CAP in southern Wisconsin

6 Replies

@Kole Kingslien

Congrats on have a helluva 2017! getting married and buying a rental property!

I saw another post from an investor requesting a CPA in southern WI but it doesn't appear to have any responses. Maybe you can reach out to him to see who he decided to use.

I think you would have more options if you opened up your search to Madison or Milwaukee.

Did you have any tax questions - I would be more than glad to help give you my input.

Thanks for the advice @Basit Siddiqi ! I just have a bunch of basic novice questions about getting set up, bank accounts, bookkeeping and so on. 

@Yonah Weiss , Thanks for the referral! I believe he came to one of the meeting at the investment group I'm in, so I will definitely look into him! I see you are from New Jersey, do CPA's need to be state specific?  

@Kole Kingslien

Great question. Nowadays many people are comfortable with using services and advisers such as CPA remotely. CPA must be knowledgeable of your specific state and local taxes, even if they are not from your state. If you plan to invest out of state, best to get a CPA with more breadth of knowledge.

Just for full disclosure, Daniel is not my personal CPA, but the line of work I'm in, cost segregation, puts me in touch with CPA and accountants all over the US. As such, I feel comfortable referring the one's that I know, and I feel are competent.

@Kole Kingslien

Bank Accounts  - You should create a separate bank account that separates your personal life and your rental/business life. Whether you choose to have one bank account for all properties or one bank account for each property is up to you.

Bookkeeping - If you are just starting out - you can account for your rental activity through excel and do it your own. 
If you don't like excel - you have options of using accounting softwares such as quickbooks or Xero. If you don't feel comfortable doing the books - you may want to look into hiring someone to do so.