Rental Property In Rhode Island Produces Steady ROI
It may be the smallest state in the nation, but it is also one of the most consistent for producing high ROI on rental assets. The state’s population has seen steady growth since 2003, which coincides with the continuous drop in the rental vacancy rate. As of December 2018, approximately 40% of the state were renting their homes and the vacancy rate was just under 4%, which has been dropping steadily since 2010. Coupled with the increasing rental prices makes this state an excellent choice for investing in rental property- for example, Providence, RI has an average rent of $1,950 which is a 2% increase from the previous year and well above the national average.
Asset Based Lending is in touch with local real estate markets and trends, which has brought our rental loans and rental refinancing programs to Rhode Island. We now offer our services throughout the entire state, allowing real estate investors to grow their business quickly and efficiently using our hard money loans for rental property. Whether you want to begin your rental portfolio or expand on your current investments, ABL is here to help. Contact us today to be approved for the most reliable rental loans RI has to offer.
Why Investors Choose To Purchase Or Refinance Rhode Island Rental Property
Some real estate investors are looking for quick profits through fix and flips, but others want to build long-term wealth by buying and holding income-producing assets. By using rental properties to generate passive monthly income or refinancing rental loans to access capital immediately, investors can quickly fund their next project to expand their real estate business faster than before. This kind of long-term investing strategy has become very popular in recent years and is known as the BRRRR method. BRRRR is an acronym that stands for buy, rehab, rent, refinance, repeat. The strategy is simple: investors purchase a property they plan on holding, they renovate it to increase its market value, they rent it out to generate passive income, they refinance the loan to more favorable terms, and they repeat the process with another rental property. This allows investors to rapidly expand their rental portfolio and set themselves on a path of financial freedom thanks to the consistent monthly income.
Getting a loan for rental property can be difficult, but Asset Based Lending makes the process fast and simple. ABL manages your short-term rental loan from start to finish and use the same documentation to bring your long-term loan to our trusted mortgage partner, saving you time and ensuring you the most competitive rates possible. Our team of experts awards experienced investors with reliable capital and professional draw management to keep your project funded from start to finish without delays. With over a decade of successful lending and over 150 five-star reviews, ABL is the premier choice for rental loans in Rhode Island. If you’re ready to start utilizing the BRRRR strategy, contact us today to be approved for your hard money rental loan.