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"TFA Tuesday" featured article: Tips for Qualifying & Managing your Tenants -- True Freedom Achievers' Weekly Newsletter -- where you get Top-Notch Info & The Best Deals! 
 

True Freedom Achievers, LLC
602-538-7331 - Mobile  Mike@MikeLima.com

www.TrueFreedomAchievers.com

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It's "TFA Tuesday": True Freedom Achievers' Weekly Newsletter -- Where you get Top-Notch Information & the Best Deals! 


Tips for Qualifying & Managing your Tenants:

Having rental properties can be a great way to generate some extra income, but can sometimes become overwhelming. Here are a few tips to help you be a successful Landlord.

Tips for Qualifying & Managing your Tenants:
The number of people buying rental properties has grown tremendously over the past 10 years -- some by design and others have become reluctant landlords as property values didn't allow them to sell the property instead. Some Landlords take shortcuts when screening potential renters.  YES, it can be time consuming - but do your due diligence and screen potential renters. Just because the "paper application" looks great, does that mean the info is real??  One tip is never to accept a credit report that the tenant brings you.  Run your own credit report to ensure that you have the correct information right from the bureau(s). Another great tip: make sure you check the references, and ask them for 2 past landlords (not just the current landlord, as the current one might lie to get rid of the terrible tenant). Last but not least, make sure to buy adequate insurance to "protect yourself against the impossible", and make sure to do a walk through with the approved tenant before move-in and have a written, signed move in sheet with photos (a video walking through with the tenant is even better!) showing current condition, in case you need to refer back to it later.

Once you have your tenants in place, what's next?  Dealing with tenants can be one of the most controversial parts of being a landlord. Make sure your tenant understands the lease agreement and the rules of the home and community. Helping them with any questions & setting the proper expectations will make it easier down the road and avoid the "I didn't know" scenario.  Make sure you follow through on what you tell your tenants so you can grow the landlord/tenant trust. Don't be overbearing, meaning don't "stop by to say hi" every day or every few days, even if your tenants are very nice and friendly. While you want them to see that you are a trustworthy professional, it's generally not a good idea to become too friendly with your tenants, as that can cloud your judgment and can often result in tenants taking advantage of you. 

Tenants have rights.  As a landlord you must understand and read the landlord/tenant statutes to know what you are legally required to do, along with time frames. Arizona has a relatively landlord-friendly Landlord Tenant Act, and it can be viewed & downloaded at http://www.azhousing.gov/ShowPage.aspx?ID=509&CID=15

Having tenants can be overwhelming, but with some knowledge and proper decisions you definitely can do it & turn your efforts into positive and (mostly) passive cash flow! 

Guest Post By: Alicia Villarreal of Team True Freedom Achievers 

Check out the 2 featured properties below -- each would make a great rental with strong cash flow -- pick either one for reduced price of just $94k apiece!   -Mike Lima

 

Real Estate Humor:

Featured "Pin" of the Week:



Quote of the Week:

Keep close to Nature's heart... and break clear away, once in awhile, and climb a mountain or spend a week in the woods. Wash your spirit clean. John Muir


Featured Home
(Click on Orange Boxes Below for Full Inventory):

Featured Property #1: Wow! – Nice 3/2 in Garfield Historic District Downtown with lots to like:

1)    Rent to ASU Downtown Students (rent-ready), or
2)    Lipstick Fix/Flip, or
3)   Sell to your Owner Occupied Buyers

 
1541 E Pierce St., Phoenix 85006

PRICE REDUCED!!!!
Price: $94k  ARV ~$125-150k if fully remodeled   
3/2, 1,005 sf Move-in/Rent-Ready with Great Curb Appeal

Garfield Historic District; newer roof, paint, carpet, doors, etc.
$3k Non-Refundable Earnest Money to secure it 
Cross-streets: 16th Street & Roosevelt
  • 3/2, 2 RV Gates, RV Parking
  • 1,005 s.f.
  • Lot = 6,900 s.f.
  • Built 1936
  • APN: 116-19-198
  • Taxes:  $518/yr. (2013)
Features/Amenities: 
  • Great location near Downtown, ASU, freeways, hospitals, etc.
  • Newer roof
  • Newer paint, carpet, 6-panel doors
  • Updated Kitchen with nice cabinets & countertops
  • A/C
  • Indoor Laundry
  • Clean, Rent-ready, move-in ready
  • 2 RV Gates, allowing vehicles to pass through yard without turning around
  • Traditional Sale
Price = $94k - PRICE REDUCED!!!
ARV = ~$125-$150K with nice remodel
Deal Structure - Traditional Sale. 
Access - 
Vacant - Call or email for access
              
Pictures - Click Here for PICTURES of 1541 E Pierce St.
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Featured Property #2: Finish this Chandler Remodel & cash in on the Equity.  Great for Fix/Flip or Fix/Rent.
Price Reduction -- now just $94k
897 N Oregon St., Chandler 85225

Price Reduction: $94k  ARV ~$150-160k  
1,208 sf Home in Chandler.  Shell is complete; just finish Interior
$3k Non-Refundable Earnest Money to secure it 
Cross-streets: Arizona Ave & Ray Rd.
  • 3/2/2cp
  • 1,208 s.f.
  • Lot = 7,680 s.f.
  • Built 1960
  • APN: 302-56-083
  • Taxes:  $541.16/yr. (2013)
Features/Amenities: 
  • New Electrical Panel
  • New Rock
  • New AC
  • Exterior Freshly Painted
  • New Fencing
  • Fireplace
  • Other remodeling started but needs completing
Price = $94k
ARV = ~$150-160k

Repairs = Needs Electrical, Plumbing, some Drywall, Kitchen and Bath Finishes

Deal Structure - Traditional Sale. 
Access - 
Vacant - Call or email for access
              
Pictures - Click Here for PICTURES of 897 N Oregon St.
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Click the link below to view other homes that are available. 
      
 
-Mike Lima

Freedom Achievers, LLC
True Freedom Achievers, LLC
cell 602.538.7331
fax 602.801.2694

Mike@MikeLima.com
www.TrueFreedomAchievers.com


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-- Freedom Achievers & True Freedom Achievers are in the business of acquiring properties and wholesaling to investors or end buyers.  We acquire the properties through a variety of sources.
-- All prices are net to Seller;  Buyer pays all closing costs. Prices are based on quick closing of 7 days or less, unless otherwise indicated. 
-- Buyers are responsible for their own due diligence.
-- Properties are sold As-Is condition. 
-- Freedom Achievers & True Freedom Achievers do not own all of the properties that it offers.  Some of the properties it has an equitable interest in, and in such cases it is offering to sell such interest so that the Buyer can purchase the property.

-- Transactions are closed through a Title/Escrow Company, with Buyer receiving a title insurance policy.

 
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