3 Lessons I Wish I Knew Before Starting My Real Estate Business (Save Yourself the St

[William Thompson]

When I first started in real estate, I thought the hard part would be finding deals.
Turns out, that was the easy part.

The real challenge was understanding how the business side actually works — taxes, structure, and systems.
Here are 3 lessons I wish someone had told me early on:

1. Get your books in order from Day 1.
Don’t wait until tax season to figure out what your income and expenses look like. Keep everything separate — personal, business, and property accounts. It saves you headaches (and IRS letters) later.

2. Hire a CPA who actually understands real estate.
Most accountants just file your taxes. You want one who helps you plan — who knows about cost segregation, bonus depreciation, and the difference between active and passive income. It’s not about saving a few hundred bucks on tax prep… it’s about saving thousands in missed deductions.

3. Build relationships early.
Don’t just look for deals — look for mentors, investors, and professionals who’ve already done what you want to do. The best advice I’ve ever gotten came from casual conversations, not courses.

If you’re just getting started, don’t stress about being perfect. Focus on getting organized, finding good people, and learning how the numbers work.

Those three things will save you more time and money than any “secret strategy” ever could.

What’s one thing you wish you’d known before buying your first property?