Your place is underwater, way underwater. You can't sell because you won't get what you want/need for it.
The payments may be a little too much for you.
So you decide you'll rent a place for less than your motgage payment and then rent your home out.
Easy peasy, right?
Not so much.
Another familiar scenario.... you get married, engaged or move in together.
Now you've got an extra place on your hands.
You're not alone.
There are hundreds of people in the Valley that have found themselves in a position they didn't really want on their resume.....Landlord.
Linda Williams, my co-host, has coined the term "Accidental Landlords" for That Real Estate Show airing Saturdays at 3pm on News Talk 92.3 KTAR.
By the same token, with so many short sales and foreclosures, people are renting until they get their credit back up to where they can buy again.
Out of these two groups we're finding no one knows their rights.
A whole whack of people that don't know what they're doing.
There is help.
It's coming in the form of the City of Phoenix. More on that in a moment.
For example, I thought if my renter notifies me that something is broken, I have 48 hours to fix it.
Turns out I have 5 days for emergency items and 10 days to fix other items.
Did you also know that if you have a rental property you are supposed to register with Maricopa County?
We're talking fines of $1,000 if you don't. Serious stuff.
If you live out of state you have to have someone in state that can represent you so the city can contact them.
Back to the City of Phoenix.
Alma Lara joined us on the show. She's a Landlord and Tenant Conselor with the City of Phoenix.
The City of Phoenix also provides a Landlord and Tenant Workshop every quarter.
Best part? It's free.
The next on is July 19, 2012
City of Phoenix Neighborhood Services Department 3325 W. Flower, Phoenix, AZ, 85017 (Thomas & 32nd Avenue)
Did I mention that it's free?
I'll be there.
The Neighborhood Services Department is home to the only city-run certified Landlord/Tenant Counseling Program in Arizona. Counselors provide education to both landlords and tenants on their rights under the Arizona Residential Landlord and Tenant Act.
The Landlord/Tenant Counselors provide counseling and housing mediation services to city of Phoenix residents, and information to landlords and tenants in-person and on the phone. Counselors also conduct workshops to educate the public about the provisions of the Arizona Residential Landlord and Tenant Act.
Contact Information Landlord/Tenant Counselors Program Neighborhood Services Department 200 W. Washington St., 4th Floor Phoenix, AZ 85003
Diane Brennan is Your Voice in Real Estate for the Phoenix, Arizona metro area. She also co-hosts That Real Estate Show on News Talk 92.3 KTAR. She failed miserably at pursuing a career in Gold Digging and currently helps people buy and sell property everywhere in the Phoenix metro area from Scottsdale to Paradise Valley to Goodyear and Chandler. Rumor is she knows her stuff and can be quite enjoyable to be around for long periods of time. Her driving….not so much.