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

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Sep 19, 2024
8:43:18pm

Chasicle Political Junky

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

the Provo one in college (my wife did mostly) and it wasn't too bad. Yeah, there were lots of issues, but people generally paid. Biggest issue was a mentally handicapped guy that would threaten others. I banned my wife from answering the door for him if she was home alone.

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Chasicle

Bio page: Chasicle
Joined: Mar 1, 2014
Last login: Sep 19, 2024
Total posts: 4,331 (24 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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