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All Forum Posts by: Shawn Mix

Shawn Mix has started 4 posts and replied 6 times.

Post: what are your thoughts using Anderson advisors?

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

I'm landing here in the same boat as you @Kirstin A. - I had a similar horror story with Prime myself. Just attempting to get them to email/call me back has been difficult after I DID NOT choose to buy their services on the initial call. And this happened both for the original LLC/Entity preso, and the Tax Services preso. I do agree that I think they're having growing pains, but unfortunately that isn't the kind of thing I can afford to just accept when I'm choosing a company to go with.

@Greg O'Brien did I understand that you were advertising having the "all in one" umbrella with your group as well or are you more focused/consolidated in the tax prep area? I'm in the market for entity config and tax planning/prep. It seemed like most the folks you have on staff are CPA or other, but no specific legal experts. Is this something you use outsourced resources, or are there others on staff that do handle this aspect of things?  sorry I think I see now your co-ceo has a JD, missed that on the first pass. Curious though if you have other paras or intend to bring on more folks on the legal side since most the others are ops and CPAs? 

Post: Looking for External Structure Contractor

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

I have a Multifamily property located in Ansonia, CT. The rear of the building has stairs to gain access to the second and third floor units. That structure is in need of replacement, and I’m seeking a contractor who can help with replacement. Ideally, I’d love to find a solution whereby the 3rd floor would still be able to access their unit rather than having to put them out for the period of work to be completed. Work is not short term need, this is more of the research phase with an intention of actually doing the work likely in 2024. I understand costs will shift potentially, but looking to identify contractors now with an idea of what their plan is, so I can accommodate appropriately and set expectations with tenants. 

Post: Rent Raise Advise/Inputs Wanted

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

So I've owned a 3 family property now for a little over 3 years. I inherited the property with 2 tenants. Went through some changes but have settled with 3 great tenants at this point and have been stable for over 6 months. Biggest problem was a pain on the first floor that actually caused me to lose my second floor tenant who was good, and almost lost the second tenant I placed too because of them. But that is cleared up now. 

Following the sage advice always posted, always look at raising the rates to match with the market and inflation. In 3 years, I've not raised the rate on the 2nd and 3rd floors. In my opinion, they were paying top dollar or potentially more than I would have imagined getting. Combine that with a re-fi I took during the great rates we had, I'm actually cash flowing 143%. While I can probably raise the rents just 1% to keep up and not totally ruin my tenants worlds, I am trying to really gauge if it's worth rocking the boat at all

Gradual over time I know is better rather than raising the rates a larger amount in 5-10 yrs, but honestly even selling the property to a new owner, at current rates, with the rents - they'd still probably cash flow. So I'm really just wrestling with thoughts on when you do/don't decide this might be an exception and its best not to jeopardize the peace I've had for the past 6 months of literally ZERO calls from tenants and a cash flowing property. 

Thoughts, opinions, and suggestions welcome. 

Post: Real Estate Focused CPA Referrals

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

I'm starting to think more about my upcoming plans to expand my real estate investments. I'm also wanting to be able to have a REI minded CPA as part of my team to lean on and rely on for helping ensure I can meet my goals. Unfortunately my current CPA gets the job done, but he's not very personable and doesn't offer much advice or ability to advise on my taxes, finances, etc. Hoping there are some other folks in the Connecticut area with some referrals, or honestly if there are referrals for a CPA who would handle/practice CT tax as well so they can help with my specific needs. Realistically these days with Zoom and Docusign, there isn't an absolute need for it to be someone local. But local would be awesome.

Post: Cost effective options for repair of stairs

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

Long time member, first post! 

Was just reading the following article: https://www.biggerpockets.com/... which was a great read through. Mostly table stakes of what I've learned already over owning a property for about 3 years now. Something caught my eye at the end about Landlord Insurance and potentially covering the cost of alternative housing while repairs are completed on the property for a tenant. This got me thinking, that perhaps this could be something I should look into for a repair I need to perform. Hoping some folks here might be able to shed some inputs on whether this specifically can help, or if there are other options that I should look into? Details below on the situation.

I have a 3 family home in CT. There are front/rear entrances for all 3 tenants. The rear of the building has a ground level door to the first unit, stairs that go up to the second unit, and those same stairs make it all the way up to the third unit. On the front side, there is a ground level entrance to the first floor, second floor has stairs up, and the third floor has a balcony porch with the "rope ladder" emergency stair option. So I guess technically it passes as there is a second egress, albeit nobody plans to use it unless there is an emergency.

The home is quite a bit old (1800s) and the rear stairs should be replaced in the next 5 years likely due to some rotting that has taken place and some improper care over the years. My issue as you may have now understood, is that the third floor REALLY only has one viable entrance/exit to their apartment. To replace the rear stairs, we will need to have them out of the unit for a few weeks at least to get the work done. Second floor can just use the front stairs, and first floor is unaffected - minus construction to be worried about. Would Landlord Insurance be a viable avenue to subsidize the cost of my third floor tenants living in a local hotel for a few weeks while repairs are completed? Or does anyone have other thoughts on creative options for a cost effective approach? My best option so far was to play the work to start as they go on a vacation, but with COVID that isn't likely anytime soon! 😄

Thanks in advance!

Post: New Haven County BP Meet-up

Shawn Mix
Pro Member
Posted
  • Shelton, CT
  • Posts 6
  • Votes 3

Hey guys! First post here as I was looking for local folks. Glad to see such a great spot picked!! Awesome food here. Not too far either. Unfortunately, I'm traveling tomorrow for my day job, but I look forward to attending in the future!