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Here are some common things that are a tenant’s responsibility when it comes to maintenance. A good rule of thumb is if anything was caused by misuse or neglect, it is the tenant’s responsibility to take care of.

1. Carpet Stains or floor damage beyond normal wear and tear

i.e. Spills, pet accidents, bleach, nail polish, etc.

2. Plumbing Clogs

Plunging/clearing clogged toilets, drains and garbage disposal

Common causes: hair, trash in disposal, floss, QTips, wet wipes (are not flushable)

3. Replacing light bulbs

To include regular and fluorescent, light fixtures, ceiling fans, refrigerator, pool, etc.

4. Change out AC Filters every 30 days

5. Replacing batteries

Including but not limited to garage remotes, smoke detectors and thermostats

6. Simple fixes

Such as resetting a breaker or GFI or reset buttons

7. Damage to walls/ceilings

i.e. drawings, scuffs, odor, etc.

There have been, and will continue to be, some big changes in the 2018 rental market. It’s important to understand the changes, meet owner and renter expectations and create a strategy.

It’s expected three specific groups will show high demand in rentals in 2018.

• Young Millenials; those who are just old enough to start renting

• Older Millenials; who are saving up for a down payment for a home

• Older Baby Boomers; who are looking to downsize

Rental analysis shows that dramatic rental increases will slow down for higher end properties. However there will be a steady increase for the low to mid-range home. Currently, there are fewer houses for sale among bottom- and middle-tier homes, which are the most affordable to new home buyers. Single-family rentals are also concentrated in the bottom tier, and activity there has increased in the past decade. This is key for landlords and investors looking for what will have the best ROI.

Rent growth, while remaining steady since 2012, is speeding up again. In general, keeping rent increase to 2-3% is favorable. Any higher and they outpace income increases. In fact, the areas where rents are increasing the most are those with good, high-earning jobs coming in.

In Arizona, you’ve either already come across these creepy crawlies, or you will!

Scorpions: Scorpions are one of the most dangerous household pests in Arizona. Their stings are painful and dangerous and they can be difficult to spot because of their translucent bodies. While most scorpions have a sting no worse than a bee, bark scorpions have highly toxic venom that requires immediate medical attention. If you have lots of shade around your yard or citrus trees in the vicinity, you need to be very careful about keeping an eye out for bark scorpions.

Ants: Ants exist nearly everywhere, but sometimes they can be dangerous! Fire ants are one of the most common household pests in Arizona. They come in massive colonies and can deliver several painful bites at a time, so you definitely don’t want them around your home, particularly if you have small children or pets! Carpenter ants can also wreak havoc on your home. This species tunnels through damp wood to build their nests, causing major damage to your home. You tend to find them in bathrooms and kitchens. If you spot them, it’s definitely time to call a professional.

Cockroaches: Pests LOVE summertime in Arizona, and will quickly invade your home if you are not careful. Since sewers and storm drains are typically their breeding ground of choice, when it rains, they look for shelter. They do not need much room to squeeze inside an area only about 1/16th of an inch (about the width of a credit card.) Cockroaches will avoid homes that have been treated for pests; but those that have not, are prime targets. Once they are inside, they will munch down on any and everything.

Termites: Termites cause billions of dollars in damages every year in the United States. They are a nationwide problem, and Arizona is no exception. In fact, Arizona sits on top of one of the most active subterranean termite belts in the US. Massive colonies of these bugs exist underground, and they can cause major damage that isn’t immediately visible.

Spiders: Arizona is home to numerous spider species, most of them large and all of them creepy! Most spiders are harmless and though their bites can be painful, they won’t cause lasting damage. The main spiders to steer clear of are tarantulas, black widows and brown recluse spiders. While tarantulas are rarely ever found in homes, black widows and brown recluse spiders do often enter homes and their bite requires immediate medical attention.

Bees/Wasps: Bees and wasps are a common occurrence in Arizona, particularly during the summer months. They can come in very large colonies or smaller occurrences, and often use homes and or surrounding trees/bushes to build their nests.

The best way to stay ahead of these pests and keep them under control is to have regular pest control service, or at the very least do regular sprays yourself.

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https://be-pest-free.com/8-most-common-pests-in-arizona/

https://be-pest-free.com/8-most-common-pests-in-arizona/

https://www.arizonafoothillsmagazine.com/features/features/9006-top-4-most-common-household-pests-in-phoenix-and-how-to-rid-your-home-of-them.html

“HOLD is a long-term real estate investment strategy to which every real estate investor should aspire.”

