All Forum Posts by: Walter Moneypenny

Agree with Theresa and Kevin. Check the laws. In Arizona you cannot charge first and last. The security deposit is capped at 1.5x the rent. My clients normally will ask for the max security deposit if there is marginal credit, but they want to take a chance on the tenant. 

 It also has more exceptions:

7. A residence in which all residents are at least six years of age.

E. A person on entering into an agreement to build a swimming pool or contained body of water or sell, rent or lease a dwelling with a swimming pool or contained body of water shall give the buyer, lessee or renter a notice explaining safety education and responsibilities of pool ownership as approved by the department of health services.

To me, every pool needs a fence! If you are renting to someone who has kids all over 6 years old, what about the next tenant?

Depending on the law where you are, you can give an MTM tenant as little as 30 days to vacate for any reason. It would not be an eviction, just a Notice to Vacate. Check the law in your state / county / city. 

Totally depends on which one. I have managed many HOA's on the west side and they vary greatly. I would read the CC&R's. They are available on the Maricopa County Recorder's website. It also depends on what you are looking at that may possibly be in conflict with the CC&R's such as STR, MTR, accessory dwellings, etc.

Finding a place with no HOA in the east valley is not an easy task. You most likely will be in Mesa, or on the outskirts of the metro area, in my opinion. My experience with travel nurses has generally been in the west valley or in the City of Phoenix. With that said, there does not seem to be a high demand for travel nurses in general. If you have a connection with a company that provides them, I would get in contact with them. During Covid I was dealing with some homeowners who were nurses that were going to CA for travel jobs.

Most older HOA's do not have provisions about STR's (I would say pre-2010 or so). In my 25 years of doing HOA's, before getting on the happier side of life, I encountered very few in older HOA's, but they are out there. Some have limits on the number of rentals in the HOA. Newer HOA's tend to address the issue with minimum rental lengths, or in some cases a total ban. It is very important to read the CC&R's before you buy. I had a homeowner buy in a new community with the intention of making it an STR, but he missed the 6 month minimum rental in the community.

CC&R's are a recorded document and in Maricopa County can be found by searching the County Recorder's website. 

It really depends on where the property is. Phoenix metro is a pretty seasonal STR area to me. The LTR's have picked up after a long dry spell. Location, location, location (and a good quality home) is what it is about, IMHO.

Of course, check the rules from the HOA and the municipality, if any. I had a client who bought a home with the intention of STR but did not read the CC&R's that stated no rentals shorter than 6 months. Other cities in the area have, or will be implementing more rules about STR's.

With the increase in home prices in Phoenix over the past couple years it is harder to cash flow in any segment. Make sure you do your research and run the numbers. We have a lot of businesses coming to the area, like TSMC, Lucid, Ecobat and several others. Those workers are going to need long term housing. Some of the expansion is on the fringes of the metro, like Casa Grande, but the demand will be there. 

Good luck!

Our Tucson office can help you out. I will message you the contact information. 

Most foreclosures in Arizona are non-judicial foreclosures and do not require a court filing. Arizona is not a mortgage state, it is a Deed of Trust state. Foreclosures do not require judicial action and will proceed according to the Deed of Trust language. Most likely the first public document filed will be a Notice of Trustee Sale. 

The company I work with, Renters Warehouse, has a good Denver Metro operation. Check out this link and then select Denver. 

It really depends on your budget. The west valley is encircled by Loop-101, and that is a growing area with the addition of industry and business related to TSMC and other projects that have come to metro Phoenix. The Loop-303 area is up and coming. Drop me a line and I can get more particulars from you.