Upstate NY and Kingston team advice

Upstate New York, New York
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Upstate NY and Kingston team advice

Eric Stoner
Member since 2022 · 7 posts · 4 votes

I'm planning to buy my first investment property upstate NY. We're looking primarily in Kingston, as well as places a little north, like Saugerties, Catskill and Hudson.

We're looking to build our team. I'm looking for recommendations for a good local real estate attorney, a CPA, and/or a local bank that is good to work with on real estate. After that, I'd love to track down a good contractor and/or handyman to walk through a place after have an accepted offer.

Any suggestions you might have for any of those roles in Kingston would be a big help. 

Thanks,

Eric

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  • Nate Monson
    Real Estate Agent · Albany, NY · Member since 2017 · 309 posts · 149 votes
    10mo

    Hi @Eric Stoner if you find you're self looking in Albany, NY or the capital region area, I am an investor and agent up here, I'd love to be a resource.

    Best of luck!

    0Reply
  • Eric Stoner
    OP
    Member since 2022 · 7 posts · 4 votes
    10mo

    Thanks Nate. I really appreciate that. If we do make it up there, I'll definitely be in touch. 

    1Reply
  • Michael Lipari
    Member since 2022 · 29 posts · 23 votes
    10mo

    Hey Eric, what type of strategy are you planning on doing? I can help you out in the area if you are looking to find a short-term rental.

    0Reply
  • Eric Stoner
    OP
    Member since 2022 · 7 posts · 4 votes
    10mo

    We're planning on a multi-family house hack. Not really looking for a STR right now, but I would be interested in learning more about that down the road. Thanks!

    1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    10mo

    since you're planning a multi-family house hack, I'd look to get in touch with an investor friendly realtor. They should have some connections for lenders. 

    In addition, I'd go to some local networking groups to meet other investors now. Your early stress will come from not knowing the right people to call when issues arise.

    As for a CPA, I'd recommend reaching out to them when you've closed the property or about to close on the property. Having a handyman is far more crucial at an early stage. That said, you'll want to make sure your cpa helps set you up such as calculating your basis (which impacts depreciation) and also provides some templates for bookkeeping. 

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    10mo

    @Eric Stoner

    Reach out to a few of the accountants here on BP that specialize in real estate taxation and tax planning and see who you connect with.

    I would also recommend looking for an accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

    Good luck. 

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    0Reply
  • Max Emory
    Accountant · 100% Remote · Member since 2019 · 495 posts · 216 votes
    10mo

    @Eric Stoner for the CPA, I'd recommend just getting a really good REI-savvy CPA who is familiar with NY state laws but may not be physically located in NY rather than restricting yourself to finding a local CPA. Many tax firms are cloud-based these days and operate nationwide.

    My bookkeeping firm (100% of our clients are REIs) has a list we recommend. I'm happy to send it over if it's helpful.


    - Time Capital Bookkeeping (REI since 2019)

    0Reply
  • Eric Stoner
    OP
    Member since 2022 · 7 posts · 4 votes
    10mo

    Thanks Max. If you could send that list, that'd be great. I would like someone based in NY. 

    0Reply
  • Todd Lennig
    Accountant · NY · Member since 2019 · 99 posts · 69 votes
    10mo

    @Eric Stoner - Check out Sam Bloomberg. He is out of Buffalo and works with REI, primarily.

    0Reply
  • Eric Stoner
    OP
    Member since 2022 · 7 posts · 4 votes
    10mo

    Thanks so much Todd. If you have contact info for him can you send me a message with that? 

    0Reply
  • Todd Lennig
    Accountant · NY · Member since 2019 · 99 posts · 69 votes
    10mo

    @Eric Stoner - sent it over

    0Reply
  • Fulton Abraham Sanchez
    CPA| New Clients Welcome| 50 States · Member since 2016 · 435 posts · 93 votes
    10mo

    @Eric Stoner, hi. Congrats on gearing up for that first upstate deal. For your team:

    • Attorney: I’d prioritize someone who does RE closings in Kingston/Catskill every week and is comfortable with inspection/contingency issues on older properties.

    • CPA: Local is a plus but not mandatory, what matters most is that they’re real-estate focused and understand NY rules, depreciation, entity options, and how this first property fits into a longer-term portfolio.

    • Bank: Call a couple of local/community banks and ask specifically about how many investment property loans they do and whether they keep loans in-house.

    When you’re interviewing anyone, I’d ask, “How many small investors like me do you work with, and what do you wish they asked you before buying their first deal?”, the answers will tell you a lot.

    0Reply
  • Eric Stoner
    OP
    Member since 2022 · 7 posts · 4 votes
    10mo

    Thanks so much Fulton. This is super helpful. I appreciate getting these opinions from more experienced investors. 

    0Reply
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