So this is another question from the readers, and I’m going to put on my best attorney answer: It Depends! Okay, let’s drill into it. With the market hot again in Phoenix and investor seeing the number of cash cows you can buy, we’re seeing an influx of first time investors. If you live in Arizona and have properties in Arizona, yes, you can manage them yourself. Perfectly legal and within your rights. On a separate note, I discourage investors from doing this and you can read my post as to why.
Okay, so putting the shoe on the other foot, if you own property in Phoenix and you want to rent it, but you live in say, California, Canada or any location that is not Arizona, per state law, you must hirer a property management company. Someone local has to manage it, and that’s because response times to issues must be appropriate. For example, if the Air Conditioner on your rental goes out in August, you only have a couple of days to fix and the state feels you should have a presence to get it done in a timely manner.