All Forum Posts by: Patrick O'Sullivan

Welcome to BiggerPockets! For rental comps, tools like Rentometer, Zillow, and Apartments.com are great for comparing similar properties.

Feel free to share a specific property or area, and I’d be happy to help guide you through running rental comps. Best of luck with your investment journey!

Hi Nico,

Welcome to the BiggerPockets community! Congratulations on your impressive success since 2021—that's quite an achievement to have closed over 100 transactions in such a short time. It's always inspiring to see fellow real estate professionals who are passionate about learning and sharing insights.

Phoenix is a vibrant market with plenty of opportunities. If you're interested in connecting with local investors or discussing multifamily investments, feel free to let me know. This community is a fantastic place to collaborate and explore new ideas together.

Looking forward to engaging with you!

Hi Ryan, I'm happy to talk about our business and how we run things and see if there is anything I can help with. 

Hey Rylan, I work with a great multifamily lender. He's quoting a client of mine who just finished a 26-unit new build that is in lease up. Send me a message if you haven't found a lender.

Hi Fredrick,

It’s great that you have two strong applicants for your property! When managing multiple applications, it’s crucial to ensure your process is both fair and compliant with local, state, and federal housing laws, including the Fair Housing Act.

A best practice to avoid any perception of bias or confusion is to process and work on one application at a time. Here’s how you could approach this:

1. Set Clear Criteria: Use objective criteria (e.g., income, credit score, rental history) to evaluate applications in the order they are received.
2. Notify Applicants: Let each applicant know you will process applications sequentially and explain your timeline for review.
3. Act Promptly: If the first applicant meets your criteria, move forward with their application and provide them with a clear deadline to sign the lease and pay the deposit.
4. Move to the Next: Only if the first applicant does not meet the criteria or declines the lease should you proceed to the next application.

By focusing on one application at a time, you simplify the process, maintain transparency, and mitigate any potential fair housing concerns.

Lastly, since housing laws can vary by location, double-check Arizona’s landlord-tenant regulations to ensure compliance with any local rules about how applications are handled.

Best of luck with your rental process! Feel free to share updates or ask additional questions.

Hi Jimmy,

Welcome to the BiggerPockets community! It sounds like you’re bringing a wealth of experience from the commercial real estate world, which will undoubtedly serve you well as you expand your residential portfolio. Managing 17 shopping centers and selecting sites for new developments is no small feat—kudos to you!

It’s great to hear you’re ready to take things to the next level in the residential space. Since you’re already in the LTR space and looking to grow, have you considered leveraging your commercial expertise to explore multifamily properties? With your background in lease management and site selection, that could be a natural next step.

Regarding STRs, I can understand the hesitation—accurate expense tracking is critical, and not having that data can make evaluating deals frustrating. If you decide to revisit STRs, you might want to explore properties where you can project expenses independently, such as using local STR forums or online tools to estimate maintenance, management, and occupancy costs.

For networking and strategy-building, you might find local meetups or groups beneficial. It’s a great way to connect with investors and professionals in the Phoenix market who are active in residential deals.

Looking forward to seeing how your journey progresses—feel free to share updates or ask questions as you dive deeper into the residential side!

Hi Luis,

Welcome to the world of real estate investing! For a yearly lease agreement specific to Phoenix, AZ, you might consider starting with the Arizona Association of REALTORS® (AAR) or another local real estate organization. They often provide standardized lease agreements that comply with state and local laws.

Additionally, many landlords use platforms like Avail, Zillow Rental Manager, or TurboTenant, which often include customizable lease templates that are state-specific. Make sure any lease agreement you use complies with Arizona's landlord-tenant laws, including required disclosures (like bed bug information, for example).

If you're unsure, consulting with a local real estate attorney to review the agreement can provide peace of mind and ensure you're fully protected. Good luck with your rental!

If you're looking to network with multifamily investors and service providers I host multiple events a month. Send me a PM of you're interested. 

If you didn't find a property manager yet, my company specializes in multifamily properties in the greater Phoenix area and are taking on new clients.