I'm looking for recommendations of real estate agents in the Chandler/Gilbert/Mesa/Tempe area of Phoenix AZ. I would like to buy a home that I can rent out if I move and also that I can make into an airbnb while I'm traveling for work. I would like this real estate agent to have great knowledge of these areas, what rents are in these areas, what areas allow airbnb (for example do condos or town homes HOA allow airbnb?).
Hi @Paulo Tomas .
I'm an agent in Phoenix and I may be able to help. PM me if you'd like to discuss getting started in the PHX market.
@Paulo Tomas I work primarily with investors in the East Valley cities you listed. In fact, I just helped a BP member close a couple weeks ago on a house in South Scottsdale for AirBnB/VRBO. It's my 6th short term rental investment transaction in just the past 9 months alone. As you mentioned, it's very important to know which communities allow short term rentals so you don't run into any rule violations that jeopardize your ability to rent and make money.
Hey Paulo! There are plenty of agents on here in the Phoenix area that can help you find the perfect property. Be sure to talk with several before making a decision. But most here are qualified to help you the purchase and understand your goals.
A question I would like to ask to clarify... it seems you're from California (Stockton/Lodi boy here myself!)... are you moving to the Phoenix area? Is this going to be your primary residence? Do you own any other property in California?
I'm asking because it seems like it will be, and that may bring up some special considerations with your financing. Renting out your primary residence directly after taking out a loan with owner-occupied financing very well may constitute mortgage fraud. It may be considered that you purchased a investment property with owner occupied financing and lied about your intent to get a lower rate with higher risk. Also, you'll have special considerations for your home insurance policy as well.
I'm no lender, but that to me would be a much bigger concern than buying in an area with restrictions for AirBnb. If your loan gets audited, you might be in a lot of trouble, especially when it's so easy to find your property listed on AirBnb right after you purchase it. Doesn't mean it can't be done (eventually) but make sure you get it right with your lender first.
As for HOA restrictions, you can contact the HOA directly and ask what their policies are regarding AirBnb. Also, some communities may have restrictions in the CC&R's and you can get a copy of those from any title company in the area. Plus you'll receive a copy of them after making an offer and having it accepted, and will have a contingency period where you can back out if you suddenly find out this property won't work for your goals with AirBnb.
But another thing to realize is that HOA policies can change, and just because they're ok with it now doesn't mean they will be in the future. So probably better to buy in a Non-HOA area to reduce the risk. It's highly unlikely any major sweeping policy would be passed restricting short term rentals city/county/state-wide because it's a huge part of our local economy. It would be political suicide to campaign for such a policy.
But, all it takes is some lady with a power trip on your local HOA board to change things for the entire community. So keep that in mind. Buyer beware.
If you have any more questions about the process. feel free to reach out and we'll get you pointed in the right direction.
This is exactly the kind of work I do for investors! PM me details if you'd like to chat - I'd be happy to help!