All Forum Posts by: Brian Moss

Hi, I am looking for a recommendation for a real-estate attorney in Phoenix Metro area familiar with AZ Landlord laws. My tenant has a history of making partial rent payments. They do pay late fees but collecting rent has become a challenge. 

Can I initiate the eviction process on the 6th day of the month after giving them 5-day notice (on 2nd of the month) as per AZ law even though they have partially paid rent for about 10 days into the month?   

The tenant got a 3rd party to pay their rent which created a surplus of rent (10 day surplus) on the 12th day of the month. Can I apply that extra rent to some "pre-paid rent" category of deposits for future rent since the tenant has never paid rent in full on 1st for past several months? I do have 1.5x their rent in security deposits which is the max under AZ law. 

Hi, I am new at tenant screening. A friend has been using e-renter screening service for several years. The advantage there is, he gets the tenant(s) to fill out an application form (paper based) which has their SSN, DoB, Drivers license, etc. This info can come in handy later for eviction or collections as told to me. Though this process requires meeting in-person and collecting an app fee. 

Question:

- What tenant info is needed for any later negative events like evictions, collections, etc.?

- Does the online tenant screening like Zillow, apartments.com, Transunion, etc. share tenant info (SSN, DoB, Drivers license) with the landlord? 

Further, what docs/steps to vet the tenant(s) 

- credit report if they have poor credit to get details of negative and collection accounts

- employment status and pay stubs - ability to pay rent? Is 3x rent a good measure?

- Past rental history

- Facebook/social media profiles

- general google search on any recent litigations, etc. which may not have yet come into the tenant screening report

- what else? Legal status in certain cases??

Thanks

I moving in there as my primary home isn't an option. I am looking for ways to start it as a rental investment property while keeping my loan and title insurance cost low with minimal transactions. 

I am in process of closing on a new home which the builder is currently building. Expected closing is mid-August’21. The builder has their own mortgage co. with whom I would get about 3% incentive towards loan closing costs. When I signed up for the property, late last year, it was going to be a primary home. Things changed and I would still buy the property but now as a rental (investment) property.

Can the builder or their mortgage co. object to my closing?

If I close the prop as a primary home and turn around and rent it out….I understand there can be “owner occupied” restrictions from the lender. Do lenders really enforce those restrictions? How long should I wait to rent it out to avoid any issues?

If I take a primary home mortgage, how soon can I refi into an investment prop loan from a different lender to avoid any issues?

If I take an investment loan from Builder’s Mortgage co. so I can get the 3% incentive, can the lender and builder cause problem during closing since it’s not a primary home anymore?

Alternatively, I can close the prop from Builder's Mortgage using a primary home ARM. I hope that qualifies me for the 3% incentive...need to check on that. How soon can I refi the ARM into an investment property loan? Any restrictions from future lenders?

Another option, I can also pay cash using HELOC + loan from my 401K and then turn around and refi into an investment prop loan. Tho I would miss out on the 3% builder incentive and also have to repay the Title Insurance costs? Any suggestions on executing this type of multi transaction and reduce my closing cost in terms of Title+doc fees? Any restrictions from future prospective lenders for the refi? Currently my HELOC has a lower rate than the rates I am getting for investment prop loans. So this might be better option to wait if the rates go down again and then refi into investment prop loan.

Any guidance I can get from you on closing this transaction, will help!

in process of purchasing a new construction home. will be closing in 6 mo. we bought it as primary home. but change in plans. now want to close it as a rental/investment property. can the builder or builder's mortgage partner object at our house closing? builders are hesitant to sell to investors in current market. if we close as primary home, how soon can we refi it as investment prop to get out of 12 mo owner-occupied clause? Or do we dump the builder's mortgage co. and go with another lender with a investment prop loan? in that case, can the builder cause an issue? OR do we buy it on cash by arranging money from HELOC, 401k loan, etc and refi in next few mo after closing?