When you’ve decided to make some money and buy investment properties, there’s a lot of extra work that goes into finding the right ones. Phoenix rental homes are everywhere, but being selective is the best way to get the most revenue, have the fewest repairs and be successful in your endeavors.
Neighborhood
When you start your search, you must consider the community because it will determine the type of tenants you get and the amount of vacancies you have. Choosing a neighborhood near a college means that your tenants are likely to be students, which will come and go frequently (more turnover). However, you’ll always have more students waiting to fill the vacancies until summertime.
Taxes
Everyone must pay taxes, including those who use the home as a rental. Therefore, you should consider how much you’ll pay in taxes and expect not to get that back (or pay it out of the rents from the tenants). You can go to the assessment office to find tax information.
Crime
The crime part goes along with the neighborhood. If you notice a lot of frequent activity from nearby homes, it could mean drug dealers or drugs. Check the crime statistics for the city as a whole and in that particular area to determine vandalism rates, petty crimes, serious crimes and the recent activity.
