Borrowing For Rental Property In Arizona
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FAQ
Residential rental property must be registered with the County Assessor ing to Arizona law (A.R.S. § 33-1902). The intent of this law is to maintain an accurate record of rental properties so that towns, cities and the county can enforce laws about slums and blight in rental properties.
If the thought of finances seems a bit overwhelming, here are a few tips guaranteed to get you on the right track! Separate Your Financial Accounts. Tracking Rental Income. Tracking Rental Expenses. Budgeting for Maintenance and Repairs. Watch Out for These Financial Pitfalls.
Obtain necessary licenses and permits: In Phoenix, landlords are required to obtain a business license and a residential rental license from the City of Phoenix. You can obtain these licenses by completing an application and paying the required fees (under $100). Some landlords create an LLC.
The 50% rule or 50 rule in real estate says that half of the gross income generated by a rental property should be allocated to operating expenses when determining profitability. The rule is designed to help investors avoid the mistake of underestimating expenses and overestimating profits.
Arizona's residential rental tax is a type of transaction privilege tax (TPT). Rent TPTs are sales taxes that most landlords transfer to their renters. However, beginning Jan. 1, 2025, Arizona property owners will stop collecting this rent tax. The ban will lower renter's tax bills in municipalities across the state.
Lenders typically require a Schedule E form from the previous year's tax return to verify rental income. For short-term rental income, they may also request 1099 forms, bank statements showing deposit history, and proof of rental property ownership.
Yes, setting up a business bank account for your rental property is a good idea. It helps keep personal and rental finances separate and simplifies accounting of your property investments.
