All Forum Posts by: Walter Moneypenny

Check out https://www.illinoisrealtors.org/legal/sourceofincome/

Seek multiple opinions. A Realtor may only use their local MLS, which most likely does not capture rentals from people not using a Realtor (which is a lot). I would call a few companies in the area to see what they come back with. Zillow has some tools you can pay for that can give you information. It is also a good site, along with others, to gauge the current state of the market and what you may get at this point and time.

 You should always have the Governing Docs before purchasing. You cannot make an informed decision about purchasing without knowing the rules. 

Timeshare and short term rentals are different. As pointed out earlier, timeshare is a form of ownership. I am not an attorney, but was an HOA Community Manager for 25 years before going to the happier side of life as a Realtor. You should get legal advice for your State.

With that being said, your CC&R's may have a section that addresses the minimum lease length of a rental. Some will say that there are no rentals less than 30 days, 12 months, or any other time period. If there is no language addressing the lease length, we have discovered in Arizona through lawsuits and court decisions, if it is not prohibited, then it is allowed. 

The CC&R's may also address the type of usage. They may define "Residential" or "Single Family Use." Generally, from what I have seen, more recent CC&R's reflect updated language regarding short term rentals. Documents before 2000 or so couldn't imagine what AirBnB, VRBO and the internet have done to the short term market. 

Definitely market specific, but in general DOM is up and rents are flat or down. The 4th quarter in the Phoenix area is normally slow and this year is no exception. Our rental rates are a little down, but that is after a huge increase over the past couple years. As it has been echoed here already, people generally don't like to move during the holiday season and when school is in session. 

My company can help you. I have sent you a message. 

The biggest issue I have had with TransUnion over the past couple years is that they have a hard time verifying Social Security numbers issued since the SSA started randomizing numbers in 2011. The company I work for utilizes TransUnion for credit checks and SS# verification. This has been a bigger issue with the immigrant population being issued numbers.

I have had to request that the applicant send me a copy of their card and then make a judgement call on whether the card is legitimate or not. Hopefully for me the system we utilize will be able to better verify newer numbers. 

Found this by Googling your question: 

https://oag.ca.gov/consumers/general/landlord-tenant-issues#:~:text=Landlords%20cannot%20raise%20rent%20more,over%20a%2012%2Dmonth%20period.

Of course, consult with counsel, as this was just a simple internet search.

Not normal.

Welcome! Feel free to reach out with any questions. Phoenix is a great market.