All Forum Posts by: Jason Crittenden

Hey @Bei He, I am an Arizona Realtor, I can look up the land value for you on the Maricopa County assessor's site if you want to shoot me the address.

0 Votes

Gilbert, Arizona

Quote from @Chad McMahan:

Quote from @James Carlson:

@Brandon Bonfiglio

Call the planning departments in each city or county. (They'll each be subject to their own rules.) We do this for our Airbnb investor clients in Colorado. Most planning departments will have a website. Call their general number and then ask for a planner of the day. Most departments around Denver and Colorado Springs here have a planner that is on call. I'm sure that's true there in Arizona.

Once you get someone on the phone, ask specific questions. (You'd be surprised how often they tell you wrong information, so make sure to ask all the different angles.) For instance:

-- Do you actively allow rentals of less than 30 days?

-- Be aware that some jurisdictions may not address short-term rentals or vacation rentals one way or the other. Then you need to ask how the city or county ordinances treat issues not addressed. Some cities allow activities not explicitly prohibited, while others prohibit activities not explicitly allowed. (Confused yet?)

-- Do they have a primary residence rule? If so, how do they define primary residency?

-- Do they allow non-owner occupied short-term rentals? If so, are there any limits? (Caps on # of STRs based on council district or city? Density restrictions like only one every 500', for instance? Do you have to be a resident of the jurisdiction in which you own a non-owner occupied STR?)

-- And for all of this, ask them to send you a link or PDF of the ordinance that lays out the above rules. (You'd be surprised how often I call Colorado city governments, and they tell me with surety that X or Y is true of their Airbnb/STR laws, but get less sure when I ask for a copy of the ordinance. And sure enough, you'll find that some don't actually know the law at all.)

Good luck!

James,
AZ is different than Colorado. Much of that STR advice doesn't apply, here- although it sounds like it's great advice in CO, and likely some other states as well.

Brandon, as long as a property does not have a HOA restrictions for STR's and ALSO does not have CC&R's restricting STR's (sometimes you have no HOA but still have restricting CC&R's- many times even realtors get this wrong), you're good to go on rental timing for STR's.

That said, as far as max occupancy, etc, I'd recommend you run that by Mesa/Chandler/Gilbert STR specialized realtor or even a local STR property manager. In Sedona, and the surrounding towns, there is no such restriction. So that's out of my area and expertise.

This is 100% accurate info. Currently, just like Arizona Gun laws, no city, town, county, or municipality may pass any laws more strict that the states laws, which are basically no rules.

I own STR's in Arizona and other states, you're welcome to reach out if you have any questions. It's a good place to be as long as you steer clear of HOA's & CC&Rs that restrict as others have suggested.

0 Votes

Mesa, Arizona

Quote from @Doug McVinua:

@Jose Antonio Flores Happy that referral worked out well for you! We live just south of Eastmark in Queen Creek, love the area! The growth is over the top and rents are strong! Once the 24 opens up (August) we are going to see even more expansion in Mesa, Apache Junction, and Queen Creek. Car dealers, car wash, and some very large job producers are in the works also. It's an exciting time!

No doubt! I listed and sold my Bella Via home in neighboring Eastmark in Jan 21 for $350k, now it’s worth nearly $575k or more. Incredible growth over there.

0 Votes

Mesa, Arizona

@Alberto Nikodimov

In “Real Estate Note Investing” by Dave Van Horn ( a Bigger Pockets publication), Dave mentions a story identical to yours.

To make the story short, he said don’t do the partnership. If your friend wants to be involved, they can contribute capital as a lender & you can pay them points.

Dave is very clear (and I agree) money is worth points and nothing more. Do not give up equity on a deal you found and that you’re doing all of the work for.

Offer to use this money, pay them points, return the capital.

You keep the equity, they make high interest, everyone wins. And everything is fair.

7 Votes

I am funding a loan for a buyer this week, with the intention that they will refinance in the next 6 months to pay me off.

Terms of the deal:

2 points up front at close of escrow

10% interest only paid monthly via a servicer.

I will have title insurance through the title/escrow company. They will originate the note.

I’m actually doing an 80/20 (I am 80% and in first lien position).

Buyer is pre-paying 1 year of taxes and insurance at close of escrow.

Do I need them to do anything more? Something I missed? What else is important?

Thank you in advance, I do not have experience being a lender, this was an out-of-the-blue opportunity for someone I trust and decided to take it.

0 Votes

@Mike Neubauer I am a Top 1% realtor in the East Valley, but who cares.

You mentioned wanting to meet up with folks that like doing outdoors stuff. That’s me too.

Let’s mountain bike or hike when you’re in town. There’s some great spots here brother!

1 Vote

Mesa, Arizona

@Arron Paulino 1000%, if they don’t feel comfortable with the chain of title, YOU shouldn’t either. Walk on that deal.

1 Vote

@Kejia Tang I live in AZ and have several LLC's and PLLC's. They were super easy to set up, but these days, I simply hire my CPA to do it for me, takes them a few days and $500 (that's to pay them for their times and filing fees) and it's done. You don't have to renew or pay annual fees here either which is nice! I didn't even realize other states required annual "maintenance" in the way of fees for LLC's until reading books about them.

1 Vote

@Sam Ohanesian Brother, the Phoenix market is tough, are your looking for wholesale deals or MLS? I can set you up on a drip, I sell about 160 houses a year in Mesa, Chandler, Gilbert, Queen Creek, tempe, etc. & would be happy to send you properties too, but retail stuff gets snagged instantly.

You’ll find most of the MF places tend to be Mesa, Scottsdale, Tempe, Phoenix.

Let me know. Happy to help.

0 Votes

@Chris McKenna I have lead countless FPU & Legacy Journey classes, I “feel your pain”.

My solution, my happy mix, is doing 75% LTV deals. Putting 25% down instead of 10 or 20, helps my mind with there being some equity in the deal should things turn south and I felt I needed to exit for some reason.

If the market shifts hard & you started with 10% equity, in my opinion, you’ll be holding the bag for a long time because that 10% can get eaten quickly under certain circumstances.

Your CoC looks awesome! But from a DR point of view, perhaps have a little more cash skin in the game, maybe it'll ease your mind a tad.

Good luck out there, you got this!

4 Votes

All Forum Posts by: Jason Crittenden

Jason Crittenden has started 2 posts and replied 33 times.

Post: How to get building value for rental depreciation (tax purpose)

Post: Arizona Short Term Rental Laws Mesa / chandler / Gilbert

Post: Does anyone know a nice lawn service to help in Eastmark Arizona?

Post: What is a fair percantage in this partnership?

Post: If YOU were writing a Note, what do you need to feel secure?

Post: Chandler/Gilbert/Mesa AZ connections

Post: Uninsurable Title On Real Estate Property

Post: Forming LLC out of state?

Post: Investing in Phoenix AZ

Post: From Ramsey Disciple to Interested STR Investor. Help!