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Saturday, March 23, 2019

Make That Purchase Happen with Arizona Special Home Financing

When conventional loans aren’t an option, Arizona Special Home Financing might be the way to go.

Conventional loans and FHA loans are the typical way for home buyers to obtain financing, but the requirements can be strict and unforgiving. We all go through times in our lives that may force us to turn to credit to stay afloat and during the time you’re paying down that credit, it can be difficult to get a home loan.

Here are some tips for paying down your debt so that you can obtain a traditional loan:

Budget, Budget, Budget!

The best first step is to create a budget. List out every single expense you have each month such as rent, car payment, insurance, phone bill, gas, and groceries. If you don’t have a good idea of where your money needs to go every month, you won’t have a good idea of where you can save to put money aside to pay down debt.

Start High, Finish Low

It may be tempting to pay off the lowest debts first, but financial professionals will tell you to pay off the debt with the highest interest rate first so that you can still make minimum payments on the other debt with lower interest rates.

Balance Transfers are Your Friend

This is a great way to navigate around those high interest rates so that you can make a bigger dent in your debt. This is an advantage to you if you can pay off the amount before the higher interest rate kicks in after the transfer.

Most importantly, if you need to purchase a home in the meantime, Arizona Special Home Financing might be the way to go for you. With flexible terms it can mean being approved and funded while you’re paying down your debt in order to obtain conventional financing on your home.

Call Level 4 Funding today to learn more!

Dennis Dahlber Broker Ri CEO Level 4 Funding LLC Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO

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.

Prime Vacation Properties for Arizona Rental Property Loans

(There are many great options for different properties when you are considering investing in a vacation rental. Determining the best property for you will help you know the best type of Arizona Rental Property Loans to research.)

Vacation rental properties are a very high-interest investment currently. Not only are real estate investors finding that vacationers enjoy the features of a less commercial hotel experience, but investors are also enjoying the benefit of having a vacation rental of their own to visit. The location of your rental can sometimes dictate the type or size of the property that you are seeking but many times it is the preference of the investor and the amount of the Arizona Rental Property Loans mortgage that dictates the choice.

Condos are very popular as vacation rental properties because they offer renters many amenities that are not found in single-family homes. Access to abundant parking, swimming pools, a community gym, and even shops and restaurants can be huge benefits to renters on vacation. And you will find that many guests prefer to have the features within walking distance so as not to have to drive in a new city. Condos are also a good investment as the exterior maintenance, and sometimes the interior care as well, are covered by the association. This eliminates the need for yard care and other expenses associated with a single-family home vacation rental property. And with fewer expenses, you can budget more for your Arizona Rental Property Loans mortgage to get a larger or more updated unit.

A single family detached home is normally going to offer the largest space but will also carry the highest operating cost. You will be paying for more maintenance and upkeep as well as a local manager to provide access to renters and handle emergency maintenance calls. In addition, the single-family homes Arizona Rental Property Loans mortgage will be the largest, making total occupancy critical. Some of the drawbacks include fewer amenities, the need for transportation in most cases and much higher rent which limits your potential renter pool.

Multiunit Properties

Owning a multiunit vacation rental property can have several benefits. You are investing about the same amount in marketing but you have the potential for more rental income for that same investment. In addition, you can rent to larger goods such as several families who each want a unit but want to be near each other. And even in t a more busy season, you have a better opportunity to visit your property which still collecting rental income from the other units.

Know The Market

There are a lot of options for vacation rental properties, and it is always best to learn which types of properties are in the highest demand in the location that interests you. In areas that attract families, larger properties might be the hot item. But in an area that attracts retirees, smaller units and condos could be the best option. Knowing these facts will help you to make a good selection that will offer the greatest return on your investment.

Vacation Arizona Rental Property Loans

(Vacation rental properties are somewhat unique to other rental income. But investors need to consider all of the same information that they would for any other Arizona Rental Property Loans.)

Owning a vacation rental property sound so much more fun and exciting than just owning a rental property across town or even in your neighborhood. But investors need to be careful not to get caught up in the excitement of owning a vacation property until all of the work is completed. There are still many factors that can make even the coolest looking beachfront property a bad investment and can turn your search for Arizona Rental Property Loans into a nightmare.

Location is a driver for all real estate purchases, and this is even more important for a vacation rental property. There needs to be something that draws vacationers to the area for you to get a good return on your investment. And in most cases, you want the property to be in good condition as you will not be able to travel to the property to make renovations and repairs. And a turnkey property can begin earning you income immediately.

You will also want to gather some information to know how much you can afford to spend each month for your Arizona Rental Property Loans mortgage. Vacation rentals often must pay property tax, rental income tax and occupancy tax which all need to be added into the monthly expenses. In addition, don’t forget to include insurance, HOA fees, utilities and management, and maintenance fees. All of these plus the cost of your Arizona Rental Property Loans mortgage should be covered by the rental income you are receiving.

