When looking for rental investment properties, how do you know what is a treasure trove, and what is a flop?
Finding your next rental investment properties can be tricky, but not if you know the 4 things rentals need!
Finding your Arizona rental investment properties has never been easier.
Follow these tips to find your next Rental Real Estate Investment properties today!
Space
The Bigger the space the higher the rent, right? Maybe not!
If you had to choose between a home with 2 bedrooms or a home with four of the same size which would be easier to rent? Houses with more bedrooms can have more tenants, or even suit a larger family making your potential rental income higher.
So looking for a home that can provide adequate rooms is key when deciding on a rental property.
Depending on the location of a single space, you may be able to charge higher rent in a busy downtown, than in a suburb.
Decide on the type of investment you are looking to make, and what you can offer tenants in both areas!
Picking The Right Area
When looking for possible rental investment properties, it is important to consider who will want to rent. Is it mostly young professionals? Small families? Which is more important to each demographic, and make sure the property can accommodate!
You want to choose a rental in a location with easy access to shopping, business parks, or even schools. Location can be the best selling point for your rental so by understanding what tenants want out of your area you can make your rental the perfect fit.
Scope out the local parks, gyms, coffee shops, and other business that tenants would use. Make sure your rental investment properties are in a safe, quiet, and easy access to anything a tenant would need.
Job Market
If people have jobs they are more likely to have funds to afford to live a nicer rental.
Is the area expanding a particular job field?
Are there industry spikes, or a large influx of people moving to your city?
All of these factors can affect how much to ask for rent, and how many renters you can plan to have!
Arizona has seen a large spike of technology, and software jobs in the past year. Phoenix has seen more residents moving from California than any other state. Make sure that your rental investment properties appeal to these new renters!
Do Your Homework
Understand that every city town and even neighborhood may have its own rent rules and restrictions in place. Make sure the area you are thinking allows rentals, and what the laws and rules are. When looking at rental investment properties check if they fall into HOA regulations, and other city codes when renting.
Learn your demographics and know your rental investment goals!
You also want to know what loan options are the best for your rental. Home Rehab Loans are perfect for those looking to upgrade their rentals to attract more clients! Learn more about upgrades to make for your rental here.
Prime Plus Mortgages makes getting funding for your Arizona real estate investing easy, with approval for funding happening in less than 24 hours.
Learn More about our Hard Money Loans and how they can help you with your Arizona real estate investing here!
