Laws of the Land (Rules for Phoenix Area MFRs)

[Brian Volland]

So I finally got to the Phoenix area and got settled in a couple weeks back and have been trying to get a grasp on how the small MFR market promotes itself in the greater Phoenix area via the MLS. I was hoping some of the more seasoned local folks who own 4-plexes to duplexes wouldn't mind chipping in to enlighten me on the specifics for the area. I understand each property will be unique but i'd still like to hear based on what you've seen or done with your own properties in the Phoenix area.

The most important, is posted rent the actual rent paid or is that before sales tax, fees, etc? How about on the MLS?

If you tack other fees to the rent, what are typical fees to add on top of rent?

HOA and other fees; If there are any, are these typically included in rent, paid from rents collected, or added to rent?

Why isn't solar power on every MFR? Cost prohibitive? Not enough ROI? Looks?

I haven't priced property management places yet but, for the sake of analyzing a property, what percentage of rents should I be looking at paying towards management? Or is it flat rate regardless of rents taken in?

I know some of y'all are going to suggest AZREI but I have not, and likely will not, be able to make it to their meetings due to work location and schedule. Any groups more local to Peoria, Litchfield Park, or Surprise would be much easier to try to schedule around, if anyone knows any.

Thanks in advance for any help/info you can provide.

-Brian

[Robert Lorenz]

The utility companies out here have pushed legislation through that makes solar much less attractive (yay politicians, outstanding job yet again), and in my experience advertised rent is actual amount paid. Property taxes and HOA fees should be incorporated into that amount. Seperate bill-back for water or power isn't rare, nor is it common... though most rentals are set up for separate electrical billing. Water/trash/sewer can go either way, though most buildings I've seen aren't set up for seperate metering. Property management fees vary with the management company, and service quality varies widely even within the same fee range. Shop around... depending on the area, there are probably a few people here on BP with solid local management experience, and even a PM company themselves.

This guy is pretty popular, and I've heard him speak on at least one podcast recently... seems legit:

https://www.biggerpockets.com/forums/52/topics/214...

Good luck.... oh and join AZREIA :P