Drexel Hill, PA · Member since 2016 · 35 posts · 11 votes
Hi everyone! New to investing and I’m trying to get everything in order and kinda get a road map planned out, does anyone have any recommendations on any financial planners in Delaware County Pa or even Philadelphia? I don’t have any properties yet buy am motivated to buy by the middle of this year in and around my area but I just want to have a game plan in order first. Thanks for any help!
@Stephanie Knox I've not found a financial planner that knows much about real estate. Most of them are salespeople for the products that their company owns. RE is very much a "get in and get dirty" style of investing. You should analyze your own finances and bring in the help of a CPA for the tax side to understand what will happen in the various purchase scenarios you foresee.
@Stephanie Knox I've not found a financial planner that knows much about real estate. Most of them are salespeople for the products that their company owns. RE is very much a "get in and get dirty" style of investing. You should analyze your own finances and bring in the help of a CPA for the tax side to understand what will happen in the various purchase scenarios you foresee.
@Bryan O. Thanks Bryan, that seems to be what a lot of people are saying. I don't have a CPA so I will have to start looking for one today. From your experience do you think there are any specific questions that I should ask them to make sure they are a good fit for me especially starting off in RE?
@Stephanie Knox I always recommend that they are also RE investors. There are a number of CPAs on BP that are investors. They can help you understand the tax implications. Most importantly though will be you understanding your own financial situation, such as your reserves, income, expenses, etc. to ensure that if you buy a property you have enough funds to pay the repairs and have a reserve for vacancy, break-fix, and build for capex.
@Stephanie Knox - There are a few threads out there that mention what you can ask a CPA to see if they are knowledgeable about being a real estate focused tax accountant. I did write a blog post a while back that talks about how you as the investor can be prepared for your CPA.
Additionally, don't limit yourself to a CPA who is local. Finding someone who is knowledgeable and able to communicate effectively is surprisingly easy these days. There are many CPAs on these threads who would be happy to work with you virtually.
Best of luck in 2017!
(I'm copying this to each post so that you get the answer and that it might help someone else in the future as well!) :-D