5 Tips to Be a Successful Landlord in Phoenix

Landlord KeyBecoming a landlord can be a rewarding experience, especially in the Phoenix housing market. However, turning your real estate investment into a successful enterprise requires more than just purchasing a property to renovate and rent. Follow these five tips to make the most out of becoming a landlord in Arizona.

1. Find the right location and property
Real estate investors looking to buy homes in Arizona can trust All Homes AZ’s expertise in finding foreclosures and short sale homes in Phoenix. The perfect house, duplex, condo, apartment, townhome, or other rental property will have several amenities that set it apart from other properties, including:
• Easily reached on major commute routes
• Nearby job opportunities and schools
• A booming residential market and/or a hot rental market
• Competitive pricing

2. Will you get dirty?
A house that needs a bit of TLC before it is move-in ready can be a great real estate investment provided that you can complete the work yourself or find someone who can do so at affordable rates. The more work that you can complete by yourself, the higher your profit margins will be. You will need to devote several hours a week to your real estate project, treating it like a part-time job until it is ready for tenant occupancy.

3. Stay safe
The safety of your rental property is two-fold; the safety of your tenants and property against theft and vandalism, and the safety of your property in case of a flood, fire or other disaster. Proper lighting and well-maintained landscaping can deter criminals from targeting your home, but home buyers should also consider purchasing padlocks, a home alarm system or fencing for their investment property. The safer tenants feel, the more likely they are to move into your rental. Additionally, homeowner’s insurance and renter’s insurance will help should a disaster, such as a fire or flood, occur.

4. Screen your tenants
We cannot stress this point enough! All tenants should complete and pass a background, credit and reference check before being allowed to move into the property. The last thing you want to have to do is deal with a needy tenant or a tenant who does not pay their rent on time. Always remember that renting your property is a business. However, you also must abide by the Fair Housing Act. Create a written rental policy detailing the criteria necessary for approval to live in the property. The rental policy should include occupancy guidelines, availability policy, rental criteria (i.e. employment history/income, credit standards, etc.) with an explanation of the criteria, an outline of the application process and a notice that you follow all applicable fair housing laws. Questions included on the application should not ask about physical or mental disabilities, and you should limit questions about drug/alcohol use and lawsuits.

5. Provide your tenants with notice
Even if you are entering the property to fulfill a service request that the tenant has place, you must provide 48-hours’ notice prior to entering. Tenants have rights when renting your property and violating one of these rights could result in a lawsuit. Make sure to check with a reputable real estate attorney regarding such delicate matters.
If you are a current real estate investor in the market for foreclosures in Phoenix or you are just getting started in the industry, contact the home buyers at All Homes AZ in Phoenix today for help in renting out your property!

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