Why Should I Purchase a Rental Property in Mesa, AZ
Learn why Mesa AZ is an attractive, growing area for investors and how to accurately set your rent at properties. What are the advantages of hiring an experienced Mesa, AZ property manager if you have rental property in the area?
Make Smart Investing Decisions Based on Mesa, AZ Data
- What are the characteristics of the area?
- Is there job growth?
- Are the Mesa property value numbers going up?
- Are people moving into the area?
- What are the Mesa, AZ trends?
- What is the occupancy rate?
Look for growth
As an investor, you want to purchase rental property in a city that is currently experiencing growth and forecast to continue growing. Examine the historical data over the past year, the past 3 years, and the past 10 years to get a better view of how you can expect the city to grow in the future. You are looking for a consistent, positive trend.
What is driving the economy in the area?
When looking at an area’s investing potential, it is important to look at what industries are fueling its economy. Is one industry driving the economy or multiple, diverse industries? An area that revolves around 1 industry could be extremely impacted if suddenly that industry goes away, or need is significantly diminished. The result would impact housing and the ability to fill a vacant property. For these reasons, investing in a city that is experiencing consistent growth is what you are looking for as an investor.
Mesa, AZ is Enjoying Job Growth
In 2019 City Lab ranked Mesa, AZ #5 for job growth and Money Magazine rated it as one of the best big cities to live in (2015). Multiple, diverse industries contribute to Mesa’s economy, and it anticipates seeing large growth in the fields of manufacturing, construction, education and health services, and financial activities to name a few.
Arizona in general is experiencing significant growth in high-tech jobs state-wide. Banner Health and Boeing are some of the major employers in the Mesa area.
Mynd property management has proprietary data to use for analyzing properties.
If you are thinking about investing in the area, contact us. We can run the numbers and see if investing in a property in Mesa matches your investment strategy. If Mesa isn’t a good fit for your goals, we have offices in multiple US markets and can help you find one that meets your investment requirements.
How to accurately set rent for my Mesa, AZ rental property
Key characteristics you need to consider when setting rent
- What is the average rent in Mesa, AZ?
- What is the average home price?
- What is the breakdown of property types?
- What type of property is most popular with renters?
- What is the appreciation over the last year, 3 years, 5 years, and 10 years?
- What are the Mesa, AZ trends for the rental prices?
When searching for an investment property, you are looking for a home that people are going to be interested in renting while also getting the cash flow or appreciation that fits your business model and goals. Mynd has access to proprietary date to help you answer these questions and determine what your home can rent for. We offer a FREE rental analysis if you want to know what you can expect to rent your property for.
Why Should I Hire a Property Management Company in Mesa, AZ
When purchasing rental property, you need to make smart decision at each step of the process
- Make sure you are buying a property that is going to meet your goal and the numbers make sense
- Select a property that is going to be easy to rent. What are renters in the area looking for?
- Follow the laws, rules and regulations or risk legal troubles.
- The tenant selection process must follow the laws such as Fair Housing.
- Collect rent each month.
- Deal with maintenance issues.
One out of three landlords are involved in a lawsuit because they do not understand the laws.
That is a scary statistic unless you are sure you are following the laws. As a rental property owner, you should be doing everything you can to make sure your asset is protected, your tenants are safe, and you are complying with the laws.
You don’t want to discover a law was broken by receiving a notice in the mail that you have violated one. As a landlord you are required to know the laws. Not knowing the law isn’t going to get you out of a violation. You are required to do the necessary research to stay up to date on the changes in the law to avoid such situations.
Where can you find laws and regulations that effect landlords?
- Local city laws – check city websites for local laws that apply.
- State laws – Check state websites for state-wide laws and property code updates.
- Federal laws – Stay up to date on federal Fair Housing laws, Discrimination laws, Fair Credit Reporting Act, IRS laws, etc.
There are a lot of laws to comply with, and you want to make sure you are following them all. Are you qualified to even figure out these regulations by reading these yourself? If you aren’t interested in spending your spare time reading through websites for law changes, you may want to consider hiring an experienced property manager in Mesa AZ.
Making sure you have the proper business model and are operating within the confines of the law (local, state, and federal) is key to your success as a real estate investor.
Mynd property management is ready to be your strategic partner.
We do everything we can to help you have a profitable business that runs without you. We have different management pricing structures to choose from so you can have the service you need. How much does property management cost in Mesa, AZ? These prices can vary, here at Mynd, we charge as low as $69/month in this area of Arizona.
At Mynd property management, our professional Mesa property management services can handle these tasks for you and free up your time. We can give you a comprehensive review of your property with a FREE rental analysis. If you want to add more properties to your portfolio, we can give you advice based off your strategy and goals. Contact us today.
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In the meantime, learn more about ways to start with a smaller downpayment here.