Articles by John L. Lohr, Jr.
Can the Government or an HOA Restrict My Home as a Short-Term Rental?
Many people buy investment homes in Arizona wanting to utilize them as a long-term and even short-term vacation rental and offer them for rent through AIRBNB, Tripping.com, FlipkKey, HomeToGo and many other websites. However, before one buys a home to be utilized as a short-term vacation rental, one should investigate to see what restrictions may exist that could prevent them from utilizing the home as a vacation short-term rental.
Maintaining the Corporate Veil and Avoiding Personal Liability
Often owners of real estate park their holdings, especially commercial and investment real estate, in limited liability companies. One of the main reasons people form LLCs is to avoid personal liability for contracts and contractual debts related to their business.
Ways to Protect My Property From Going to Probate
Frequently, realtors contact me because they have a property under contract and are set to close escrow but one of the owners or the owner passed away. The realtor may be in panic mode as they do not want to lose the deal and they ask me what can be done.
Will You Still Be My Valentine – In Litigation?
Valentine’s Day is approaching and it’s easy to get caught up in the romance of a relationship. However, one of the most dangerous things an unmarried couple can do is buy a home together without any type of written agreement for its disposition if the relationship sours.
Increased Protection for Homesteads?
Your home is a valuable asset. You most likely invested a great deal of money into your home. For most people, their homes are in fact their biggest investments. But did you know that if you became in trouble financially and judgment creditors record a judgment that it operates as a lien on your home? Arizona does offer some protection in your home through what is called a homestead exemption.
Marijuana Laws and Gun Ownership
Many people celebrated the recent passing of the voter proposition that made recreational marijuana legal in Arizona. However, if you are a gun owner, you may want to hold off on taking that first drag. Federal law still prohibits gun ownership if you are a marijuana user.
COVID-19: Fresh Start Through Bankruptcy
In financial distress due to COVID-19? Fortunately, there is still hope and a chance for a fresh start through bankruptcy protection proceedings.
I Ain’t Afraid of No Ghosts
Not sure if you’ve heard but there is a new Ghostbusters movie coming out this summer. In the film, ghosts haunt a rural house. “Why don’t they just sell the house and move,” you may ask? Well, believe it or not, in Arizona they could and would not have to disclose the issue. Arizona has the stigmatized home protection law, A.R.S. Section 32-2156
New Legislation Impacts Tax Lien Certificates
Arizona recently introduced legislation that modifies the expiration of tax lien certificates. A.R.S. § 42-18127 now specifies that the original tax lien and all subsequent liens on a property have a 10-year statutory limit based on the date that the original lien was acquired.
College Student Leases: What You Need To Know
Some colleges require first year students to reside on campus or in a complex associated with the University. Be careful when signing those leases as they have many harsh provisions unlike the typical residential lease.
Tax Reforms: Impact on Real Estate Tax Deductions
Three changes to U.S. tax code resulting from the recent tax reform laws could impact your real estate tax deductions on your federal taxes.
Investing in Real Property Tax Liens
In Arizona, counties can place a lien on real property for unpaid property taxes and subsequently auction off the lien to investors in the form of a tax lien certificate. A separate tax lien certificate is issued and auctioned off for each year of unpaid taxes, which means there could be multiple investors on the same property. The tax lien is prior and superior even to a mortgage or deed of trust securing a loan on the property.
Copycats and Copyrights
“Don’t believe me just watch! Don’t believe me just watch!” lyrics to Bruno Mars’ wildly popular hit “Uptown Funk” song could not be any more appropriate for what he is going through right now. Recently, surviving members of an 80’s funk band, Collage, sued Bruno Mars for copyright infringement.
Maricopa County Property Taxes – 2017 Notice of Value
Attention Maricopa County property owners! Be on the lookout for the Maricopa County Assessor’s 2017 Notice of Value. Most were mailed on February 19, 2016. You have 60 days to file a direct appeal to the Assessor from the date the Notice of Value was mailed. In Maricopa County, April 19 is the deadline to appeal the Maricopa County Assessor’s assignment of property value to your home for 2017 directly to the Assessor.
Alternative Dispute Resolution (“ADR”)
Alternative dispute resolution (“ADR”). Those three words may sound great to people who have spent a lot of money in court litigation. But not all ADR proceedings are the same. Depending on the nature of the dispute, one particular method of ADR – arbitration may not be the best method to resolve a claim.
Limited Liability Company Laws
Recently, while representing a client in a lawsuit between members of a limited liability company (LLC), we realized there is potentially a gaping hole in Arizona law with respect to member relationships of a LLC.
Estate Planning: Avoiding a Court Battle
On March 5, 2013, my wife and I celebrated the birth of my third daughter, Harmonee Janice Lohr. My family has been blessed with the addition of this sweet beautiful angel in our lives.
Show me the note!
You may have heard stories on the news where a homeowner stopped a foreclosure by demanding that the bank produce the original promissory note after the loan was sold to a second bank. Some have referred to this as a “show me the note” tactic. Due to a recent decision by the Arizona Court of Appeals, this tactic may no longer viable in Arizona, for now.
Hidden Treasure in Liens
Many Arizonians have been searching for a way to rebuild their portfolios. Believe it or not, there is a potentially a very profitable investment tool that exists throughout Arizona that may help and even create a new fortune. This hidden secret is buying property tax lien certificates.
Appealing Property Value Could Save Big Bucks
County assessors throughout Arizona are mailing annual notices of property tax valuation to all property owners, and you should look at yours carefully to make sure the assessment is accurate. In my experience, having your property value reexamined could save you hundreds if not thousands of dollars a year.
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