Moving from AZ, want to keep home as 1st LTR
New to Real Estate · San Tan Valley, AZ · Member since 2023 · 1 post · 0 votes
Moving from AZ, want to keep home as 1st LTR
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Doug McVinuaPro Member
Property Manager · Queen Creek, AZ · Member since 2016 · 608 posts · 426 votes@Brad Gross What you are essentially looking for is a Property manager. Property managers are set up to take the property over, complete any preparations, market the property, screen tenants, put a quality lease in place, complete the Move-in, collect the rent, manage repairs, do inspections, move-outs, etc., for an owner. (Full disclosure: I am one and live in Queen Creek).
Regarding the pool, the good news is demand is high for rentals with pools. The downside is you need to be more cautious to protect yourself and the pool. Protecting yourself starts with proper measures to safeguard someone from accidentally getting into the pool, fences, door locks, window locks, etc. (Safety measures). As an owner, you will also want a good insurance policy. Most have an umbrella policy to give you solid coverage. Placing the property in an LLC is another way to provide protection. I have all pools professionally maintained by a pool service. Yes, this is a cost to the owner but when you weigh the risk of having a tenant not properly care for a pool it's worth it. Pool service right now is $125-$150 a month. Of course, your house with a pool will draw higher rent to offset this cost.
Good questions!
5 Replies
- 3yDoug McVinuaPro MemberProperty Manager · Queen Creek, AZ · Member since 2016 · 608 posts · 426 votes
@Brad Gross What you are essentially looking for is a Property manager. Property managers are set up to take the property over, complete any preparations, market the property, screen tenants, put a quality lease in place, complete the Move-in, collect the rent, manage repairs, do inspections, move-outs, etc., for an owner. (Full disclosure: I am one and live in Queen Creek).
Regarding the pool, the good news is demand is high for rentals with pools. The downside is you need to be more cautious to protect yourself and the pool. Protecting yourself starts with proper measures to safeguard someone from accidentally getting into the pool, fences, door locks, window locks, etc. (Safety measures). As an owner, you will also want a good insurance policy. Most have an umbrella policy to give you solid coverage. Placing the property in an LLC is another way to provide protection. I have all pools professionally maintained by a pool service. Yes, this is a cost to the owner but when you weigh the risk of having a tenant not properly care for a pool it's worth it. Pool service right now is $125-$150 a month. Of course, your house with a pool will draw higher rent to offset this cost.
Good questions!
- 3yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
@Brad Gross you'll need to hire service to take care of the pool and NOT trust a tenant to do so.
You'll also want to make sure you have pool liability on your landlord insurance.
Regarding a PMC:
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Logical Property Management4.9446 Reviews - 3yMason WeissBusiness MemberRealtor · Phoenix, AZ · Member since 2021 · 523 posts · 239 votes
Hey @Brad Gross, if you are still looking for a trusted property manager in AZ shoot me a PM. I have a referral that I would be happy to pass along.
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3yIt depends on how much it has gone up in value. If you have lived in the house 2 of the last 5 years, you get a tax break selling. If you rent it out, you may lose those benefits. I'd sit with a CPA and figure that part out, so you are working with the information you need.
Quote from @Brad Gross:
Hello! My wife and I bought our first home in San Tan Valley in Oct 2021 and are likely going to be moving this fall. We will be moving to Kentucky, too far away for me to manage the rental. I have no clue where to start or what to look into but a trusted advisor recommended I start with a local forum here. 1521 sq ft, 4 bed 2 bath.
I also am very curious on the details of LTR with a pool? We have a nice 10000 gal pool that I maintain myself and I can think of a few potential issues with that. Extra insurance? I’d have to pay for quality pool maintenance, too. Any advice helps!!! - 3yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Brad Gross There are reasons for keeping a house and reasons for selling. If you want to keep this house because you might come back to the area that figures in, but in all cases you should run one of the calculators here to see how it does as a rental including all costs PM/pool maintenance. A fund for capital expenditures and see if it pencils out as a rental. After that sit down with a CPA as @Account Closed suggested to see how it would work for you financially, keep or sell. Not saying it is a good or bad idea it just depends on the numbers and your future plans.
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