Have you ever considered the idea of owning rental property? With both real estate prices and interest rates low right now, more and more people are choosing to invest in rental property. One of the best things about owning rental property is the fact that you reap tax benefits while someone else makes the mortgage payment. Plus you will build equity as the property appreciates in value. However, owning rental property is a major commitment, so you should make sure that it is right for you. MSN.com has named Phoenix as one of the top ten cities in which to own rental property because it is the state capital, is home to a major university, and also has a sizeable military presence. As the city continues to grow, more and more people are looking for homes and apartments to rent. Therefore, the rental market in Phoenix is very strong and should remain so in the future.
In order to successfully own rental property, you should plan to make a commitment of at least five years or more. If you can make that kind of commitment, then owning rental property may be an ideal investment for you. If you decide to purchase rental property, you should have enough capital on-hand to make a sizeable down payment and also to be able to pay your mortgage should the property remain vacant for any length of time.
A quality property management company will do a lot to simplify the process of owning rental property by handling the day-to-day rental matters, including collecting rent and performing maintenance. Our clients at Fort Lowell Realty and Property Management trust us to handle the details for them so that they are free to enjoy the extra income that their rental property provides.