All Forum Posts by: Walter Moneypenny

In ARMLS, the MLS for Phoenix, you filter the date under the Status field. So, select Closed and then filter the close of escrow date.

My company just has the tenant sign a waiver form. While it is OK for the legalities, I feel that the safer the pool area, the better. I do a lot of rentals in Phoenix and Glendale and am not aware of any city requirements for rentals. 

I'm no lawyer, but the CA Statue of Frauds prohibits contracts by text message in Section 1624 (d)

(d) An electronic message of an ephemeral nature that is not designed to be retained or to create a permanent record, including, but not limited to, a text message or instant message format communication, is insufficient under this title to constitute a contract to convey real property, in the absence of a written confirmation that conforms to the requirements of subparagraph (B) of paragraph (3) of subdivision (b).

In my reading of the ordinance it is unclear about casitas. This article in a neighborhood publication interprets the ordinance as banning it for casitas. The ordinance prohibits ADU's to be used for Short Term Rentals. I guess it depends on the size of the casita whether it is an ADU.

Make sure that you have read all of the documents (CC&R's, Rules and Regulations, Design / Architectural Guidelines, etc.) BEFORE you enter into an agreement. There may be references to these and other documents in them. 

Are you looking for a PM to take over the property with the existing tenant still in it? That will be hard to do. My company will take over management, but not with a delinquent tenant. You need to start fresh with a new tenant.

Good analysis @Bruce Lynn. AZ would be off the list under his criteria, as median home prices are higher, with a median sales price of almost $460k. An average 3 BR rent listing for an SFR is over $1,900. There are not a lot of 2 BR SFR's around in Phoenix metro.

In ARMLS, you select the date range in Status field. 

What are your thoughts? New legislation introduced in the House and Senate seems unconstitutional to me. Banning, fining or penalizing entities that own more than 100 rental homes is un-American. Do your own research on the "End Hedge Fund Control of American Homes Act of 2023" and "American Neighborhoods Protection Act"

https://www.businessinsider.com/housing-market-affordability...

You will need to view the area as a long term investment. A 300k purchase is not going to get you a lot in Phoenix or anything in Scottsdale proper. The edges of the metro area are over 300k as well. The 1% rule will not work. A 3 BR rental in Phoenix, Glendale, Peoria may get you $2,000. 

We have a lot of jobs heading this way due to the investment of several companies, like TSMC. The areas that those companies are in are going to be a great place to buy.