Subscribe: Metro Phoenix & Mesa Property Management - Red Hawk PM | 85204 | Rental Property Management Arizona - Feed
Preview: Metro Phoenix & Mesa Property Management - Red Hawk PM | 85204 | Rental Property Management Arizona - Feed

Red Hawk Phoenix Property Management - Feed

Last Build Date: Thu, 07 Dec 2017 19:36:44 +0000


Arizona Cities Seeing The Greatest Real Estate Growth In 2017

Tue, 12 Sep 2017 00:34:04 +0000

The following blog post Arizona Cities Seeing The Greatest Real Estate Growth In 2017 was first published on: Red Hawk Property Management LLC With the addition of approximately 217,000 new residents, the state of Arizona is one of the country’s fastest growing states. The new growth has resulted from an enormous economic turnaround, specifically the opening of the Apple plant in the Phoenix suburb of Mesa. There are an estimated 10,000 places available for new residents and homeowners, making the silicon Desert the place to be. Are homes available? What you want to look for when analyzing areas for relocation and availability of homes, check ownership rates. A high ownership rate leads to a higher overall score, whereas a lower one shows high competition and more options for renters over buyers. Can you afford to live there? To determine whether a place is affordable you want to use monthly homeowner costs and median home values. The higher score in our report go to high median homes with low coasts of living. Is the area growing? To answer this, population growth will tell you if an area is attracting new residents. A thriving local economy will usually bring in more home buyers. Using the above measures, the best places to live in Arizona are provided below. Each of these towns are ideal if you are looking for a place to buy a home. Evaluate what you are looking for regarding incomes, median house values and area growth you can determine which town is a better suit your needs. 1. Maricopa With a population jump of 19.6%, this area located in the Gila River Valley is a top spot for relocation. More that 805 of homes are owned versus rented, and the median cost for a house is $132,000. Hosting the popular Harrah’s Ak-Chin hotel and casino, the town features a great historical collection of the Ak-Chin people. The casino is the largest employer in the area. The community additionally offers the Ak-Chin-Him-Dak Eco Museum which showcases stone tools, arts and crafts and jewelry. 2. San Tan Valley This suburb in the Greater Phoenix Area had the highest population spike has not yet been incorporated as its own town, but did get its own postal code in 2009. With a median home value of $126,300 and an ownership rate of 74%, this area is quickly becoming a popular place. There is potential for growth here and the low cost of living makes it ideal for first time home owners. 3. New River The residents here earn a monthly income close to $7,185 with 28% of that going towards home ownership costs. Situated to the north of Phoenix, the average home value is $312,200 and it has the highest ownership rates (90.7%). Overall the town has seen 11.23% in population growth. The attraction to this area comes largely from the low numbers of rentals, showing this is a preferred place for those looking to settle and purchase a home. 4. Sahuarita A more technologically advanced area located south of Tucson; Sahuarita has median incomes around $5,700 and a relatively low cost of living. The majority of homes in the area are owned rather than rented. Most employment stems from the huge organizations located there such as Raytheon which is an international defense and aerospace company and the University of Arizona Science and Technology Park. 5. Queen Creek Thanks to local festivals such as the Roots n’ Boots Rodeo and the American Heritage Festival, this area saw a boost in population numbers of 12.1%. One of the highest household incomes of the places on the list, averages for the area is close to $7,343 a month. Most homes are owned and cost of living is higher than other places on this list, but is still relatively low. Residents can enjoy an amazing Parks and Recreation department, with programs and activities for all ages and coming soon will be a new 14 screen movie theater. 6. Buckeye Buckeye is located in the Maricopa Valley and supports slightly higher number of renters than the previous location; however it is still primarily homeowners. This suburb of Phoenix has not had as large of population increases either, but has a very [...]

