It’s hard to call an investment property passive income because there is work involved. As a landlord, you’ll be on call to make repairs and you’ll have to collect rents every month and do cleanings between tenants. However, many people find it preferable to working a 9-to-5 job because you get to work for yourself, the hours you devote to it pay great dividends and the work can be enjoyable.
Here’s the problem; it takes a fair amount of capital to get started (the old “you have to have money to make money” axiom is quite true here). There’s the upfront cost of buying the investment property, then there’s the cost of getting the place ready for renters and there are all sorts of taxes and fees on top of everything else.
So where do you get funding for a rental property? One option is to go through the bank. The banks will offer relatively low interest rates, but their loans can be difficult to qualify for. In fact, they’ll dive into your financial history and dig up everything; they’ll poke into your bank account and they’ll want you to have a great credit score. If you don’t meet their standards, you’re out of luck. Thankfully, there’s an alternative.
Hard money Arizona rental property loan work differently. Your property is your collateral, so lenders aren’t going to freak out if your funds are low or you’ve had financial issues in the past. They’re also lightning quick — most people can get pre-approved in 24 hours and have funding in a matter of days. The interest rates are typically higher, but many people use hard money to get started before switching to a more conventional, long-term loan.
Looking for a Arizona rental property loans in Arizona? You’ve come to the right place. We offer super fast approval and funding (in a matter of days) and we have some of the most competitive interest rates in the state (starting at 7.99%). There are no prepayment penalties and you can get loan-to-value loans of up to 90%. We also have flexible loan terms. How flexible? Give us a call today and let’s talk about how we can help make your rental property dreams a reality.
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.