If you’d like to work from home or generate a solid side income, Texas Rental Property Loans can be the vehicle that gets you there. Take time to consider the options, so you can choose the wealth-building strategy that’s right for you.
1. Do you want long-term renters or short-term renters? There are pros and cons to both. With long-term renters, chances are you’ll earn less money. However, if you do short-term rentals, such as Airbnb or HomeAway, you’ll have to have a plan in place for getting the property ready for each renter.
2. How much work are you prepared to do on the property? If you’re willing to put a little sweat equity into a property, you can get a better deal. Most save tens of thousands of dollars or more going with a fixer-upper. However, this does mean you’ll have a project on your hands before you can start renting the place out and earning from it and it may mean you’ll have to look into alternative financing, as banks often will not fund properties with severe damage.
3. How do you plan to market your property? This may be simpler if you’re going with an Airbnb-style venture. However, it’s important to familiarize yourself with the market before you buy to identify which amenities renters are looking for and if there are design trends in high demand. If you’re going with a long-term option, double-check how long rentals are staying vacant in your area and which marketing platforms properties are moving on.
4. Which financing options are right for you? When it comes to Texas Rental Property Loans, you won’t qualify for a conventional mortgage. These are referred to as “owner-occupied mortgages,” meaning you, personally, have to live in the home to get one.
With conventional mortgages out of the question, the property will have to be in great condition and you’ll have to have top-notch credit to qualify for a bank loan. For the millions who don’t meet the rigid requirements, Texas Rental Property Loans from Texas Hard Money Lenders may be the more ideal choice. They’re based on the value of the property rather than credit scores and even homes that need a lot of work are ok, as long as you have a well-thought-out plan to get the property in order. Plus, you’ll usually only make interest-only payments for the duration of the loan. This can give you some breathing room while you’re doing repairs or are trying to get renters on board to cover the cost of normal monthly payments.
Building wealth through rentals isn’t for everyone because there is work involved and you do have to have a sound strategy in place before you make your first move. However, there are a whole lot of options out there, so it’s easy to find a strategy that is right for you and Texas Rental Property Loans to help you get started.
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.