Looking for referrals to help me form my LLCs', and a good CPA

Member since 2022 · 3 posts · 1 vote

I just got through a 3 day real estate investing class, and my eyes have been opened! I am looking into creating a land trust, an LLC for my soon to be rental home (s), and forming a property management company to manage them all. Is there anyone in the area that can refer me to some honest, knowledgeable and well priced firms that can help me do this right the first time?

1 Reply

18 views

Most Popular Reply

Will FraserPro Member

Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes

Howdy @Virginia Stees!

My two cents from a bit down the road is this:

- Let the horse guide the cart, the dog wag the tail, and any other relevant aphorism . . . . The concept of setting up your management company and building this empire you're envisioning is AWESOME and you may well be there someday . . . a year from now or thirty. That's awesome!

However . . . prove it. To yourself and to the stakeholders and vendors in your life. Many are the ambitions of people and FEW are they who come to fulfill them. instead of starting with a grand master plan to build a company in a specific way, I'd recommend running hard for some time in a niche that you believe is an overlap between your head, heart, and hands. If your wrong you'll sense that in the feedback loop of joy, energy, etc in the midst of doing the work. Then you can pivot into a different niche and test your theory. OR if you love it, double down, then double down again, and again until you've built a bridge or garnered enough momentum that whatever horizontal expansion you do is likely to succeed.

Hire a competent and shrewd manager for your early rentals and watch their systems from the inside. Learn from the standpoint of a client and if you decide to build a management company around your properties you'll have a well rounded exposure and an understanding of what they did well. Mimick that, improve on it, and build the thang!

OR you may find that your niche X fuels you and the energy and vision it takes to run the management side would be a mismanagement of your resources, and your PM adds value to your niche and you love the synergy you have there.

Could be either one, and I find that far too many people start down the former road without ever giving thought to the latter.

2 Reply

See this reply in the discussion

6 Replies

Jump to latestLatest

Sort by

Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
3y
Look at your local Real estate listings and call the largest one. Ask them for both recommendations.
0 Reply
Charles Carillo
Rental Property Investor · North Palm Beach, FL · Member since 2018 · 2k+ posts · 1k+ votes
3y
@Virginia Stees
You want to find a CPA as you mentioned but, you also want to find a real estate attorney. You want to speak to both of them before you do anything. Explain to both of them your goals and see what they suggest and then speak to the other one. A good CPA or real estate attorney will suggest you speak to the other beforehand as well. Seek out local real estate groups in your area and request referrals from local investors. I find this to be one of the best ways of finding new team members.
1 Reply
Will FraserPro Member
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
3y
Howdy @Virginia Stees!
My two cents from a bit down the road is this:
- Let the horse guide the cart, the dog wag the tail, and any other relevant aphorism . . . . The concept of setting up your management company and building this empire you're envisioning is AWESOME and you may well be there someday . . . a year from now or thirty. That's awesome!
However . . . prove it. To yourself and to the stakeholders and vendors in your life. Many are the ambitions of people and FEW are they who come to fulfill them. instead of starting with a grand master plan to build a company in a specific way, I'd recommend running hard for some time in a niche that you believe is an overlap between your head, heart, and hands. If your wrong you'll sense that in the feedback loop of joy, energy, etc in the midst of doing the work. Then you can pivot into a different niche and test your theory. OR if you love it, double down, then double down again, and again until you've built a bridge or garnered enough momentum that whatever horizontal expansion you do is likely to succeed.
Hire a competent and shrewd manager for your early rentals and watch their systems from the inside. Learn from the standpoint of a client and if you decide to build a management company around your properties you'll have a well rounded exposure and an understanding of what they did well. Mimick that, improve on it, and build the thang!
OR you may find that your niche X fuels you and the energy and vision it takes to run the management side would be a mismanagement of your resources, and your PM adds value to your niche and you love the synergy you have there.

Could be either one, and I find that far too many people start down the former road without ever giving thought to the latter.
2 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Virginia Stees:

I just got through a 3 day real estate investing class, and my eyes have been opened! I am looking into creating a land trust, an LLC for my soon to be rental home (s), and forming a property management company to manage them all. Is there anyone in the area that can refer me to some honest, knowledgeable and well priced firms that can help me do this right the first time?

I hate to rain on your parade, but someone is confusing you. You don't need a management company to manage your own rentals. You don't need an LLC or a land trust to hold property. You are going to spend a lot of time and energy on unnecessary crap to look like a bit-time investor when you haven't even purchased your first property yet.
Get five properties under your belt. Prove that you know how to manage them and deal with difficulties like applicants that lie or use fake documents, tenants that don't pay rent, unauthorized pets and tenants, people that refuse to move out, etc. You need a good management agreement. You need to know it inside/out and how to enforce it. You need to know the law. You need the fortitude to deal with difficult people and situations. You need...so much more than an LLC and business cards.
The DIY Landlord Book4.7248 Reviews
Website View Page
1 Reply
Virginia Stees
OP
Member since 2022 · 3 posts · 1 vote
3y
Hi I already have a a couple properties and I am looking to have them protected. but thanks for the advise
0 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y
Make sure you have an attorney do it NOT a CPA.
Are you sure you want a property management company and not a holding company?
[email protected]248-209-6824
Logical Property Management4.9458 Reviews
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.