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

Sep 19, 2024
8:35:23pm

OrsoNero Truly Addicted User

To complain about the neighbors. It had a decent return, but it was like having a second job. Major pain in the butt and source of stress.

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OrsoNero

Previous username: DubuMfalme
Bio page: OrsoNero
Joined: Aug 30, 2019
Last login: Sep 19, 2024
Total posts: 29,783 (808 FO)

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Messages

Author

Time

Rough start to owning our first rental property

Chasicle

8:25pm

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

HFF

8:29pm

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

Best Guess

8:33pm

nope

supertux

8:37pm

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

BoiseBlueCoug

8:41pm

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

Best Guess

8:48pm

There are limits on paying medical bills

TSTTKB

9:54pm

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

Tokolosh

8:44pm

The $5k limit is for medical I believe.

PROBcoug

8:46pm

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

supertux

8:50pm

<< Deleted >>

SanDiegoCoug

8:55pm

That’s for medical

Adwight

8:49pm

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

Chasicle

8:35pm

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

NanoFab Coug

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

8:53pm

The Bishop decides how long he wants to pay rent.

WJCougar

8:29pm

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

JAGA97

8:30pm

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

WJCougar

8:36pm

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

Chasicle

8:36pm

4 plex renters are not the type to train their pets

GfB

8:37pm

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

DiamondMo

9:11pm

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

ybecausethatswhy

8:34pm

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

OrsoNero

8:35pm

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

Chasicle

8:37pm

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

HandwovenBox

8:44pm

I'm glad someone got the reference.

Chasicle

8:49pm

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

SausageKing

8:36pm

You’re too nice.

garyfan

8:36pm

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

Chasicle

8:39pm

Congratulations on purchasing your first rental!

JohnnyC

8:36pm

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

Chasicle

8:38pm

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

JAGA97

8:41pm

Best advice ever.

Chasicle

8:48pm

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

IAmSpartyCoug

9:56pm

Second this. It saved our bacon with some tenant issues

Mexicougazul

8:40pm

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

The Farm

8:40pm

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

Chasicle

8:43pm

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

Iman23

8:40pm

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

Chasicle

8:44pm

Passive income at its finest.

blackandblue

9:42pm

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

Junior Deputy

10:05pm

Well, we are no longer accepting checks, obviously.

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