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Guide to renting, buying, investing and living

Six steps to renting in Arizona

What you’ll run into moving from Taiwan to Arizona, explained step by step, with the original English terms and sources. This is general information, not legal, tax or mortgage advice; check with a licensed professional before you sign.

  1. 1

    Work out your budget

    Landlords often want monthly income of about 3 times the rent. Ask HR for a letter if you need a company allowance to count as income. Utilities rise noticeably in summer.
  2. 2

    Prepare documents

    Passport, visa, company employment letter (with salary and start date), bank statements. Until you have an SSN (US Social Security number), these stand in for a credit report.
  3. 3

    Online tours

    Rentals aren’t covered by NAR’s written buyer agreement rule, but some agents still ask you to sign a service agreement, so check the fees first. Tours are recorded in full with your consent, and you get key points in Chinese afterward.Source: NAR: scope of the written buyer agreement rule (applies to buying only, not renting)
  4. 4

    Apply

    Every adult 18 or older who will live there usually has to apply and pay an application fee. Some communities ask for a bigger deposit or a company guarantee.
  5. 5

    Sign and pay

    Deposit plus prepaid rent generally can’t exceed 1.5 months’ rent in total; first month’s rent is paid separately. Pet deposits are extra.Source: A.R.S. § 33-1321
  6. 6

    Move-in inspection

    On move-in day, take photos and video of every room and fill in the move-in checklist. Any deposit deductions when you move out are checked against this record.

Glossary

HOAHomeowners Association. Collects monthly dues and sets community rules, such as exterior paint colors, parking, and where trash bins go.
SPDSSeller Property Disclosure Statement. The seller must disclose known problems with the home, such as leaks, termites, and repair history.
BINSRThe repair request after inspection (Buyer’s Inspection Notice and Seller’s Response). The buyer lists requests, and the seller replies whether they’ll fix each one.
Security depositUnder Arizona law, the deposit plus prepaid rent generally can’t exceed 1.5 months’ rent in total (A.R.S. § 33-1321). After you move out and request it, the landlord must return it within 14 days (excluding weekends and legal holidays) with an itemized list of deductions.
Earnest moneyA good-faith deposit the buyer pays once the offer is accepted. It’s held by a third-party escrow/title company and credited toward the price at closing. Commonly about 1–2% of the price.
EscrowA neutral third party (an escrow/title company) holds the money and documents, and only transfers title and releases funds once all conditions are met.
Pre-approvalLoan pre-approval. After reviewing your income and assets, the lender gives you a letter stating how much you can borrow, which you attach to your offer.
CC&RsThe HOA’s community rules, spelling out what you can and can’t do, such as exterior changes, parking, and rental limits. Read them before you buy.
Closing costsCosts of closing, including loan fees, title insurance, escrow fees, and more; the down payment isn’t included.
ITINA number the IRS issues for tax filing to people without an SSN. Investors need it to report rental income and home sales.
DSCR loanAn investment loan approved based on whether the property’s rent can cover the mortgage (Debt Service Coverage Ratio). Personal income matters less, and rates are higher.
W-8ECIA form nonresidents give their property manager stating rent will be reported on a net basis, so the manager doesn’t have to withhold 30% of gross rent.
DepreciationThe building portion (not the land) of a residential rental can be expensed over 27.5 years, lowering taxable income each year; it’s recaptured and taxed when you sell.
LLCLimited liability company. Often used to hold rental homes and shield you from liability; decide on tax and estate planning with an accountant and a lawyer.