How Does A Homeowners Association Affect Rental Agreements?

Homeowners Association

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Love them or hate them, homeowners associations are a HUGE part of life for property owners and renters because most condo and town home communities are part of HOA’s as are many new home communities which are being developed across the United States.

States like Nevada have extremely strict HOA laws….basically, HOAs are like God in those states, with the ability to have their liens and fines, trump first lien position mortgages and so much more.

Arizona and California are a little more measured however, but HOA’s still have a lot of power in these states.

How Do Homeowners Associations Affect Tenants?

The HOA has governing documents and rules that allow for all types of restrictions on the way you must live in their community.

  • Landscaping
  • Exterior displays
  • Exterior condition
  • Lights
  • Pets
  • Move-in times and dates
  • Parking, including use of your driveway and garage
  • Guest use of community facility
  • Speeding

HOA’s also have the power to enforce fines on the property; whether you agree or not. Though HOA’s usually have to provide the occupant with a written notice (basically a warning letter) first, once that is done they can both fine and hire contractors to make the appropriate corrections.

Now the fines are normally levied directly on the homeowner, and not the Tenant. But this is a mere formality as most leases, and more importantly, verbal occupancy agreements, support the rights of Landlords to push these fines, plus administrative fees, back to the Tenant.

A Tenant that doesn’t pay these fines and fees can be given the notice to cure and then evicted.

Usually, an HOA board will hold hearings for HOA violations or infractions. However, many HOA’s do not allow the Tenant to speak during such hearings; only the property owner may address the board.

How Do Homeowner Associations Work With Landlords?

Landlords must send a Tenant a copy of the Rules and Regulations at the time of lease signing. Once this is done, the Tenant has the right to review and can potentially cancel their lease if they find things that may not be conducive to their living situation. Some examples would pet restrictions (size or breed) as well as parking restrictions (no work trucks allowed parked on the street or driveway). But once the Tenant takes possession of the property, they are beholden to the oversite of the HOA.

Landlords should use an electronic copy and when relevant, have the Tenant sign an acknowledgement that they received a copy of the CC&Rs. Electronic copies may cost a few dollars to purchase from the HOA management company, but they can be utilized over and over again without worrying about damage or loss that accompanies a paper packet.

HOA’s can be a Tenant and Landlord’s best friend, or a rental nightmare. If you know the facts and proper procedures, then you can protect yourself from a lot of wasted time, energy and money.

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At Goldenwest Management we specialize in property management for San Diego, Las Vegas, and Phoenix; to learn more about our property management services in these areas contact us today by calling (866) 545-5303 or CLICK HERE to connect with us online.

5 Ways to Increase Cash Flow at Your Phoenix Rental Property

Cash Flow

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PHOENIX, AZ. – Are you searching for ways to increase cash flow at your Phoenix Rental Property? If so, you’re not alone. Cash flow is on the mind of every property owner sooner rather than later and what they don’t know is that increasing cash flow can be easy especially if these 5 tips are followed.

Tip #1 – Make Interior Changes to Your Phoenix Rental Property

Although your rental home, condo, town home or apartment may have been a great Phoenix Rental Property in the past the reality is that if you haven’t taken the time to update the interior of your rental you could be turning renters away because your property just looks old and run down.

Some of the interior changes you should consider making include:

  • Replace interior doors.
  • Change interior light fixtures.
  • Refinish or repaint kitchen cabinets.
  • Replace or repaint the mailbox.
  • Install a new toilet.
  • Service or replace the A/C.
  • Paint the front door.
  • Improve curb appeal.
  • Add a new vanity to the master bathroom.

Phoenix Rental Property

Tip #2 – Reduce Vacancy

Reduce vacancy by starting with a more conservative price. Once you have solid renters in place, then stick with 1-year rentals and make rental increases each year using minimum 5% increments.

Vacancy KILLS ROI and cash flow. It’s not worth it to try and squeeze an extra $100 out of a Tenant if that means another month of mortgage payments with NO rent. Do the math, most of the time $100 extra but vacant an extra month, actually loses you money.

 Tip #3 – Increase the Fees You Are Charging

Another way to increase cash flow at your Phoenix Rental Property is to require prospective renters to pay an application fee because this eliminates the cost that you might currently be paying for credit reports or background checks and can boost your ROI by $300 over a 4 year period.

