As with every significant step in life, if you are purchasing your first investment property, it takes planning to achieve success. You should have set out an investment strategy for the long and short term and your exit strategy for the investment property. Savvy investors understand that constant monitoring of the local market and national trends and economic factors is required to make necessary adjustments that will result in the best returns in cash flow and the wealth built in your real estate portfolio. Rental rates tend to keep pace with inflation, meaning that you will not impact your lifestyle as the cost of living rises. You can enjoy your retirement and check off your bucket list while making passive income on your investments with proper planning.
It’s helpful to have a guide as you begin a new journey, so by asking yourself the following five questions, you can ensure you are ready to leave the starting gate and buy your first investment property in Arizona.
Do You Know the Market?
You’re ready to buy your first investment property in Arizona based on your budget if you know the best location to buy. But, it takes full-time dedication and experience to understand the current real estate market and what properties are best suited to provide you with a balanced and diversified portfolio as a built-in hedge against inflation and a cushion against downturns in any market sector. The professional buyers at Southwest Land Deals can help you locate the best investment property available in Arizona to suit your investment needs. And, don’t forget to ask about our current inventory of investment properties here at Southwest Land Deals.
Are Your Financial Ducks in a Row?
There are many ways to gain entry into the world of real estate investment. So whether you have scrimped and saved and resolved any credit issues or found investment funds through creative financing, you’re ready to buy your first investment property in Arizona. The seasoned pros at Southwest Land Deals can help you understand your financial picture and guide you towards various options for financing.
Do You Have a Realistic Budget?
Once you understand the formulas that investors use to calculate returns on their investments and everything involved in performing due diligence on a property, you’re ready to buy your first investment property in Arizona. However, suppose you miss glaring red flags, or your project team isn’t reliable. Then, it can be highly costly to overrun your budget and continually push back the completion date as your monthly expenses recur. Working with pros like those at Southwest Land Deals and our full-service team means working with your neighbors who live and work here in Arizona. At Southwest Land Deals, we’re proud of the work we do to help improve our community and the lives of the local citizens while helping investors like you avoid costly mistakes.
Do You Have Plans for the Property?
While locating the best property for your needs is extremely important, it all boils down to having a solid plan on how the property can bring the biggest benefit to you.
Vacant land can have any number of uses including:
- Rent the property seasonally
- Build a storage facility
- Use the land as an event space
- Lease it to a nearby business for parking
- Establish a recreational retreat
- Work with farmers for agricultural development
- Create a nature or wildlife preserve
- Build housing and maintain as a rental property
If you’re confident about the steps you will take to get started, in that case, you’re ready to buy your first investment property in Arizona. At Southwest Land Deals, from marketing to your tenant screening, our property managers can handle it all or take on the tasks you’d prefer a professional handle.
Who Will Manage Your Properties?
Some investors prefer to remain passive in the day-to-day duties of their real estate investment business and hire a property management service from the time they buy their first investment property in Arizona. Others reach a point where managing all of their holdings has become an impairment to growing their real estate portfolio, and property managers allow them to refocus on building wealth. Among our team of professionals at Southwest Land Deals, you will find property management services to suit the needs of any size real estate portfolio.
The professional buyers at Southwest Land Deals are happy to answer any questions you may still have about buying your first investment property in Arizona, with no obligation. Working with Southwest Land Deals makes investing easy, as we guide you step by step through the process. You’ll be learning the ropes from experienced pros here at Southwest Land Deals who have built a network of highly regarded providers to assist you with every need, from the rehabilitation of properties to property management and every other type of real estate provider. Call Southwest Land Deals at 480-442-7787.