Far West Realty - Rentals and Propery Management in Prescott
 

How do you fund your property investment?

How do you fund your Prescott property investment?The last several weeks we have been sharing with you how to select the right rental property to invest in. From the neighborhood to the type of property itself, now that you have the ideal property in mind, you still must fund your investment. There are many ways to go about this, and each have their own advantages and disadvantages. Far West Realty’s Property Management division in Prescott would like to share with you a few ideas. Keep in mind, we are not a mortgage lender, so please seek an expert’s advice on all your options.

How do you fund your Prescott property investment? How can you fund your investment property?

Traditional Saving - You most likely have a steady job of some kind, and that is most likely your main source of income. We all know the importance of saving money, and how beneficial it can be in the long run, so why not save for this? If you save even 10% of your paycheck, you should, in a reasonable time period, have a sizable down payment on a new investment property.

Mortgage - By getting a mortgage loan towards a property, you may be able to purchase a property in the hundreds of thousands of dollars with a relatively small down payment. Obviously, the larger the cost, the larger the payment each month.  Since a portion of each month’s rent will go towards the mortgage payment, always be sure that the income will cover that as well as taxes, insurance and projected maintenance, with a margin of at least 25%-30% each month, to allow for the unexpected.

Other Loan Types - From FHA, to Home Equity Loans there are many options. Some might run as little as 3.5% on 20% down, while others may allow you to take cash out on the equity you have on another property you own. There are many rules and stipulations, this is one of the big reasons we suggest speaking to a loan officer.

Many lenders have rules on your intentions with the property. If you are planning to finance a rental property some lenders may want a proven record of successful property management experience. If this is your first investment property for rental purposes you may not qualify without a property management company like Far West Realty on your side.

We can help!

As we have discussed selecting, the right property, and now financing, these are only the tip of the iceberg of your future as a rental property owner. Managing the property and its tenants, knowing local housing laws and other legalities, as well as property maintenance, are some of the other obstacles you may encounter.

By now we hope you have a better understanding of some of the things to be considered when looking for and purchasing a rental property in the Prescott area. We hope that you have found this information helpful, and look forward to helping you with the ins and outs of property selection and property management. At Far West Realty we have experts in the local area’s real estate and can help you make the right decision with your investment. Give us a call at 928-772-9400.

 

Posted to: Far West Realty’s Property Management Division

 

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"We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff...." read more
- Tammy and Jim
 
Review:
"Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them. ..." read more
- Jim Bogner
 
Review:
"Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant..." read more
- Kent
 
Review:
"I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care..." read more
- Korina Elliott
 
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"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry & Carol Bourque
 
Review:
"Dave Hamill and his team at Far West Realty have managed our property in Prescott Valley for the past five years. It has been an all around pleasant and worry..." read more
- Terry and Carol Bourque
 
Review:
"Dave, Re: Our Experience with Far West Realty We have had an excellent experience with David Hamill and his staff at Far West Realty. The goals of the owners and..." read more
- Ken & Diana Turner
 
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"We originally contracted with another Property Management house in Prescott, but they proved that they were incapable of doing even the most basic of jobs (like keeping the power turned..." read more
- David Hresko
 
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"I was a commercial property manager/leasing agent for 26 years in Newport Beach and I well know that it takes some very special skills and abilities in order to manager..." read more
- Cathy M. Prescott, AZ
 
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"I\'ve had Far West for my property management for several years. They take care of everything and send me a check! They schedule regular inspections so that I..." read more
- Theresa Williams
 
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"I have been associated with Far West Realty since it opened. Dave has handled my properties and he is excellent. This is the third property management company I have dealt..." read more
- Jane Deleeuw
 
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"Great, dependable, and honest people that meet the needs of their customers..." read more
- Alex Spence
 
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"Prior to using Dave Hamill at FarWest, I went thru so many management companies. I have been with Far West for many years now! When Dave says he..." read more
- Bernadette Lafferty
 
Review:
"My wife and I have used Dave's services since we bought our property in 2011. As absentee owners, we were concerned about managing our rental property and Dave and..." read more
- Larry Blachut
 
Review:
"Best property manager in Prescott area. Dave handled all aspects of the Leasing and managing of our single family home As an out of state owner,..." read more
- Judy Rosenberg
 
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"Far West Realty has been my property manager in Prescott for the last six years. Dave Hamill and his crew have done a good job for me. They..." read more
- Jim F. Austin TX
 
Review:
"David Hamill is very conscientious and professional. If you are considering Far West Realty for property management services, you will be pleased with their expertise, care, and attention.  Your financial..." read more
- Kent K. Newport Beach, CA
 
Far West Property Management 5 out of 5 based on 17 ratings.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars We have very much enjoyed our apartment as renters with Far West Realty for several years now, and are happily satisfied in our dealings with Dave Hamill and his staff. The very few concerns or problems we have had with our unit have always been met with real consideration and responsiveness. Further, Dave and his staff are readily accessible and always courteous. Tammy and Jim
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Working with Far West has been a pleasure. Dave and his office were responsive to questions and needs throughout my three years leasing from them.
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars Dave Hamill at Far West Realty was my property manager on a single family house for several years. As an out-of-state owner, I relied on Dave for everything: tenant selection, lease negotiation, recovery when a former tenant didn't pay the last month's rent, cleaning, maintenance, marketing, managing repair work, etc. Dave and his team were always professional, courteous, competent, and just nice people. I wholeheartedly recommend them!
Far West Realty in Prescott AZ - Homes for Sale | Buy Land | Property Management
5 out of 5 stars I have been using Far West to manage my rental in Prescott Valley for approximately 7 years. I live out of the area know that things are being taken care of. I have complete faith in Dave and his team in the oversight of my property. They are thorough and very prompt in any given situation. I love the fact that I know that the house is being taken care of with TLC. You can't put a price on piece of mind and that is exactly how I benefit from using them. I would strongly recommend using Far West for your management needs. You will not be disappointed.