For the most part, CC&Rs (Covenants, Conditions and Restrictions) for HOAs require the association to maintain or replace major components found in the common areas. These components range from roads, roofs, siding, exterior paint and landscaping irrigation systems. These components unexpectedly fail from time to time. Associations plan and set funds aside in a reserve fund in order to cover these expenses. Reserve funds are good, and the needed contributions to these funds should not be … [Read more...] about HOA Reserve Funds: Are They Good or Bad?
Mike Hutchins
Why Commercial Property is Popular Now
Commercial property is on the upswing for several reasons. The economy is improving, and businesses are gaining confidence in the market. Young businesses are leasing previously abandoned industrial and retail spaces to attract consumers without paying a premium in monthly rent. The consumers are in love with new microbrewers, exercise studios and retail shops emerging from these rejuvenated industrial and retail spaces. When entrepreneurs and consumers connect during stronger economic times, we … [Read more...] about Why Commercial Property is Popular Now
What Should Landlords Collect for a Security Deposit?
In most circumstances, it is a given that landlords want to collect the largest security deposit possible in order to offset their risk. Landlords can use security deposits to compensate for monetary losses such as unpaid rent and/or damage to their property by the tenant. Did you know in the state of Arizona landlords are limited in the amount of security deposit that they can legally demand? Per the Arizona Residential Landlord and Tenant Act: Article 2 – Landlord Obligations 33-1321. … [Read more...] about What Should Landlords Collect for a Security Deposit?
Do HOA Managers Have to Hold a Real Estate License?
Interesting enough, HOA managers do not have to be licensed by any entity. What does this mean for the consumer? (Concerning HOA management, a “consumer” would be any member of an association or a board member.) When managers are not licensed, consumers are not able to file a complaint with the Arizona Department of Real Estate (ADRE) and the ADRE cannot investigate any conduct or claim against a HOA manager or that of a management company. ADRE does not have the authority to investigate the … [Read more...] about Do HOA Managers Have to Hold a Real Estate License?
Should You Turn Your Property Into a Vacation Rental?
One of the hottest trends in real estate is leasing investment properties as vacation rentals, providing investors an alternative to traditional long-term rentals and the ability to occasionally utilize the property themselves. Vacation rentals are becoming increasingly popular with consumers seeking properties that suit their particular needs and offer the same amenities as home. Before you turn your property into a vacation rental, however, you should do your homework in order to determine the … [Read more...] about Should You Turn Your Property Into a Vacation Rental?
