All Forum Posts by: Doug McVinua

@Austin Bull Interest rates are high right now, and as soon as they drop a point or two, you will want to refinance. A good lender will get you into a loan now at a low cost (higher rate) but then prepare to refi once the rates drop down. Hence, the loan you get today may be a short-term one. Short-term being relative to a property you may hold for many years.

@Josh Young has done really well for himself by investing in the SE Valley. Josh knows the path to success, where, how, the lender piece, etc.

@Austin Bull Each market will vary, Arizona, specifically the Phoenix/Mesa MSA is short on inventory, and prices are rising in spite of the interest rates. Buying a property like you want is a longer-term play, buy in a decent location you want to live in, and house hack for a year or two until you are ready to move on to property two. The loan you get today may be short-term, as soon as rates drop you will want to refinance, which will improve your cash flow.

Waiting is going to cost you money in this market.

@Aaron Dixon If Global Warming is a real issue, why did Obama purchase a beachfront house at nearly Sea Level? His purchase of a sea-level home tells you all you need to know about the sea actually rising enough to be a real issue.

@Anthony Kenmore As an Arizona Property Manager serving the east valley Cities, including Gilbert, AZ, we always provide full-service weekly pool service. It's not a tenant option; it's included in the rent, and the owner is charged for the service. Why? Because it's too easy for a tenant to slack on pool chemicals, water fills, running the pump, repairs, etc., and cause thousands of dollars of damage to the pool. The pool person is another person on the property regularly who is good about letting us know of any changes, like a new pet showing up, etc.

@Marcus Brown We manage single-family and multi-family in the metro Phoenix, AZ market, with some having Section 8 tenants. We have some in Pinal County, AZ, and some in Maricopa County. Arizona City, Maricopa, San Tan Valley, Queen Creek, Gilbert, Mesa, Chandler, Phoenix, Apache Junction, and Tempe are just some areas we service. What are you specifically wanting to understand better?

@Mary Jay I would have a consultation with Dr Evictor. They are influential in the Phoenix, AZ market representing owners. Denise Holiday is the one I often deal with. It sounds like the one tenant had a good income etc., so you might have recovery success, or you will at least put the rest of the world on notice of the damage via a judgment.

@Mary Jay Aside from all of the Fair Housing Laws you are in violation of, I will ask whether you screened all adults. I get the impression you leased the property to an individual who moved in other adults and minors who may not have been screened. Is that correct?

As property managers, we screen all adults and filter heavily. One solid adult on a lease doesn't overcome multiple problem tenants. Screening is one of the most important jobs we have, done properly 99% of our leases turn out just fine. 

It sounds like you had a good run, maybe relaxed, and got bitten. Be vigilant in your screens, inspections, follow-up, etc.

@James Hamling The last data I saw indicated the CA makes up 19% of the migrations to Arizona. Washinton State, Oregon, and Illinois are also generally pretty high on the list.

@Andrew Strauss As an Arizona Property Manager, I would caution you regarding crossing state lines with lease terms. Arizona statutes are specific in some areas, and using a solid lease designed for Arizona provides the most defensible position one could be in.  I attend sessions (classes and webinars) with Arizona legal professionals to stay current with the latest changes and court rulings impacting lease terms. 

I don't manage in CA, but I tend to read and hear enough comments to know the two states handle things very differently. Arizona, in general, is pretty landlord friendly. Our eviction process is typically less than 30 days and under $500.00 with minimal restrictions. The Arizona process is statute specific and has nuances that, when followed, work well. When outside of the norms of AZ, the courts may not rule in your favor.

I'm not an attorney, don't even pretend to be one, but I listen to them frequently enough to stay on top of the changes.

@Mary Jay I have no doubt many of the Pre-Paid rents work out just fine. It's the ones that don't I try and avoid. You can accept the rent. It's your choice how you conduct your business; to some, it's the right decision.

My decision is that our tenants are screened heavily and pay the rent monthly, which works well for us as Property Managers.