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Thread: Rental Properties

  1. #61

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    Sorry, everyone. I assumed that your rental system works like ours, in that it doesn't involve any lending of money. They actually pay AHEAD of the month in which they plan to occupy the premises. If they don't, then they don't have the right to do so and they're out. It's crazy, but it seems to work here. And I don't really have to worry about credit ratings.

    Obviously, allowing someone to use your possession is a risk, an impossible one to perfectly quantify. But with the idea that everyone knows an exception, I care more about how someone treats something they use a lot than whether they owe the IRS money. I've known people who have never committed a felony and are still bad tenants. Crazy world, huh?

    I could get behind a manager like the one DT or creek talk about. I do have a handyman that I just forward all maintenance complaints to. I just can't imagine paying him an additional 10% (the going rate here) to make sure I get my rent check each month. That part isn't very complicated. I guess it might be if it were part of a complicated loan scheme involving credit checks.
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  2. #62
    sweet triple TripletDaddy's Avatar
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    Quote Originally Posted by ERCougar View Post
    Sorry, everyone. I assumed that your rental system works like ours, in that it doesn't involve any lending of money. They actually pay AHEAD of the month in which they plan to occupy the premises. If they don't, then they don't have the right to do so and they're out. It's crazy, but it seems to work here. And I don't really have to worry about credit ratings.
    I can't fault your apparent lack of understanding of the state code because if I tried to post about surgery or something I would probably sound similarly clueless.
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  3. #63
    Bald not naked Pelado's Avatar
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    Quote Originally Posted by PaloAltoCougar View Post
    And if this isn't dull enough for you, we could start a thread on Series LLCs and how one shields the liability of one subset or series from others within the same LLC. This is becoming increasingly common for, among others, real estate holding companies. Rather than create an LLC for each parcel, one creates a separate series within a single LLC for each building, etc., with different membership structures for each series. Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.
    I wouldn't mind hearing more about this. Is it unique to California LLC's?

    Quote Originally Posted by TripletDaddy View Post
    I can't fault your apparent lack of understanding of the state code because if I tried to post about surgery or something I would probably sound similarly clueless.
    I don't much care for surgery.
    "I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
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  4. #64
    Grooveshark dick tease MarkGrace's Avatar
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    Quote Originally Posted by Pelado View Post
    I wouldn't mind hearing more about this. Is it unique to California LLC's?



    I don't much care for surgery.
    Definitely not unique to CA. In fact, I don't think CA allows for their formation, only recognizes those that have been formed in another state. Is that right PAC? There are a handful of states that allow for formation, and several that recognize if formed in another state. I did a super interesting tax research project on this once!
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    My Mic Sounds Nice falafel's Avatar
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    Quote Originally Posted by MarkGrace View Post
    Definitely not unique to CA. In fact, I don't think CA allows for their formation, only recognizes those that have been formed in another state. Is that right PAC? There are a handful of states that allow for formation, and several that recognize if formed in another state. I did a super interesting tax research project on this once!
    Series LLCs are very common in NV.
    Ain't it like most people, I'm no different. We love to talk on things we don't know about.

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  6. #66

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    Quote Originally Posted by ERCougar View Post
    Sorry, everyone. I assumed that your rental system works like ours, in that it doesn't involve any lending of money. They actually pay AHEAD of the month in which they plan to occupy the premises. If they don't, then they don't have the right to do so and they're out. It's crazy, but it seems to work here. .
    We've had a rental for almost 3 years and done our own property management. We have great tenants that not only pay on time each month but they also do a bunch of the maintenance and repairs themselves. Good people. We got lucky. We try to do whatever we can to keep them happy, as I've heard some stories about nightmare tenants around here.

    Maybe things are different in Utah than here, but here when someone decides they are done paying rent it can take a very long time to evict them from the property. Often times 6 months or longer. Commercial property is completely different, as evictions take days and weeks instead of months and years as with residential. California is very residential-tenant friendly.
    "The spirit of contention is SO non-fabulous."
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  7. #67

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    Quote Originally Posted by bluegoose View Post
    We've had a rental for almost 3 years and done our own property management. We have great tenants that not only pay on time each month but they also do a bunch of the maintenance and repairs themselves. Good people. We got lucky. We try to do whatever we can to keep them happy, as I've heard some stories about nightmare tenants around here.

    Maybe things are different in Utah than here, but here when someone decides they are done paying rent it can take a very long time to evict them from the property. Often times 6 months or longer. Commercial property is completely different, as evictions take days and weeks instead of months and years as with residential. California is very residential-tenant friendly.
    Maybe Utah is an easier state to evict people. We do month-to-month leases, so maybe that makes it easier? We've had good and less good tenants, but I've never had any problem with tenants not paying (at least without making some sort of arrangements ahead of time). You're right about keeping good tenants happy.
    At least the Big Ten went after a big-time addition in Nebraska; the Pac-10 wanted a game so badly, it added Utah
    -Berry Trammel, 12/3/10

  8. #68
    sweet triple TripletDaddy's Avatar
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    Quote Originally Posted by bluegoose View Post
    We've had a rental for almost 3 years and done our own property management. We have great tenants that not only pay on time each month but they also do a bunch of the maintenance and repairs themselves. Good people. We got lucky. We try to do whatever we can to keep them happy, as I've heard some stories about nightmare tenants around here.

