All Forum Posts by: Haley M.

Hello, I am looking for recommendations for an investor friendly accountant. This year will be the first year we'll have made some significant returns on a few syndication investments we were involved in, and we have a ton of questions about taxes and best practices going forward for these types of returns. I'm really looking for someone who would be a good partner and consultant for us, not just someone who files our tax returns each year. We're located in the Boston area, but willing to work with someone remotely if they are the right fit and have expert knowledge in tax strategies for RE investing. Thank you!

Hi everyone - we're looking to update our intercom system in our 4-unit building in Boston. I'm interested in a remote-access system so that people can buzz in deliveries even if they're not home since we don't have a doorman (and packages get stolen all the time here if left on the steps). Does anyone have these types of systems, and if so, which ones should I be looking into? I had received a quote about a Comelit system but I can't find any information about them. Thanks!

thanks everyone! 

@Dan K. we’re looking to get one outdoor unit and two indoor wall mounted units. The indoor units will be basically back to back on the one interior wall we have. They would also be really close to the electrical panel (100 amps) on the same wall. One company is suggesting we try and tie them into the drain in the bathroom (also close by) to avoid the need for pumps. I like this idea, but their quote was over $15k. They were the only company who would do electrical; the others would require outside electrical work and I don’t know what that will end up costing. The home is older, and yes I reached out to many companies and about 80% of them said they won’t work in the city. So I know I’m paying a premium to have this done. 

Hi everyone, we're considering putting mini splits in our Boston unit for AC only (heat is natural gas). The unit is 600 sq. feet and I know we need an exterior unit of 20,000 BTUs and two indoor units. We're on the top floor with direct roof access. I've gotten a few quotes and I'm in sticker shock for how much it will cost to get these installed. Everyone has been over $10,000. Does this sound reasonable? Does anyone have any other recommendations or resources for mini splits, or is this what I should expect? Thanks in advance!

@Steve Bracero thanks- my strategy is buy and hold for cash flow, and looking at the historical prices for Worcester, I don't want to bank on appreciation. The MLS prices just seem too high for this approach.

@Nate Fournier just curious about the prices; I'm seeing 9 bed triple deckers sell for around 300K but when I do my math, they come in at only about an 8% cap which is below what I'm looking for. Are people just buying too high, or am I missing something with the current prices? Nice job on your off-market property, I need to find one of those!

@Rigo V. I agree about being a good landlord and having great insurance; I was planning on that regardless of the entity I chose. When we were renting our primary, I actually had a tenant thank me for being a good & responsible landlord and she herself was a lawyer, so I know I can run a property well. It's just confusing when I have active investors in my area telling me "NEVER buy the property in your name!!!" and then I read and listen to lots of advice on this site that says "just get good insurance". 

Thanks @Jay Hinrichs - really enjoyed your podcast episode by the way!!

Thanks for the advice @Chris Mason I'll look into how to get a guide!

@Rigo V. I hear you!! My thought it will be especially hard to find a lender to do this for someone like me who is starting out, since I have no track record to show for myself unless I move out of my primary and rent it once again as I have done before. My primary is not in a trust, even when we were renting it - I wasn't worried about it then, but I've read so much more now (thanks to this website) and might consider transferring it in the future when we move out.

I now know these types of lenders exist, but trying to find one sounds like it might be a needle in a haystack situation for me... 

@Jay Hinrichs it would be for both asset protection and privacy; I hear a lot of conflicting advice about this issue, some say just get a massive umbrella policy (which I plan to), others say get the insurance AND make sure the house isn't in your name. Seems like there is no easy answer, that it's personal preference. I can see both sides of it for sure. And while I am just starting out in this particular business, I do have some significant assets that I want & need to keep protected from any real estate investments gone wrong.