I may be on the cusp of my first deal and have a question about attaining the services of an Accountant. Should I start looking for an accountant, wait till I close or wait till tax season? Thank you
@Raul Velazquez Jr Everyone is different - some with an accounting background or general knowledge about accounting can handle tax prep on their own with one, maybe two properties.
Others like to put systems in place and hire out right away, to free up there time to spend on more valuable tasks and actions.
If the latter describes you, I would say start speaking with real estate savvy CPAs ASAP. For the sake of your future CPA, do not wait until tax season ;)
At that point, we're extremely busy and the timing may actually prohibit us from taking on new clients. You want to make sure you have your CPA added to your team before the rush of tax season.
I'll echo Nicholas and add this. CPAs want to build and maintain a relationship and have a full understanding of what you're doing, how your doing it and how they can best provide value to you. Building that relationship and an understanding of your unique situation in the middle of tax season is nearly impossible.
@Raul Velazquez Jr I would say as early as the first money comes out of the bank and I agree not to wait until tax season. Also, remember that it's the best practice to have a separate account (bank and/or cc) for your business, it will save you time and money when it's time to plug those numbers in. If you are planning to DIY your books, at least have a professional that understand RE industry to help you set up your books and explain the process for you, then work from there. Start talking to few accountant/CPAs to see what they can offer and research what software do you think will fit your needs.
Good luck on your deal!