    Maybe things are different in Utah than here, but here when someone decides they are done paying rent it can take a very long time to evict them from the property. Often times 6 months or longer. Commercial property is completely different, as evictions take days and weeks instead of months and years as with residential. California is very residential-tenant friendly.
    Not ERs "rental system." He lives in an area that isn't governed by the state code for landlord tenant. In his jurisdiction, if you don't prepay your rent, you are out the very next day.

    bluegoose, out of curiosity, have your tenants vacuumed their cars?
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  9. #69
    Bald not naked Pelado's Avatar
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    Quote Originally Posted by bluegoose View Post
    We've had a rental for almost 3 years and done our own property management. We have great tenants that not only pay on time each month but they also do a bunch of the maintenance and repairs themselves. Good people. We got lucky. We try to do whatever we can to keep them happy, as I've heard some stories about nightmare tenants around here.

    Maybe things are different in Utah than here, but here when someone decides they are done paying rent it can take a very long time to evict them from the property. Often times 6 months or longer. Commercial property is completely different, as evictions take days and weeks instead of months and years as with residential. California is very residential-tenant friendly.


    Quote Originally Posted by ERCougar View Post
    Maybe Utah is an easier state to evict people. We do month-to-month leases, so maybe that makes it easier? We've had good and less good tenants, but I've never had any problem with tenants not paying (at least without making some sort of arrangements ahead of time). You're right about keeping good tenants happy.
    The eviction process in Utah can be measured in weeks, generally not months.
    "I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
    - Goatnapper'96

  10. #70

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    Quote Originally Posted by TripletDaddy View Post
    Not ERs "rental system." He lives in an area that isn't governed by the state code for landlord tenant. In his jurisdiction, if you don't prepay your rent, you are out the very next day.

    bluegoose, out of curiosity, have your tenants vacuumed their cars?
    More importantly, are they convicted felons? If not, no worries!
    At least the Big Ten went after a big-time addition in Nebraska; the Pac-10 wanted a game so badly, it added Utah
    -Berry Trammel, 12/3/10

  11. #71
    sweet triple TripletDaddy's Avatar
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    Quote Originally Posted by ERCougar View Post
    More importantly, are they convicted felons? If not, no worries!
    you can begin your retreat now unless you want to continue down your ridiculous one-day eviction path where payment histories are not relevant because rent is prepaid. Lol. Every few weeks you take a stupid pill and today must have been your day. To your credit you usually come around quickly. Blue goose said it nicely.
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  12. #72

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    Quote Originally Posted by TripletDaddy View Post

    bluegoose, out of curiosity, have your tenants vacuumed their cars?
    Well they did on walk-through day!

    My momma didn't raise no fool.
    "The spirit of contention is SO non-fabulous."
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  13. #73

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    Quote Originally Posted by TripletDaddy View Post
    you can begin your retreat now unless you want to continue down your ridiculous one-day eviction path where payment histories are not relevant because rent is prepaid. Lol. Every few weeks you take a stupid pill and today must have been your day. To your credit you usually come around quickly. Blue goose said it nicely.
    Lol.
    Yes, he did, except that he lives in California, and I guess I'll trust Pelado that evictions are easier here? In 3-4 years of renting out 4 units, I've never had to evict anyone so I wouldn't know.
    So I'll retreat and leave it to the folks who know a lot about the eviction process, despite extensive background checks.
    At least the Big Ten went after a big-time addition in Nebraska; the Pac-10 wanted a game so badly, it added Utah
    -Berry Trammel, 12/3/10

  14. #74
    sweet triple TripletDaddy's Avatar
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    Quote Originally Posted by ERCougar View Post
    Lol.
    Yes, he did, except that he lives in California, and I guess I'll trust Pelado that evictions are easier here? In 3-4 years of renting out 4 units, I've never had to evict anyone so I wouldn't know.
    So I'll retreat and leave it to the folks who know a lot about the eviction process, despite extensive background checks.
    instead of trusting the bald guy just read the code yourself. The applicable sections aren't that long and you will be wiser for the wear. That way you won't post ridiculous things about prepaid rent and renters being gone the day after they fail to pay you. You also won't use terms like "rental system" and won't argue that credit history isn't as relevant to rental worthiness as the frequency with which one vacuums his or her vehicle. You are still a good person though!

    And now now I will expound on surgery!...........
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  15. #75
    Bald not naked Pelado's Avatar
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    Quote Originally Posted by TripletDaddy View Post
    instead of trusting the bald guy just read the code yourself. The applicable sections aren't that long and you will be wiser for the wear. That way you won't post ridiculous things about prepaid rent and renters being gone the day after they fail to pay you. You also won't use terms like "rental system" and won't argue that credit history isn't as relevant to rental worthiness as the frequency with which one vacuums his or her vehicle. You are still a good person though!

    And now now I will expound on surgery!...........
    Quote Originally Posted by ERCougar View Post
    Lol.
    Yes, he did, except that he lives in California, and I guess I'll trust Pelado that evictions are easier here? In 3-4 years of renting out 4 units, I've never had to evict anyone so I wouldn't know.
    So I'll retreat and leave it to the folks who know a lot about the eviction process, despite extensive background checks.
    DDD may have a point. It's been about 12 years since the last time we initiated an eviction action in Utah. Maybe things have changed.
    "I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
    - Goatnapper'96

  16. #76

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    Evicting people in Utah is a long drawn out process. I have a client who rented a home in Lehi to a family of 6. They paid one months rent, husband lost his job and they stopped paying. He went through all of the proper procedures to evict them and after 6 months they still lived in the home, they weren't paying any rent and he was forced to do a deed in lieu of foreclosure with the bank. The bank ended up paying them to move out of the home.
    *Banned*

  17. #77
    sweet triple TripletDaddy's Avatar
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    This thread is going to keep on giving. I love it. ER should just post his final testimony and move on for awhile!
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