All Forum Posts by: Joshua B.

My LLC (small partnership) has been renting an 8 unit property in Rochester NY for the last year+

Last year (2017) we filed a 1065 and state tax return with a colleague and CPA. We were satisfied with the results as he also coached me on how to prepare monthly accounting and financial statements (details below). However, this CPA is maxed out this year and not available to help file at this time.

Does anyone have any good recommendations for a CPA that can help us file for 2018? Or any advice on how to self-file for an LLC of this size?

A little background on us……
We have tight books (all moneys accounted for and going to where they should be). I do a monthly roll up of all expenses on excel. We use accrual accounting method. Total CY2018 transactions is just shy of 1000 total transactions among all our accounts.

I also have a very robust financial statements excel workbook that I complete quarterly. Columns included are below with some wavetop overviews for 2018:

1) Balance Sheet - no problems, balanced amount is around 240k

2) Income Statement - Approx 10k for 2018

3) Profit and Loss - Matches income statement

4) Statement of Cash Flows - Approx 15k for 2018.

5) Statement of Shareholder Equity - Approx 124k for end of 2018.

Also looking to ask if anyone has any experience self-filing a business tax return? I don’t know if this is something that can be done on an online provider like turbo tax.

I have a very strong financial background and could probably learn to file myself, but the peace of mind in having a CPA look everything over is worth something to our LLC.

@Shane W. Chapin

I appreciate the advice and want to attend some meetups soon. Myself and my business partner are also hoping to acquire some more units this year.

@Carrie Melnyk, @Aqil Dharamsey, sent both of you DMs to start the conversation.  I am currently in Japan on business so I will be on opposite time zones for a bit.

@Adam McQuiston

Area is Rochester NY.  Any in that area you recommend or have worked with?

@Nathan Gesner solid advice.

Good points about the fees and yes the basic guide is pretty helpful.  I think the most important thing right now is just finding some good leads for who may be a good choice for our region.  We have had a pretty high turnover in tenants currently, as we cater to some low-income and section 8 tenants at our current unit we want to consider outsourcing the management for.   Absolutely looking for a straight forward agreement - thats a good point, but makes me wonder.... are there some non-straightforward managers out there?  What pitfalls should we look out for in your opinion? 

-We have our own leases, process, and screening currently - but I'd be open to outsourcing those functions, as it would free up some of our team to more aggressively pursue the next deal.

-Good advice on the maintenance questions, and asking about other owners.

@Addison Domina, a couple things to answer your question.

1) looking to add a good property manager to our team.  Someone who can deal with low income units, section 8 processing, ect.  We are currently self managing, but looking to expand this year and want to outsource some of the management.  Interested in talking to someone who knows the area and is experienced with success in this area.  

2) Our market is two pronged approach currently.  Looking for properties that may need some work, but also in decent neighboorhoods in the local Rochester city or suburbs.  We are interested in single family, multi-family, and apartment complex.  so really Im considering the multi-unit (4+ units) as a completely separate approach to the single or multi (<4 units)

Gents, I just joined Bigger Pockets.  I am out of state but partner is local (in Rochester).  Are there any meet ups like this in Rochester?  If not, Ill let my business partner know and he may be able to make the short drive to an event soon (if not this one).  

My LLC is pretty small, but we are trying to expand this year and are highly interested in linking up with a good property manager to unload some of that work. Also interested in sharing contacts and ideas. How often does the group meet? How long have you guys been meeting to network as property investors?

Same question in Rochester NY.  Anyone got any pointers or know how to link up with local meet ups for property investors?

You can open up the LLC with no properties at all. Then when you start to acquire units you can add them under the name of the business. I recommend opening the LLC first. Nothing needed, as LLCs can be formed while the business is still being incubated.

First time poster and long term investor!

My LLC (small partnership) has been renting a 8 unit property in Rochester NY for the last year. We have been self managing, with OK results, as I am located out of state and my team is small family run. The tenants have a relatively high turnover rate. This type of area and there are some low income tenants and some on government assistance, so finding good tenants can be tricky. Basically has a decently high tenant turnover. We also accept section 8 and tenants on government assistance, which can sometimes be good as it is guaranteed income, but can also be not so great as usually these type of tenants have some issues staying up on rent payments. Many of the tenants have very little technological know-how, so going to a strictly digital management solution is likely not a great option.

We are trying to start expanding over the next year and are looking to outsource some of the property management as we want to start getting some real estate qualifications and also seeing and offering on new multi-unit or small residential places.  Long intro, yes - but basically two part question here.

1) Any advice as we look for property managers?  How do we find those that may be good at dealing with low income tenants and those with section 8 experience?

2) Anyone have any good recommendations for the upstate NY or Rochester specific area for good property managers?  The property is located in downtown Rochester, NY.