So you’re thinking of buying an investment property in the phoenix area and have researched rental prices, crime statistics and probably mortgage rates but have you ever considered researching the Home Owners Association (HOA)? It may be surprising but often HOAs have bylaws when it comes to such things as placing a tenant and advertising a phoenix rental property. For example, most HOAs have additional fees for rental properties ranging from an initial tenant fee of $150.00 to annual fees of $50.00 when a tenant is living in a property in their community. Additionally, many HOA’s either restrict or don’t allow advertising at the property which negates your chance of getting any kind of drive by rental interest. Furthermore, several HOA’s in Arizona are facing major financial crisis so they look to charge additional fines to out of state home owner addresses knowing that the owner can’t just drive by the property and confirm if the violation is even accurate. As you can see, doing research on and about the property HOA prior to closing is a great way to save yourself potential problems and costs down the road.
By Lisa Borchard Sunday, September 15, 2013
Author
Lisa Borchard
Lisa is the president and Designated Broker of Real Property Management Phoenix Valley. Her vast experience includes residential lending, residential property management, residential real estate sales and homeowner association management. She employs the same diligence, management and commitment to her client’s investment properties as she does with the residential rental properties that she owns.
Lisa is the president and Designated Broker of Real Property Management Phoenix Valley. Her vast experience includes residential lending, residential property management, residential real estate sales and homeowner association management. She employs the same diligence, management and commitment to her client’s investment properties as she does with the residential rental properties that she owns.