The passive income from a rental property is a great way to grow your cash flow. Arizona Rental Property Loans from Arizona Hard Money Lenders allow you to buy a property to use as a rental.
Rental properties have long been a go-to investment for those who want to boost their earnings portfolio. Investors use Arizona Hard Money Lenders for their Arizona Rental Property Loan because it’s a quick way to get the cash needed to make a purchase. But what happens once you have the property?
Here are some tips for successfully managing a rental property.
Set the Right Rental Price
There are many factors that go into pricing a rental property. Is it close to schools? Is there a noisy train track near by? What are other rentals going for in the neighborhood? The best way to determine a rental price is to consult a real estate professional who can crunch the numbers. Setting the price too high will keep you from getting a tenant and setting the price too low leaves you missing out on potential income.
Don’t Break the Law
There are important fair housing laws that simply can’t be ignored by landlords. Tenants are protected in various ways and the worst thing you can do is violate a tenant’s rights and find yourself in legal trouble. You can find this information online or again, consult a real estate professional.
Advertise Your Rental
The next step is to find yourself a tenant so you can start paying back that rental property loan. There are plenty of sites to advertise your rental like Zillow and Trulia. You’ll need to be prepared to run credit and background checks to vet your potential renters and also have access to a lease contract.
All of these things are extremely important and due to the precarious nature of the fair housing laws, it may be beneficial to consider using a property manager to ensure you are covered legally.
If you’re interested in stepping into the realm of rental properties, consider getting a rental property loan from a Arizona Hard Money Lender like us, Level 4 Funding. We would love to help you get started on your investment journey!
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.