Simple Tips To Protect Your Rental Property From Liability & Lawsuits

Thu, 07 Sep 2017 00:18:23 +0000

The following post Simple Tips To Protect Your Rental Property From Liability & Lawsuits is republished from: If you are the owner of a rental property, it is likely that you have considered the liability associated with that. If you have real legal concerns, it is best to speak with a lawyer. There are, however, simple tactics that you can use to help protect you and your assets. Purchasing rental properties is widely considered one of the best investment choices a person can make. Usually, you can buy them below market value which opens up the potential to make real money. There are real risks associated with being a rental property owner, such as being sued for money or because of injuries occurring at your property. Whether a freak accident occurs or someone gets hurt from landlord neglect, the risk of injury is a real problem facing owners. As an owner, you need to consider if the returns you make on the property are worth the risks. Even if it is worth it, there are still precautions you can take to protect yourself. If your returns are decent, then you can afford to take additional precautions. If you are more limited in your options, it is best to consult with professionals to get the best advice on what coverage and precautions you should take. Use a property manager Managing your properties or someone else's increases your liability. There have been cases where an evicted tenant hurt themselves while moving out and turned around to sue the property manager. The tenant claimed that the landlord had broken his TV and left the glass in a window well. When he fell in the window well while moving, he claimed the injury was the fault of the landlord. Tenants can make a lawsuit out of almost anything, so it is best to be prepared. Even after lengthy court cases and a verdict in favor of you, there is still a valuable lesson to learn. It is critical for landlords to have insurance; with liability insurance to cover issues like this the legal fees would have been covered. Talk to your insurance agent about getting liability coverage. To be a property manager in most states you need to be a licensed real estate agent first, and they require E and O insurance, so this is a good place to start. As a property manager, you need to be aware of local and state ordinances. Take the time to research which forms and documents. A good example is that some states require you to sign lead based paint forms and to put up a flyer on all properties. You need to be careful because states can fine a great deal of money to get you to pay attention to the laws. You have to consider if you really want to risk losing money on something you had the time to research and take care of. Create corporations or LLC's Creating one or several organizations is a great tactic to protect your properties. Each property will need a checking account for all money associated with that location. Setting up a corporation is a simple process, taking no more than thirty minutes and there are several of online companies that will help you get started with the process. You have the option to have a lawyer set this up for you too, but they can cost around $750. This really is too high, considering you can do it yourself. Setting up an LLC can be fun, you can be as creative as you want when it comes to naming them. You need to check with the bank that finances the property before transferring it to an LLC. The reason being that some bans have due on sale clauses, which means they can call your full loan if you sell the property. Even though the same individual owns the property and the LLC, it can still trigger the clause to be activated. Once a property is transferred to an LLC, it also becomes harder to refinance. src="" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"> Homeowners insurance Think of all the things that can cause damage to the property; frozen pipes, backed up sewers, trees falling and even natural disa[...]

The Arizona Real Estate Market Prime for Rental Investors

Mon, 04 Sep 2017 23:45:24 +0000

The Arizona Real Estate Market Prime for Rental Investors was first published to:

With the Arizona Real Estate market experiencing a strong recovery, it is only to be expected that investors will be drawn into putting money into rental properties. Certainly, real estate investors within the state recognize the potential as the market continues to strengthen, but investors from other neighboring states are also finding the growth in Arizona irresistible.

If you are new to the idea of real estate investing it may not be clear to you all of the advantages of doing so. It takes time to learn the pros and cons, become familiar with the pitfalls and how to avoid them, and then once you begin investing it can take several years to build up a valuable portfolio.


Buying Rental Property: Overview

With diversification being the 'buzzword' in investing many people are taking the time to learn how to successfully invest in real estate. It is likely that you have already purchased Arizona Real Estate at some point in your life i.e. your home. Doing so gives you some idea of what it takes to go through the purchasing process. Buying investment properties is very similar but with some additional knowledge required.

You will go through the same research and assessment of your financial position to determine the value of the property you can afford and your ability to pay back a mortgage, and then armed with those numbers you go ‘shopping’ for funding. Where rental properties are a little different than residential homes is that the goal is to gain the largest return on your investment as possible.
Due to the goal of realizing the best return possible you are likely to find yourself looking at properties that you would never consider buying to live in yourself. Cash flow is crucial, and therefore you will be looking to buy properties that the rental income provides sufficient money to cover the mortgage repayments as well as all other expenses associated with the property.

Maintaining high occupancy with reliable paying tenants is critical, and at the same time keeping expenses to a minimum is also of utmost importance. The act of advertising a property for rent, vetting prospective tenants, and other issues that come with the management of real estate is what makes many real estate investors turn to a professional, knowledgeable and well-respected property management company. The value they bring to an investor makes their cost worthwhile.

