Wednesday, 27 July 2016

Roller Coasters, Renting, and Phoenix Property Management

Imagine waiting in line for your favorite roller coaster. Finally, after much anticipation, you get to the front of the line to take your turn on the ride. As the ride zips off, taking you through twists and turns and ups and downs, you feel exhilarated. And although at some points you feel nervous, after finishing the ride you know it was definitely worth the wait.

Now apply the same situation to owning real estate rental property. You’ve waited a long time to get to a point in your life where you could have investment property bringing you in an extra source of income. As you search for the perfect investment property, you are filled with much anticipation, wondering what kind of ride you will be on as a Phoenix investment property owner. Now, your turn has finally come to take that ride.
As you find your first tenant and progress through the leasing process, your ride begins. Then the twists and turns and up and downs hit as you wonder if you chose the right people to live in your home and calls come in for maintenance in the middle of the night. The money for repairs begins adding up, and you find yourself nervous, wondering if this ride is really worth it.
Enter RPMWV Phx. As a leader in single family home Phoenix property management, we understand that managing rental property can sometimes be a bumpy ride. That is why we have developed a proven and technology-driven process to efficiently and carefully manage properties in the Phoenix area. Our process, developed with the single family home in mind, paired with our unsurpassed customer service, allows us to rise above the competition and work with property owners to have the Phoenix property management ride they desire.
With our services, you can lose the nervous feeling in your stomach over not knowing what twist or curve will be thrown your way next. We take on the difficult challenges that come with being a Phoenix property manager, and leave you to relax and enjoy the ride.
The next time you are worried about your Phoenix property management ride, rely on our services to help you enjoy it more!

Wednesday, 20 July 2016

Taking the Mystery out of Phoenix Rental Property Tax Deductions

Being a Phoenix landlord is a lot of work, but it also offers some of the most readily available rental property tax deductions compared to any other investment opportunity. If you like collecting a rent check every month, you are going to love the tax deductions available to you as a Phoenix rental property owner.
Some of the most common rental property expenses that are deductible include:

     Costs of advertising and marketing the property
     Cleaning fees paid to professional companies between tenants
     Fees paid to a professional property management company
     Premiums paid for fire, theft, flood, liability, employee health and workers compensation insurance
     Legal and professional fees paid to attorneys, accountants, and real estate investment advisors
     Interest paid on the mortgage and credit cards used for rental activities
     Utilities paid by you as the landlord

Less Common Deductions

As the leader in property management, RPMWV Phx has put together a list of rental property tax deductions that are not so obvious and are often overlooked by landlords. Taking these deductions could be the difference between you turning a profit on your Phoenix rental property and losing money.

Local Travel Expenses

Driving by your rental property for an inspection or to the hardware store to pick up the part you need to fix the leak under the kitchen sink? Don’t forget to track the miles driven in your car, these can become deductions in one of two ways:

1.    Use the exact amount paid (for gas, upkeep, and repairs on the vehicle).
2.    Use the standard mileage deduction as determined by the IRS.

Cost of Repairs

This is one area that Phoenix property managers need to be careful in, as the IRS classifies repairs and improvements as different categories. Repairs are defined as anything that keeps the property in good working order-such as replacing a broken window or fixing a leaky faucet. However, if you instead choose to replace all windows with double pane or energy efficient glass, this is an improvement that will extend the life of the property over the years. While the costs of repairs are deductible, the costs associated with improvements must instead be depreciated.


Landlords can recover the cost associated with acquiring real estate through the use of depreciation that allows them to deduct a small portion of the costs over a period of many years. Depreciation starts when the home is ready for rent, even if tenants are not occupying it, and stops either when you have recovered the cost of the home or you stop renting the property.

Casualty & Theft

If your rental property was damaged due to a natural disaster, you may be able to deduct a portion of your loss. The amount deductible is determined by how much of the property was damaged, and how much of the loss was covered by insurance

If you have questions about the rental property tax deductions available to you, feel free to give RPMWV Phoenix a call at 623-748-7800, and we will be happy to assist you! 

Thursday, 14 July 2016

Proper Handling for Phoenix Non-Lease Renewal Notices

With Arizona residential leases for your Phoenix investment property, the landlord may elect to not renew a resident's lease at any time and for almost any reason (except if motivated by discriminatory or retaliatory intent).

