All Forum Posts by: Mark McDonnell

Hi All

New investor currently living / working in Manhattan. Looking for insight on potential towns to invest in that are reasonable commutes to NYC (midtown / downtown). Interested in a fixer upper / multifamily investment in an up-and-coming area. I look at the MLS daily but theres so much out there, looking to hone in on a few specific towns /areas ideal for a young married couple hoping to start a family soon. Any suggestions? Primarily looking in New Jersey, open to anything north/west of NYC.

Thanks for any feedback!

@Troy Zsofka

Thanks for your feedback! That timeline makes complete sense. As someone whos been on here a while and investing in the same general area as what I plan, I had a look at some of your older posts and you seem to really know your stuff. Few other questions below if you don't mind shedding light

Tax – with multiple members, 2 of which living out of state of NH, any idea if the LLC established in NH need a NH accountant for the 1065 portion, and then each individual investor responsidble for the K-1 filing withing their own state?

LLC - We are not planning on managing properties for now, just owning, I noticed you mention in older posts using 1 LLC per certain number of properties (5, 10, etc), what is the benefit of that vs having 1 LLC that owns as many properties as possible? I would have thought keeping everythign owned under 1 LLC might be easier to stay organized?

Any other tips / advise for someone just at the very beginning? Plan as of now is buy and hold, to start with one rental property and pay down the loan while using that cash flow to expand and buy more down the road. I feel like just the experience of completing one deal will help a whole lot just in terms of understanding all of the moving pieces, as now it is a bit overwhelming!

New investor here, looking at investing in rental properties in Southern New Hampshire. In the process of setting up an multi-member LLC in New Hampshire where 1 of the members resides, other members are out of state. Looking for guidance in terms of how the whole tax-process will work and other considerations for the early stages of setting up this LLC.

What is the timing of the Form 1065? I have read online it says you ust file Form 1065 no later than 15th day of third month of the year following the table year. So is it correct to take that as we would need to file in March which is ahead of when we would individually file our K-1s? And if that is the case is that because we would need that Form 1065 to get approved before we can accurately account for our individual filings? Or can Form 1065 be done at the same time as the individuals members taxes?