Common Mistakes New Landlords Make & How To Avoid Them

Fri, 01 Sep 2017 23:40:41 +0000

The following article Common Mistakes New Landlords Make & How To Avoid Them was first seen on: Red Hawk Property Management Website New landlords of rental properties need to be aware of the size of the commitment they're taking on, in particular when it comes to financial and legal matters. Inexperience is nothing to be ashamed of, but it should be used not as an excuse but as an opportunity to seek out knowledge and experience from seasoned experts in the property management field and get their advice, so they are better prepared if they have to deal with safety issues or a troublesome tenant. Here are six common mistakes for new rental property owners to avoid. 1. Failing to Screen Tenants Properly Many inexperienced landlords will think they're saving money and hassle by not undertaking a full tenant screening process. They may be easily convinced by pleasant people with everything appearing right about their application. But it's vital to protect your investment with due diligence, doing a credit report, enquiring about the tenant with past landlords, and assuring yourself there's no history of late payment or aggravation or prior evictions. Any landlord will want to avoid the eviction process if they possibly can. It's costly, time-consuming and unpleasant. A little extra time spent researching a tenant can save a lot of stress, and any honest tenant won't mind you doing it. 2. Lack of Legal Knowledge Any departure from local and federal housing regulations from the moment you begin accepting applications from renters can put you at risk of litigation as a landlord. You must have an understanding of local habitability laws and the Fair Housing Act on a federal level, and ensure your property is compliant and legally safe and habitable. It may seem a daunting amount of legal material to learn, but expert help is readily available, and this should be a priority. 3. Not Following Through On Late Payment Fees Don't let any tenant get away with exploiting you by not paying rent responsibly and on time. An exceptional hardship as a one-off may be permissible if it's verifiable, but if you allow repeated late payments out of a desire to appear kind, you will be losing out on any return on your investment. Hold tenants to late fees and ensure they adhere to the terms set out in their lease agreement. 4. Not Having Regular Inspections Inexperienced landlords of rental properties may be tempted to save themselves the nuisance of arranging a regular property inspection. It's easy to believe the tenant will raise any maintenance issues promptly - but what if they haven't noticed them, or caused the problem themselves, or are trying to conceal something else? Beginning each tenancy properly by making safety and inventory checklists, and checking all areas are well maintained, can save you costly and unexpected repair bills in future. You can enlist professional help from property managers to make sure the inspections are full and thorough. Seasonal inspections can protect against any faults or negligence escalating into critical problems in hot or freezing weather. 5. Not Having Full Insurance Cover The worst possible situation for a landlord is to be liable without a sufficient insurance cover. Be sure to include specific landlord's coverage in your homeowner's insurance to cover situations such as somebody suing because they sustained injuries while on your property. You should also insist on tenants having renter's insurance to cover damage on and off the property, as well as their own possessions. If your tenant accidentally causes water damage to the apartment below, you won't be faced with damages that the tenant is unable to cover. Experienced landlords often require this protection to be in place as a term of the tenancy agreement. 6. Not Using A Property Manager It's a significant investment to hire property management for landlords to represent you in matters dealing directly with the tenant, but it's one that can save time and s[...]

Foreign Buyers Increasingly Attracted To Arizona Real Estate

Tue, 29 Aug 2017 23:20:19 +0000

Foreign Buyers Increasingly Attracted To Arizona Real Estate was originally published on: Red Hawk Property Management Website Blog

Foreign buyers like to purchase property in the United States because they see the real estate market in areas like Phoenix, Arizona are stable. According to a study by the National Association of Realtors, the international sales of US homes is at the second highest it's ever been in recent years. Owning property in the US is a significant investment. Foreigners are purchasing homes not only to live in them, but to rent out as well.

In the past five years, 70 percent of Realtors have stated that international clients have contacted them looking to potentially purchase a property. From April 2014 to March 2015, international buyers purchased $104 billion in American real estate.

Arizona is the third largest state for international sales. Florida and California are the top two. Texas and New York also sell a lot of homes to foreigners. These states make up 61 percent of international sales.

Arizona real estate is popular with foreigners because of the warm weather. There are some other factors as well. This includes the distance to their home country, if they have relatives already living there, and if there are opportunities for both jobs and education. Out of the 68 foreign countries that purchased homes in the USA, there are five the make the majority of purchased real estate. They are Canada, China, Mexico, India, and the United Kingdom. These countries make over half of all purchased real estate, with Canada and China leading the way.

Not all people from different countries like to make purchases in Arizona. Chinese buyers do not rank very high in the purchase of Arizona homes. Chinese buyers make the bulk of their purchases in California. They also like to make purchases in Washington State, New York, Massachusetts, Illinois, and New Jersey.

In the state of Arizona, Canadians make up 46 percent of the foreign home buying market. They are likely to purchase a home for a vacation use or as a rental property. They also are buying condos and apartments instead of single family home. Many Canadians are also purchasing homes in the state of Florida. They prefer the Sarasota and Venice areas as well as Palm Beach as opposed to Miami.

Foreign buyers are important in the real estate market. They spend on average just under $500,000 on a home. Other buyers average a purchase price of $255,000. In addition to paying more for a home, they also spend more money on furniture, eat out more often at restaurants, and attend more sporting events. This is good for the economy. They are not only spending more on the home but spending more in general. Businesses are seeing an increase in their profits due to international buyers.

Realtors need to improve their skill sets when they work with foreign buyers. They need to have a global perspective of things and have experience working with those from a different culture. They need to learn different real estate practices to get along with others as well. The NAR will help realtors expanding their skills and work with those on an international level. A realtor can train to be a Certified International Property Specialist. Be sure to visit this association online to find out more information.