Utility Companies:

Electric-

SRP (Salt River Project) - 602-236-8888 (services Mesa, Gilbert, Chandler, Phoenix, Tempe, Apache Junction & Queen Creek)

APS (Arizona Public Service) - 602-371-7171 (services certain areas of Chandler, Gilbert, Phoenix, Scottsdale)

Water/Sewer/Trash -

City of Mesa - 480-644-2221

Town of Gilbert - 480-503-6800

City of Chandler - 480-782-2280

City of Tempe - 480-350-8361

City of Phoenix - 602-262-6251

City of Phoenix - 480-312-5650

Town of Queen Creek - 480-358-3450

Johnson Utilities - 480-987-9870

Gas –

Southwest Gas - 877-860-6020

City of Mesa – 480-644-2221

Internet/TV/Phone Providers (call for service areas):

Century Link - 877-720-3428

Cox Communications – 623-594-1000

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One of the simplest definitions of rental property investing is getting paid for what you own, rather than just paying to own it.

Benefits of investing in Single Family Homes:

• Income: unlike with stocks and bonds yielding about 2%, it’s possible to generate in the low double digits in returns

• Tax benefits: (https://www.tctproperties.com/blog/post/top-5-landlord-tax-deductions)

• Flexibility: unlike multifamily homes which demand upfront costs, with single family homes you can choose how many you want to add to your portfolio and your own costs

Make sure you do it right!

• Choose the right property: know what you are looking for; college town, family living, low maintenance, LOCATION, LOCATION, LOCATION, etc.

• Do the Math: make sure you understand your monthly costs and plan for maintenance costs as well. Even though it’s a rental, there is still maintenance that needs to be done and it’s important to understand and budget accordingly

• Hire a Property Manager: Shop around, find who works for you. Once you research and find companies you may be interested in, interview with them to find the perfect fit!

Are you ready to invest and start building wealth with real estate? TCT can help, call us today!

References:

https://www.forbes.com/sites/financialfinesse/2017/08/09/should-you-invest-in-rental-real-estate/#4839edf25c15

http://www.noradarealestate.com/blog/advantages-of-single-family-rental-properties/

Wondering how much it cost to move? There are a lot of factors to take into consideration. Local vs. out of state, full service, packing services, weight, distance, etc.

According to HomeAdvisor here are some average moving costs:

Weather, cost of living, New Businesses and Job Prospects, Easy Escapes, the outdoors, and more!

Phoenix, Arizona is ranked #19 in Best Places to Live

Nicknamed the “Valley of the Sun” the Phoenix area sees more sunshine than any other metro area in the country. That may be enough reason alone to live here. Arizona offers a little of everything; enjoy the warm weather in the valley and only a couple hours up north experience the snow.

Weather - It doesn’t get much better than 300+ days of sunshine a year. Even when it’s hotter than ever outside, the weather is still beautiful at 120°.

New Business and Job Prospects - Over the past few years Arizona has experienced quite a bit of new businesses relocating to the valley. A couple major companies who have expanded in Arizona are Apple and their $2 billion investment in Mesa and Google launching their driverless cars.

Easy Escapes - Even with its never ending beauty, sometimes the desert can get repetitive. Lucky for us, only a few hours in any direction you can visit the mountains, beach or even Las Vegas!

The Outdoors – Whether you enjoy hiking, relaxing by the pool, amusement park rides , or just going to the park, Arizona has it all!

Sporting Events – Arizona has even grown with our sporting events offered in the desert. Home to the Arizona Diamondbacks , Arizona Cardinals, Phoenix Suns, Arizona Coyotes and our newest additions Phoenix Rising. We are even the home of spring training for the Chicago Cubs, White Sox and Cincinnati Reds.

AZ Quick Stats

Why do you love living in Arizona? Comment below.

Paying taxes is part of life, fortunately there are some beneficial deductions landlords can take advantage of. Here are 5 common deductions.

1. INTEREST

Interest can be the one of the biggest deductibles for landlords. Common deductions include interest from mortgage payments as well as credit cards used for goods or services with the rental. Find out more about interest deductions.

2. DEPRECIATION

Landlords can get back some cost through depreciation of their rental home. Here's how depreciation works.

3. REPAIRS AND MAINTENANCE

Reasonably, the cost of repairs and maintenance can also be deductible in the year they are incurred. See here what is considered a deductible repair/maintenance and what an improvement/upgrade is

4. INSURANCE

Insurance premiums are also deductible. This includes, fire, flood, theft as well as landlord liability.

5. LEGAL AND PROFESSIONAL SERVICES

From attorneys, to accountants, to property managers…. You can deduct these fees as operating expenses.

Check out some other articles for more ways to save on your deductions.

Landlordology - Deductions for landlords

Houselogic - Tax Deductions for rental homes

Sparkrental - 16 deductions

Fires, theft, weather damage…these things happen, and they’re just as likely in a rental as they are in a house you own. To protect themselves, Homeowners get homeowners insurance. So if you rent, consider Renters insurance. It’s a good precaution in a risky universe.

Here’s why Renters insurance is so important! It works to cover your:

• Personal propery – coverage for your things (clothes, furniture, electronics, etc.) up to your coverage limit.

• Personal liability– coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues.

• Medical payments– coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place.

What exactly does renters insurance cover?

The benefits seem to be clear: To get great protection you need renters insurance and why wouldn’t you when it’s so affordable and worth it.