Your future profits will hinge upon finding the ideal property, so start looking early. If you live in an area with lots of tourism, do your searches during the slow times, when homeowners aren’t likely to be using vacation properties and they won’t be rented out. This will give you more time to check out the inside of each and will give you a bit more wiggle room when negotiating a better purchase price. In most areas, the summer is tops for tourism, so you’ll want to start your research at the start of the year. The same rules apply even if you’re looking at properties in neighborhoods, as home sales peak during the summer because families tend to move when school is not in session.
Get to know the areas you’re considering. People who are only staying for a short period of time like to be close to activities and necessities. Check out how close each property is to things like airports, convention centers, cultural activities, entertainment venues, grocery stores, and the like. Whenever possible, visit the area at various times of the day to get a feel for what your renters will experience.
Check out the house and decide on a plan of action. You’ll have a myriad of options here, from determining what, if any, renovations you’ll make through how you’ll handle the upkeep. Nowadays, there are numerous services designed to clean and prepare rental homes for guests, but you can hire your own team or take care of the transitions on your own to keep more money in-house. You’ll also need to verify what kind of Airbnb Loan in Arizona you want. Bear in mind, banks will consider this a second property for your or will look at is as a commercial property, so you may need to have an alternative funding source, like a hard money lender, lined up to make the purchase.
According to research from Savills, the average income achieved through a second home is $21,000 per year. To be clear, that’s almost exactly what someone working full-time on minimum wage will earn in 2019 ($21,528) and is only a couple thousand shy of what the average part-time employee earns ($27,284). In other words, your Airbnb Loan in Arizona can give you the opportunity to almost effortlessly earn what other people make in their careers, all while sitting in your pajamas and sitting at your computer.
If the average vacation rental is netting its owner $21,000 per year, imagine what the top earners are getting or what you could get by operating several. When you’re ready to get approval for your first Airbnb Loan in Arizona, take time to create a comprehensive business plan, complete with details about the property, how it will generate cash, how much it will earn, and what your plans are for operation are. With a little bit of effort, you can create a solid secondary stream of income or wholly work from home in 2019, all through vacation rentals.
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.