The ability to not renew comes from two areas:  the lease contract and the Arizona Residential Landlord and Tenant Act (A.R.S. §§ 33-1301 et sequitur). Nearly all Phoenix residential lease contracts contain provisions that indicate that the lease continues on a month-to-month basis following the passing of the last day of the term if the lease is not otherwise terminated. Additionally, the lease usually contains verbiage that describes how far in advance a party to the contract must issue notice in order to avoid the month-to-month continuation.  If the notice language is missing from the lease, A.R.S. § 33-1375 supplies the time frame of 30 days for contracts where rent is paid monthly.
Provided that you are issuing your notice more than the contractually-mandated (or statutorily-described, if the provision is lacking) minimum number of days in advance, you may do so at any time.  However it is best to serve the notice close to the lease end date as tenant's sometimes decide not to pay rent once served.
If your lease contains a requirement for advance notice of non-renewal that is greater than thirty days, you cannot enforce it once the lease becomes month-to-month.  A resident has a statutory right to issue notice thirty days in advance to avoid future month-to-month periods once the lease carries over on a month-to-month basis, and this right supersedes the contract for this limited purpose.  For example, if the lease expired on June 20 and neither resident nor landlord acted (renewal or non-renewal) prior to that date, the resident may issue a non-renewal notice on June 21 for July 31, regardless of whether your lease has a 30, 45, or 60-day notice requirement.  However, notice issued by the resident on June 19 (i.e., one day before this hypothetical lease expired) is still subject to the contract's notice provision.
If you cannot hand-deliver the non-renewal notice to the resident (or another individual who is occupying the apartment), you must send it via certified U.S. mail.  Certified mailing adds five days to the calculus for the time - which means that these notices must be mailed no fewer than an additional five days beyond the minimum notice requirements.  For a 30-day notice, for example, the certified mail must be issued no fewer than thirty-five days before the expiration of the lease or the date upon which the next month-to-month period starts.  The failure to include this additional time will cause your notices to fail.

If you have questions about issuing the right notice or the time frame in which you may issue it, or for any landlord-tenant issue that arises, please do not hesitate to contact your property managers at RPMWV Phoenix who are always ready to assist you.

Wednesday, 6 July 2016

What to Inspect When You’re Inspecting Your Phoenix Rental Property: The Importance of Conducting Regular Inspections

Inspections should not be dreaded by Phoenix investment property owners, and instead should be looked upon as a time to make improvements on your property. It can be a way to make more money, make your properties safer, and even spread out costs. For do-it-yourself landlords, it can be hard to know exactly what you are looking for when conducting inspections, so we have put together some tips from the Phoenix property management pros.

Inspection Musts From The #1 Phoenix Property Management Company RPMWV Phx:

Placing property inspections or reviews on the back burner is doing a disservice to yourself, your tenants, and your property. It’s not safe, and in many cases,  it isn’t legal. One of the reasons we have become a leader in the Phoenix property management industry is because we take the time to carefully check the property during routine inspections for issues that can easily escalate.
Not sure what to look for? Cover your basics:
      Plumbing issues: check for noticeable leaks or cracked pipes; replace faucet washers as needed.
      Appliances: verify the water heater, furnace, air conditioner, and any other major appliances supplied by you are in working order
      Maintenance and Repairs: be proactive about small things now before they turn into big things later
      Ensure lease compliance: Don’t allow pets? Limited to a certain number of occupants? Smoking banned inside the home? Verify that the rules laid out in the original lease are being followed by the tenants.

During the property review, take note of any new damage done to the property, and document it with pictures. Any issues that are discovered need to be addressed in writing when the review is complete. From there, you can work on ways to solve the issue - whether that means you are going to require cooperation from your tenant or you need to hire a professional to fix something.
If you don't live local or don't feel comfortable conducting a property inspection, full service property management is a great option as inspections are typically part of the services they provide.  RPMWV Phoenix, for example performs routine inspections in which detailed pictures and inspection reports are provided to the Phoenix property owner.  Additionally, RPMWV Phx takes a proactive approach in requiring tenants to repair any tenant caused damages discovered through the inspection process, then re-inspects and provides those photos to the owner as well.  The inspection process helps to mitigate move out costs to the property owner and gives both local and out of state owners the ability to truly see how the tenants are caring for the property.