All Forum Posts by: Angelina A.

@Corby Goade yes, this is what I'm telling them to do, as it's out of my hands. 

@Ken M. that's correct, an attorney won't be able to do much without hard evidence. I'm honestly surprised the HOA isn't doing much, especially when there are blatant violations other than noise, like livestock in the front yard.

@Colleen F. it's actually Rio Rancho Estates in Surprise, AZ.  It was a really nice neighborhood when I bought the house a few years ago. This is the only bad neighbor so far.  I agree with  you - I think the key is to involve the adjacent neighbors, especially since the police are not sympathetic to my tenants.  My tenants don't want to move so I will keep everything as is for the moment until they are ready to move. 

Thank you for your thoughts on this @Colleen F. I just got off the phone with the police and he informed me that they do not issue fines for noise disturbances.  He basically told me that the neighbors are allowed to enjoy their property as they wish, and have people over, etc.  Since my tenants are elderly and the noisy neighbors are young, the police officer further recommended that my tenants move to Sun City, if they want a quiet neighborhood. 

When I bought this new-build spec SFR in 2022, the neighborhood was quiet and peaceful. I was planning on holding on to it long-term until it appreciates, but now I am thinking that I might sell it (1031 exchange) and opt for another neighborhood, now that I see this neighborhood is going downhill.

Thank you all for your thoughts on this.   

@Travis Bohling, the property manager doesn't have evidence that they are a nuisance, so they can not be evicted for disturbing the peace.  

@Michael Smythe, yes, I will emphasize to my tenants to keep calling the non-emergency police line, as this is beyond me as a landlord.  My tenants showed me their SimpliSafe videos and it is indeed noisy throughout the night, so I know they aren't blowing it out of proportion. 

I filed a report with the HOA, but all they can do is issue violations...nothing really gets enforced. @David Peschio , the neighbor is a renter.  

Hi All, 

I bought a rental property in a quiet neighborhood a few years ago and recently noisy neighbors moved next door to my current tenant. Non-emergency police have been called many times, violation reports have been filed with my HOA, and I even reached out to the next-door neighbor's property manager. Yet, the all-night parties continue despite all my efforts, disturbing my tenants throughout the night.

The HOA and property manager defer me to law enforcement, but the police visit the property, but the noise still continues.

Seeking advice on what else can be done in this situation.  Also seeking referrals for a civil litigation attorneys who can assist with this issue. 

Thanks in advance! 

This is a SFR

@Cheryl Packham - Yes, the lender has a provision to allow for my parents to be living in the house while it is a primary residence for me.  I spoke to an attorney about this set-up and they said it was legal, as long as the lender has this provision.  

@Sergey A. Petrov - I decided not to charge my parents fair-market rent after-all.  Technically, I can not "rent" this home to them during the first year, as my loan documents indicate.  However, my lawyer said that there is no law against my family gifting money to me.  That said, I am consulting with a CPA tomorrow to see how I can arrange an annual gifting option from my parents.  After this first year, I will sign new documents with my lender to designate the home as an investment property in the future.

Hello!

Seeking a CPA to assist me with tax planning services for an investment home I am purchasing this summer in Surprise, Az.  

Thank you, 

Angelina  

Hello!

I am purchasing an investment property for my elderly parents to retire in.  My lender is offering me a “Family Opportunity Mortgage” option- a special borrower eligibility occupancy rule in which Fannie Mae expands the definition of a primary residence to allow me to purchase this home for my parents at Principal Residence rates and terms.  

From the Fannie Mae website: “If the parent is unable to work or does not have sufficient income to qualify for a mortgage on their own, the child is considered the owner/occupant” for principal residence properties.

I am concerned about occupancy fraud.  My loan documents indicate that this is a Principal Residence (owner occupied), but I was advised by my realtor to designate the home as an investment property on the home purchase agreement.  Is this the correct designation for this property on the purchase agreement contract? Does it even matter?

Given this scenario, would I still be able to charge my tenant parents fair-market rent?  What legal considerations do I have to be aware of with this kind of investment property which is classified as a Principal Residence?  

Thank you in advance for any insight and/or recommendations. 

Great insight on this market, thank you @Deonte Brown! I actually had a similar idea of getting a property in Surprise as my retirement home and making it a rental in the meantime.  Good to hear that there is such great demand for rentals and now I see that this area is not technically considered rural.  

You were right about the builders having restrictions for investors.  These builders are getting inundated with investors and some just won't sell to them.  I am following up with my realtor today to see if I can buy one of these homes as a retirement home for my parents.