All Forum Posts by: Eric Chappell

Hello,

In Texas we have multiple companies that make a living on appealing property tax increases.  However, I have not been able to locate any similar businesses for Kansas.

Does anyone have any suggestions or sources for a Kansas property tax appeal company or attorney.  Specifically, this is Crawford County Kansas or Southeast Kansas.  Thank you, I appreciate any help or advice.

Thank you for your response @Jason Bott.  That was very helpful.  I thought I had replied to you before, but I didn't.  Better late than never.

Thank you both for the advice. I will reach out to my PM company to handle this after we close.

Hello,

I currently own a few rentals free and clear in my LLC and have a few under my name due to better mortgage rates/terms.

I currently use NREIG for insurance on the properties 1.in renovation, 2. out of renovation, but unoccupied, and 3. occupied.

As I acquire more properties, especially since they aren't in the LLC, I am worried about having adequate coverage and protection.

I have seen some posts for commercial umbrella coverage with some insurers. Would this apply if the homes are split as both being owned by the LLC and then others by my name? Obviously they are all business assets, but I don't know if the insurance companies would cover all the properties the same way based on the ownership name difference.

There was also a mention of a personal umbrella that allowed LLC owned properties on it, but no company.

If there is anyone else who has done this, could you please recommend an insurance company to contact?

Looking at other forum posts, these are the mentioned insurance companies I was hoping to get feedback on and any others you can recommend that I look into:

Metlife
SWBC
Hastings

Thanks so much.

Hello,

I am currently in contract on a duplex and both sides are rented with the leases both ending May 31, 2019.  I have a different property management company than they currently use.  The current lease is very briefly worded and very outdated, but OK.  However, it is not nearly as protective for me and I want to make sure that the renters will be signing over to the new PM company and lease once theirs ends (if they both stay).  I want to make sure I give them enough notice, but I won't close til the end of March.

Has anyone else been in this position and do you have any suggestions as to the most smooth way to approach the management change both for the renters and for myself?

I have copies of the leases, but what else should I be asking for?  Previous background checks? (if they were even done).  I know one of the 2 renters has been there for years and the other is about a year.

The shorter term renter will have rent raised, but I want to make sure I give appropriate notice of that change as well without causing issues with the current property management company as they do not know they will not continue on in managing the property.  I don't want there to be issues before I even close.

Any help or advice would be greatly appreciated.

Thanks,

Eric

That's great, congratulations

Hey Todd,

Their customer service is very receptive. I asked for an option and they added it. I got an email to let me know they updated the software. Try to email them with what you want. 

Eric

UPDATE:

I have been putting my data into this rental hero software for a while now and I absolutely love it.  I have a business google pixelbook, which doesn't use windows or mac os, so it is important that I have the ability to use some form of online access (remote login to pc or mac...or actual online software).  

I use google drive for all my scanned business files, so I can easily upload my receipts for transactions/expenses.  You can print out a CPA sheet that can break down every transaction (with receipts if you want - so you just upload it once when you're entering data and you're solid)

You have the equivalent of class tracking because you can enter each rental or unit separately.  You have the option of a single family unit or multifamily, etc when starting a new rental.  You can add notes to any transaction also, so later if you want to search for a vendor (you gas company, insurance) you can search by the actual vendor or something you put in your notes.  It has a great search option.

I like how visually organized the software is.  You get a pie chart of income and expense breakdowns and then you can open up the bullets to the expense or income categories and it is further broken down as far as you have decided to enter categories for your data.

Best I found is, this was a 30 day free trial and I just looked to check, it is currently listed as $119 a year.  That's pretty nice.  It blows quickbooks out of the water with ease of use and I can do the class tracking that the basic $20 a month quickbooks was lacking.

There's a phone app also, I just added it to my phone, so I'm not sure how much I will use it yet other than for reference as opposed to opening the website for details.  I like to use my computer to upload and organize my receipts typically, but that is because I typically have "scanned" receipts to my google drive from my phone camera.  I will still do that for keeping my records straight, but I'll try to work with the app a bit and see how easy it is to pull receipts etc.

I thought an update was warranted because I really like the software and the PRICE.

Eric

Caleb,

I have 3 properties now.  I had generally been just saving my expenses in google sheets to further organize later and receipts in google drive since I can more easily access and upload all my paperwork from my phone and access my drive from anywhere.

I have and use excel for some things, but I generally would prefer something more geared towards real estate.  I have done a lot more on rental hero now and I'm finding it very easy to use and it is very organized.  We'll see.

Thanks,

Eric

Basit,

I wouldn't need it done on a monthly, but I am just trying to get organized in general.  I have thought about a bookkeeper, but then I feel like it would end up costing just as much as buying the more expensive tax software.