All Forum Posts by: Nick M.

Hey Team,

We all know the better known property insurance companies; Allstate, GEICO, etc.  Having said that there are a series of lesser known insurance companies.  Some are part of a larger holding company (e.g. Berkshire Hathaway) sometimes not.  Assuming a "no-name" or lesser known company has a strong AM Best Rating are they as likely to approve a claim as a better known company?  I understand AM Best speaks to a company's financial strength but how to think about lesser known companies and their propensity to pay out?

Thanks in advance for your thoughts.

@Jason Bilbrey  Nope, did not use Latchel

@basit  All good points.  Thank you.

Hi All,

Hope this note finds you healthy.

I'm selling a property which at the surface would make it seem that I am making a profit. However, after taking into account closing costs (from purchase and then sale), CapEx I've put in over past few years, commerical broker fees, early loan payoff fee to bank (from sale), I'll be breaking even.

Question: Hypothetically assume I a purchased the property for $1M and am now selling at $1.3M.   Would I have to pay any tax on what appears to be $300K in profit?

Thanks!

@Brent Kiger  Sorry, few more questions:

- My residents using Buildium for years. I don't want to have to introduce them to a new workflow for submitting maintenance requests (e.g. now log into latchel). Thoughts on that?

- Most of my residents submit online tickets.  In your experience, how quickly is Latchel  reviewing online ticket requests and how soon do they follow up with the resident on status (e.g. day/time of tech visit)?

- I'd like to use my own contractors, while most have an email address, most operate by phone. Can Latchel accommodate sending an electronic work order + calling the contractor as follow up to make sure they are on top of the job?

- Does Latchel coordinate the day/time a tech will visit a resident?

- Can their system adopt special instructions like, where techs can access a master key to enter an apartment?

I realize I can ask the same questions direct to Latchel, but I suspect they'll just try to sell me on the dream.  Real world user feedback is the best.

@Brent Kiger  Thanks for sharing your experience.  Assuming tenants can place their maintanence request online, is that through your property management software (e.g. Buildium, Appfolio etc) and a Latchel integration?  Either way, how long does it take Latchel to begin processing a request?   Are they good with tenant and vendor followup to ensure job has been done and properly?

@Brent Kiger  Did you wind up using Latchel?  If so, how has been your experience?  Thanks in advance.

Definitely not lowering.

Hey All,

Hope this note finds you healthy.

I own a quad that I purchased few years ago. If were to sell it I would walk from closing with a $140K check, of which $75K is the return of my down payment - so netting $65K from the sale.

Question, currently netting $13,000 a year or 15% cash on cash (plus all the tax benefits), would you sell this property or keep it?

This is not in a desirable area, where I'd feel comfortable having my family walk during the evening.

Appreciate your opinion.

Hello,

Hope this message finds you in good health.

Curious, what if any lease clause(s) have you put in your new leases to protect your interests as property owners with respect to COVID/Acts of God

Thanks