You should also consider increasing your late fee as well while giving a longer grace period at the same time. People always complain about late fees, but one thing we have found is that if we extend the grace period to 7 days, but increase the late fee from standard 10% charges to maybe 15% or 20% (check with local’s laws for maximum charge allowances) then it cuts down on the “excuse” factor with a Tenant.

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You get your rent on time, and if the Tenants don’t pay within the grace period, then they agree to pay a hefty fine. It’s hard to argue with a landlord about a late fee when you have a full week to actually turn it in…lost in the mail or I don’t get paid until the 5th become obsolete.

Tip #4 – Streamline Costs by Doing Business Electronically

There are few things nowadays that need to be “mailed” or paper printed. Rent can be paid online; notices can be completed online (with few exceptions). Some companies even charge a service fee for those Tenants who pay online or don’t use emails (meaning everything needs to be physically mailed or posted). $8 check fees and forwarding all postage charges to a Tenant are some ways benefit online payment.

Tip #5 – Hire an Experienced Phoenix Property Manager

Besides the recommendations mentioned in this article one of the very best things you can do to increase cash flow at your Phoenix Rental Property is to hire an experienced Phoenix Property Manager because we will save you the time, money and hassle of managing your rental properties yourself, make sure that your property is rented to the most qualified tenant, and guarantee that you’re paid on time.

To learn more about our property management services contact us today by calling us at (602) 765-4750 or click here to connect with us online.

 

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West Coast Rentals – Learn More about the Nevada Rental Market

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LAS VEGAS, NV – There’s no denying that property owners have had a lot of great opportunities to buy rental properties over the last two years, especially in Nevada, where prices for single-family homes, town homes, condos, and apartments have continued to stay low compared to other West Coast Rentals while demand for rental properties has remained high.

What are properties renting for in Nevada right now? Last month in Las Vegas Nevada the average rent for a one-bedroom apartment was $779 per month while the average rent for a two-bedroom apartment was $943 per month.

Rental Market Trends

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This year we’ve seen the average rent for a typical one bedroom apartment increase by $20 per month while the average rent for a two-bedroom apartment rose by $37 per month.

Many economists and property management professionals agree that the demand for rentals across Nevada, especially in Las Vegas, is only going to continue increasing through 2017 especially in construction and tourism plus other private industries like mining and financial services are also hiring too.

Rental Market Opportunity in Nevada

It doesn’t matter if you plan on buying a rental property in The Lakes, Summerlin North, Downtown, Pioneer Park or elsewhere across Nevada, there are still plenty of great opportunities left to find the perfect rental property especially if you’re looking for a single family home, condo, town home or apartment.

Learn More

To learn more about the Nevada rental market, or to speak with us about our property management services, contact Goldenwest Management today by calling us at (702) 685-7696 or click here.

West Coast Rental Market – Learn More about What’s Happening in Phoenix Arizona

West Coast Rental Market

PHOENIX, AZ – 2016 is proving to be another strong year for the West Coast Rental Market, especially in Phoenix Arizona where in July of this year the average rent was $1,051. The average rent for a one-bedroom apartment was $920 per month, while the average rent for a two-bedroom apartment in Phoenix was $1,122 per month (source – Rent Jungle).

Phoenix Rental Market Trends

Like many cities in the West Coast Rental Market we’ve seen nice an increase in rent in Phoenix over the last 6 months as the average rent for a one bedroom apartment has increased by close to $50 while the average rent for a two-bedroom apartment has increased by $64.

The top neighborhoods in Phoenix that have seen the highest rent increases over the last 6 months include Laveen, Desert View, Central City, North Gateway, Camelback East, Paradise Valley, Encanto, Deer Valley, South Mountain, Estrella, North Mountain, Maryvale, and Alhambra,

Why Own Rental Properties In Phoenix?

Besides excellent restaurants, great coffee, plenty of things to do, and awesome water parks, Phoenix also has a growing jobs market and many people are migrating from states like California to escape high taxes and enjoy the quality of life that Phoenix has to offer them.

What’s also great about Phoenix is that people who will move to the area this year will rent for their first year as they get to know the area and that means good news for property owners since a steady demand for rental properties also means consistent cash flow.

Right now you can find many affordably priced rental properties in Phoenix and when you hire Goldenwest for your property management you can sit back and enjoy the added profits from your Phoenix rental properties.

Learn More about the West Coast Rental Market

To learn more about the West Coast Rental Market, or to speak with us about our property management services, call (602) 765-4750 or click here to connect with us through our website.