Plan Ahead

While researching different locations for your rental property, you will also want to explore the maintenance and management services in the area that you could use. Renters are not going to want to call a plumber for you if there is an issue and you are not going to be able to run over and make necessary repairs or maintain the property. Planning for these services will ensure a smooth experience for both you and your renters.

Marketing Your Vacation Rental

Most communities in tourist areas have online services to market your vacation rental property. In addition, you can create your own website, list on community boards and market through a management company who helps find renters for you. Other marketing plans include working with local attractions to offer their patrons a discount on your property or even working exclusively with a travel agent. But the most important thing to remember is that your vacation rental property is cost you money rather than making you money when it is vacant. This means that unlike any long-term rental properties, a vacation rental property could require a greater investment in marketing and property management. This is an important piece of information to consider when you are deciding if a vacation rental property is the best investment choice for you or if it just looks like it will be the most fun.

Friday, March 22, 2019

Tips On Success With Rental Property Loans

(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.

Tip For Success When Using Texas Hard Money Loans for Real Estate Investments

(Texas Hard Money Loans are a great tool for real estate investors. But like any tool, they must be used properly to ensure that you have the greatest potential for success and profit.)

Investing in real estate is a great way to work for yourself and build your personal wealth. Many people will enter this career field because it represents an opportunity to control their own future, work the hours that they choose and to retire much earlier than they ever thought possible. But the key to being successful is knowing how and when to use tools such as Texas Hard Money Loans to their greatest advantage.

Understanding the benefits of Texas Hard Money Loans is a critical first step. These loans are short-term and should only be used for short projects or as a fast solution for funds before you refinance to a traditional mortgage. The rates for Texas Hard Money Loans are often much higher than a traditional loan, but the benefits of the fast and simple application process make them very attractive. But never try to force a hard money loan into a long term loan, as the cost will quickly eat up any chance for a profit.

Finding a great lender is also very important to your current deal and all of your real estate investment purchases to come. Look at your hard money lender as a service provider. This person is offering you a service just as your appraiser or insurance agent does. Work with several lenders early on in your career, but select one or two that you focus on to build long term relationships with. Not only will this help to relieve some of the stress each time you need a loan but it will also provide you with a good working knowledge of the loan process for each deal.

Compare and Contrast

In the early stages of your real estate investing career, be sure to have a complete list of all of the charges, fees, and interest that you will be paying for each loan that you are requesting. Asking for this final tally in writing from each potential lender is a good way to learn to compare and contract all of your loan options. Sometimes the cheapest loan does not offer the terms that best meet your needs. Balancing cost and function will be very important to the overall success of each project.

Planning Is Key

As a new investor, it is very important that you have a detailed plan for each project as well as a contingency plan to cover events such as unexpected repairs or time delays. Having this documented will help to eliminate stress and will demonstrate to potential lenders that you are well prepared and educated about the realities of real estate investing. The more projects you successfully complete, the easier it will become to create this document but it will always be an important piece in the success of each investment project that you undertake.

5 Tips For Success With Texas Hard Money Loans

(It is important to use every tool correctly and Texas Hard Money Loans are no different. These five tips will help to ensure your success using hard money.)

It is important for new borrowers to understand that Texas Hard Money Loans are provided by private lenders and are not required to follow the same regulations as a traditional bank or mortgage company. This means that borrowers should complete a great deal of research and compare several Texas Hard Money Lenders before selecting a lender to work with. During that selection process, the following five tips can be very helpful in your information gathering process.

The first thing to look for is a broker who is leading you to believe that he or she is a lender. This should be a part of the information that he or she discloses to you. The second tip is along the same lines and is to look for full disclosure from the lender or broker that you are speaking to. It is also important to remember that as you get further into the lending process, it is equally important for you to be completely honest with your lender.

Another red flag to be aware of is a lender who is requiring a lot of upfront fees be paid before a loan is approved. This is often a sign of a less than honest lender. Texas Hard Money Loans can require a few upfront payments for things like an appraisal but not huge fees for other documentation or processing. Ask each lender to provide you with a written copy of all fees and charges for the loan you are requesting so that you can compare the total cost of the loan from each lender.

Bait And Switch

Another issue to be concerned with is a lender who offers and price quotes on loan product but then begins to explain other options or actually starts to process a different type of loan for you. These ait and switch type moves are often to get more money from borrowers without disclosing the changes in the loan.

Know The Terms

As you speak to more lenders, you will begin to learn the common terms and conditions for Texas Hard Money Loans. The details will explain the fees and interest as well as the repayment schedule and penalties that you could be charged during the life of the loan. All lenders have the ability to create their own loan terms but beware of any very unusual terms or terms that appear to be very confusing. This can be a sign that you are dealing with a less than honest lender or even a complete scam artist. As a new borrower, it is always a good idea to request a complete copy of the loan documents to have reviewed by an attorney. If a lender is not willing to provide that copy of the documents, then it is a good indicator that he or she has something to hide and that you should find a new lender immediately.