NY Rental Market Remains Strong
Despite the uncertainty surrounding the city, the rental market remains strong in New York City and continues to rise in nearby suburban counties. People still want to live close to major travel hubs and cultural centers, and renting gives them the flexibility that they value. Housing in these prime locations are why rental rates are so high, with the median rent in New York City reaching $3,000 per month, providing a reliable and steady source of income for investors that own rental property. According to Norada Real Estate, the presence of single family rental homes has grown over 30% nationally, with much of that growth occurring in the New York suburbs. With so many investors second guessing the urban New York area, now may be the best time to secure your New York rental loan and expand your rental portfolio around the NYC suburbs. If you already own rental property in NY and are looking to pull cash our and/or refinance, we can help make that happen.
Whether you’re looking for a loan to buy rental property in New York or need our assistance to refinance rental property, Asset Based Lending is here to help. We provide rental loans in the following New York counties: Nassau, Suffolk, Rockland, Orange, Westchester, and each New York City borough.
Why Investors Are Using The BRRRR Method In New York
The BRRRR strategy has become a huge money-making method for real estate investors looking for long term financial gains, especially in the New York area. BRRRR is an acronym for that stands for buy, rehab, rent, refinance, repeat. It’s a simple strategy that involves a lot of time from the investor and a trusted lender to make it work, but they reap financial benefits for years to come. By buying and rehabbing a property, they increase the amount of rent they can charge. The rental then allows them a steady source of monthly income which can fund more real estate investments and expand their business. Choosing to refinance rental property and repeat the process lets them grow their business even faster, taking those newly available funds and putting them directly into their next real estate investment, thus repeating the process and highlighting the strength of the BRRRR method.
New York is a prime choice for this investment strategy, given the number of people trying to live in the area and the growing demand for rentals in the suburban counties. Asset Based Lending has provided rental loans in New York for over a decade, making us the premier choice for investors looking to start or grow their rental portfolio utilizing the BRRRR strategy. If you’re ready to expand your real estate business or refinance rental property, contact us today.
Choosing Asset Based Lending For Your Rental Loans In NY
Getting a loan for rental property doesn’t have to be difficult or confusing, and Asset Based Lending works tirelessly to make that a reality. We understand that rental loan rates aren’t the only aspect investors are looking for, even though we offer competitive rates between 5% and 8%. Some investors want the maximum LTV, while others prefer no doc loans for a streamlined loan process, both of which we can provide. No matter what your loan goals are, ABL can work with you and our affiliates to make sure your rental loans fit your needs.
Our team of experts will provide you the best advice and fastest possible funding, letting you focus on picking the right property instead of worrying about funding delays or mismanaged loans. We specialize in helping experience real estate investors grow their rental portfolios quickly and efficiently. Contact us today to be approved for the most reliable rental loans New York can offer.