know your options and know what each will cost when you find the perfect property to buy. This can eliminate a great deal of stress and can help to secure your financing quickly to ensure that you get the property that you want.
It is also a good idea to consider buying a duplex or other multiunit property so that you can reduce your living expenses and pay off the property more quickly. In the case of a duplex, your tenant could very well be paying most or even all of the mortgage, allowing you to save a great deal of money personally, which you can reinvest in extra mortgage payments. Or after a few years of saving, you could be in a position to purchase a second income property much sooner. This would be a huge jump in your passive income. And with a large down payment and equity in your first rental property, you would have little trouble when you began looking for Arizona Rental Property Loans for the new purchase.
Consider Potential Tenants
When you are searching for a rental income property, try to think like your tenant. The things that are desirable could include outdoor space such as a yard or large patio or deck area, off street parking or a garage, an open floorplan, and a very functional kitchen. Having all of these features will help to attract good candidates to rent your property. Having a quality tenant is the most important long term goal any landlord should have.
Find The Right Balance for You
Not all Arizona Rental Property Loans will be the same or even similar. But you need to balance the cost of the loan with the terms that best meet your current needs. This might mean paying a little more for a loan with a longer term or paying more for the fast funding of a hard money loan. All aspects of the loan need to be evaluated to choose the option that offers you the best opportunity for success and a strong return on your investment.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.