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Sep 19, 2024
8:36:26pm

JohnnyC Truly Addicted User

Congratulations on purchasing your first rental!

One day I’ll be in that position to be a landlord. But I would consider hiring a PM Company. Not sure all that stress is worth saving the 10ish% in rental income. Especially if not all of the rent is even coming in. But good luck! Wishing nothing but success.

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JohnnyC

Previous username: DumBass
Bio page: JohnnyC
Joined: Aug 13, 2019
Last login: Sep 19, 2024
Total posts: 13,043 (413 FO)

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Messages

Author

Time

Rough start to owning our first rental property

Chasicle

Sep 19, 8:25pm

Up to the discretion of the bishop on how long they will pay.

HFF

Sep 19, 8:29pm

My recollection is the bishop has discretion up to $5k.

Best Guess

Sep 19, 8:33pm

nope

supertux

Sep 19, 8:37pm

Nope. Not even close with today’s rental rates.

Sep 19, 8:41pm

Looks like things have changed. Used to be limits for both bishop and stake in

Best Guess

Sep 19, 8:48pm

There are limits on paying medical bills

TSTTKB

Sep 19, 9:54pm

The Bishop has discretion. Amounts may be reviewed in the Stake Pres PPI but there isn’t a rule.

Tokolosh

Sep 19, 8:44pm

The $5k limit is for medical I believe.

PROBcoug

Sep 19, 8:46pm

$10k according to this updated document, but I think it varies by region

supertux

Sep 19, 8:50pm

<< Deleted >>

Sep 19, 8:55pm

That’s for medical

Adwight

Sep 19, 8:49pm

They had perfect payment histories, but not long since it was recently renovated

Chasicle

Sep 19, 8:35pm

I’m not sure the church has a “policy”

Sep 19, 8:29pm

Yeah my SP made a policy that the bishop can only approve 3 months. After that, the member meets with the SP.

KingDave

Sep 19, 8:53pm

The Bishop decides how long he wants to pay rent.

WJCougar

Sep 19, 8:29pm

Cats are known to pee on everything and scratch up wood surfaces.

JAGA97

Sep 19, 8:30pm

RE: Cats are known to pee on everything and scratch up wood surfaces.

WJCougar

Sep 19, 8:36pm

Maybe we should inspect to see if it's causing damage. Hopefully it's trained

Chasicle

Sep 19, 8:36pm

4 plex renters are not the type to train their pets

GfB

Sep 19, 8:37pm

I’d prefer the late payer to the cat. I’m on my second tenant. First I allowed

DiamondMo

Sep 19, 9:11pm

Try low income rentals 😂. Actually in Utah they aren’t bad. In Arizona is a

ybecausethatswhy

Sep 19, 8:34pm

Why I got out of rental business. My mutual fund doesn't call at 3:00 AM.

OrsoNero

Sep 19, 8:35pm

That's why I put my wife in charge. She's "Mr. Manager." She's wanted a part

Chasicle

Sep 19, 8:37pm

RE: That's why I put my wife in charge. She's "Mr. Manager." She's wanted a part

Sep 19, 8:44pm

I'm glad someone got the reference.

Chasicle

Sep 19, 8:49pm

I said something similar to my friend when she was having tenant problems. She

Sep 19, 11:44pm

This is why I will only ever rent commercial property, NNN.

SausageKing

Sep 19, 8:36pm

You’re too nice.

garyfan

Sep 19, 8:36pm

I was. I've already lost my patience and will be out for blood next month. If we

Chasicle

Sep 19, 8:39pm

Congratulations on purchasing your first rental!

JohnnyC

Sep 19, 8:36pm

We're already considering hiring a PM company. We'll give it a go at first but

Chasicle

Sep 19, 8:38pm

Find the management company with the lowest ratings from tenants. They will

JAGA97

Sep 19, 8:41pm

Best advice ever.

Chasicle

Sep 19, 8:48pm

RE: Find the management company with the lowest ratings from tenants. They will

Sep 19, 9:56pm

Second this. It saved our bacon with some tenant issues

Sep 19, 8:40pm

Early in our married life many years ago our Branch President owned a 48-unit

The Farm

Sep 19, 8:40pm

My mother-in-law owns a couple of 20-unit complexes. One in Provo. We managed

Chasicle

Sep 19, 8:43pm

Sounds miserable. Sorry, man. But having tenants that don’t pay or pay late is

Iman23

Sep 19, 8:40pm

No bounced check fees luckily. I'm going in to deposit the church check tomorrow

Chasicle

Sep 19, 8:44pm

Passive income at its finest.

Sep 19, 9:42pm

Why on earth are you accepting checks from tenants? Of course they bounce. The

Sep 19, 10:05pm

Well, we are no longer accepting checks, obviously.

Chasicle

Sep 19, 10:10pm

We had a place in Orem that we flipped. Bought it, updated it really nice,

Undefeated

Sep 19, 11:27pm

We charge under market rates on our rentals. We get tons of applications and

cougarim

12:20am

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