Hello All,
Happy Monday!
Well, it's been a long and fast year, for sure. We're in escrow on our third multifamily property this year, and after the first two didn't work out (despite tremendous effort), this one looks like it's going to work out just fine.
I am wondering what advice you wish someone had given you when you became first time landlord, especially in Arizona. We're living in California now, and our property will be a quad in AZ, so I'm trying to do a crash course on landlord/tenant laws and practices in AZ. I'd love to hear your nuggets of wisdom about being a new landlord in general and in Arizona in particular.
The details are: Quad in a small town right on the Colorado River. We have family there and know a good agent and property manager, so that's a start. The units are all 2 bed/1 bath and are in decent if outdated shaped. All are currently rented, but only one is on a year lease. All are at least $100-$150 under market rents. I've gotten copies of all the leases, the inspections and termites reports, and have done a physical inspection myself. So far, So good.
I've found templates for estoppel letters, and I'm wondering if these really need to be notarized by the tenants? I can't see any of these tenants willingly going to see a notary much less actually paying for one. Could I ask the Seller to pay for that?
Thank you in advance for any wisdom you care to share!
Cheers,
Jessica
