So you’re thinking of buying an investment property in the phoenix area and have researched rental prices, crime statistics and probably mortgage rates but have you ever considered researching the Home Owners Association (HOA)? It may be surprising but often HOAs have bylaws when it comes to such things as placing a tenant and advertising a phoenix rental property. For example, most HOAs have additional fees for rental properties ranging from an initial tenant fee of $150.00 to annual fees of $50.00 when a tenant is living in a property in their community. Additionally, many HOA’s either restrict or don’t allow advertising at the property which negates your chance of getting any kind of drive by rental interest. Furthermore, several HOA’s in Arizona are facing major financial crisis so they look to charge additional fines to out of state home owner addresses knowing that the owner can’t just drive by the property and confirm if the violation is even accurate. As you can see, doing research on and about the property HOA prior to closing is a great way to save yourself potential problems and costs down the road.
