All Forum Posts by: George Cocokios

Thanks to everyone who relied to my post. I appreciate all the good feedback.  

I’m looking to see if I can enforce the penalty on my lease  for early termination if she was forced to leave. She lied on her application as a practicing DR of Veterinary medicine but her license was revoked just days before she applied. Now she’s not working so doubtful i will ever collect anything other than the security deposit 

Hi all. My lease states that if the tenant breaks the lease early there is a one month rent penalty for doing so. My tenant has broken numerous HOA violations, done physical damage to neighbors property and threatened neighbors as well. I started the eviction process, but she left before she was served papers for a court eviction appearance. Does this constitute her breaking the lease early due to her behavior and non compliance of HOA rules? And if so, do I have a right to assess the one month early lease termination clause in the lease?

thanks in advance for your feedback on this.

George

@Connor Duff. Thanks for that link Connor. Good information. And thanks to everyone for their insight and feedback. Definitely showing that people are seeking out the West and Phoenix which is creating a huge supply and demand issue. With housing starts not keeping up with demand, i can’t see a bubble being created for some time. Way too much demand vs supply at the moment.

All very good insight from everyone. As a buy and hold investor i welcome the increases in rents but i also feel for many who can’t buy or even afford the increasing rents when salaries and wages  are not keeping up with these crazy price increases for homes and rents.  

@Julie Hartman Hi Julie, that makes sense with the job growth. Jobs have been moving there for some time now but maybe now it’s really gotten a foothold and affecting pricing. Have read many people from Cali docking to Phoenix for jobs and more affordable housing. Thanks for the feedback!

I just read rents are up double digit YOY in Phoenix. Does anyone out there have any insight on what is driving these crazy rent increases? Is it supply and demand, rising housing prices, housing shortage or all the above or something else?  Is this sustainable? I’ve never seen rents climb so quickly so appreciate any insight people many have.

Thank you

@Ibrahim yamani

The rentals are in Goodyear , the sq ft starts at about 1300 for the lowest rent and goes up from there based on size. My thought is even if you were slightly in the red for now with ROI, the rent increases, tax write offs and paying down loan would quickly net you a profit. Phoenix is on fire right now. Don't wait to pull the trigger or you will find the competition very stiff as investors are pouring in from all over the world to cash in on the rental craze and the build to rent . Phoenix is ground zero for the BTR trend that is evolving.

I’m an investor in the west valley and can attest to the explosive growth in that area over the past few years and there is no end in sight. While you could achieve rents near $2k a month on a 3br in Goodyear, Peoria, Surprise, it all depends on the size and condition and amenities of the home and area. I see rents currently running between $1600 for a small 3br  and above $2000 for larger 3br home. Rents have exploded recently all over Phoenix and I’m faced with having to raise rents hundreds of dollars just to keep pace with market rate! If you are committed to buying, i would not wait too long as prices will continue to rise as will rents. My sources expect Phoenix area home prices to appreciate 25% over the next 3 years

Hi all, to any investors in the West Valley of Phoenix, are you seeing rents spike up again out there? I just did a market analysis for a 4br home and see rent prices have popped about $250 this spring? Are others seeing crazy increases as well? Looks like nothing below $1700 for rent for a br right now. Normal? thanks in advance.