It's time for my 1st Deal and I'm Nervous

Investor · Brighton, TN · Member since 2013 · 78 posts · 17 votes

I have done a lot of work and started my Real Estate Investing business. It's time to do my first deal. I am going to look at it today and make an offer. I'm soooooo scared, NERVOUS..... Whatever you want to call it........excited. I hope I don't say the wrong thing! The next thing is post for a CPA in Memphis area.....any suggestions?

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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
12y
Jimmy Luke of Titan CPA located in Germantown is who most investors I know use. He is very good and also an investor himself.
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Mark Ferguson
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
Don't worry about it. The worst that can happen is you dot get the deal. There will always be more deals out there.
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Christy Glenn
OP
Investor · Brighton, TN · Member since 2013 · 78 posts · 17 votes
12y
Hello, thanks for posting.

Thanks, Curt, I found the post where you responded to someone else a few months back. I wanted to ask you if it was still the same so that's great that you replied.

Mark, that reply made me laugh but you are so right! Thanks, again!

Christy
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Christy Glenn
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Investor · Brighton, TN · Member since 2013 · 78 posts · 17 votes
12y
I am a little disappointed. The property had potential but was in need of more repair than I am comfortable with for my first deal. It was a foreclosed property in a great neighborhood with top rated schools....which is what sells here. The previous owner did a lot of home improvements themselves. I am not sure someone could get a mortgage on the property. I wouldn't be comfortable selling it without "undoing" Everything the previous owner did!

Anyway, that's the way the cookie crumbles.....NEXT!
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Tiger M.
property manager · Las Vegas, NV · Member since 2012 · 502 posts · 171 votes
12y
Good job walking away. You may look back and say I should have done that deal but what @Mark Ferguson said rings true, There is always another deal around the corner. Your getting good experience. Keep rowing the boat!
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Brandon Hall
CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
12y
@Curt Davis I don't mean to hijack this thread, but what makes for a good CPA to use with REI?

I ask because I am in the process of obtaining my CPA and would love to know how I will be able to best serve future clients.
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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
12y
Brandon,

One of the main reasons I like my CPA is that he is first and foremost a real estate investor. I feel that since he has owned 160 some homes and been a CPA for many years he would understand exactly how to do this business better then the average CPA who doesnt own any property.

You will build more credibility if your an active investor. Its like buying your new Mercedes and the salesman you are dealing with drives a Dodge, you wouldnt want to work with them as they are not familiar bc they dont practice what they preach.

That is just my opinion.
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Pete T.
Real estate investor · Las Vegas · Member since 2013 · 798 posts · 171 votes
12y
@Brandon Hall, there are some good threads on here about that subject from Steve the tax guy.
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Steven Hamilton IIPro Member
Accountant, Enrolled Agent · Grayslake, IL · Member since 2011 · 5k+ posts · 2k+ votes
12y
Originally posted by @Brandon Hall:
@Curt Davis I don't mean to hijack this thread, but what makes for a good CPA to use with REI?

I ask because I am in the process of obtaining my CPA and would love to know how I will be able to best serve future clients.

Brandon,

I would highly recommend considering becoming an Enrolled Agent as well. It gives you more flexibility state to state than the CPA does. Continue on the CPA track as I am as well. The only thing a CPA can do that I can't at the moment is provide audited financial statements. However, I work with a CPA who does that.

Do not feel like you need to use someone local. Many of us accountants have clients worldwide. Payroll, bookkeeping, etc can mostly be done remotely.

Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpa

If you need help in your search or want to verify something don't hesitate to ask.

I have clients worldwide and things are just as easy as I e-mail them, talking on the phone. I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you. So look for someone you can connect with that works out for your situation.

Feel free to call me if you need some advice.
[email protected]224-381-2660
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Chris ClothierBusiness Member
Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
12y
Originally posted by @Christy Glenn:
I have done a lot of work and started my Real Estate Investing business. It's time to do my first deal. I am going to look at it today and make an offer. I'm soooooo scared, NERVOUS..... Whatever you want to call it........excited.
I hope I don't say the wrong thing! The next thing is post for a CPA in Memphis area.....any suggestions?

Congratulations on getting out from behind the books, the computer and the "prepping" to do your first deal and going out to look at property! You'd be surprised at how much further along you are than many who say they want to invest in real estate. That is awesome.

Good advice from Curt on a CPA. I use him and have for the past few years. My previous CPA was not a bad one, but I quickly recognized the difference when I worked with Jimmy and he was very knowledgeable.

Best of luck on getting that first deal!
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Christy Glenn
OP
Investor · Brighton, TN · Member since 2013 · 78 posts · 17 votes
12y
Thanks so much for the replies to all. Curt referred the CPA he speaks of and I seen him for the first time, a few hours yesterday and was highly impressed! He will be my CPA from now on.

I agree with Curt, Chris, and the others in that as far as the question about choosing a CPA, I value he is a investor and owns or has owned properties in the past. I know he has sold many as well, therefore, I feel confident in his advice.

Chris, thanks for congrats on my action. It truely is easier after that first step. Now I am moving on and have many more properties I am ready to take action on. Thanks, again.

Now, the thing I have to work on now is getting comfortable setting up appointments with agents to view the properties I am interested in. I feel in a way that I am bothersome to them. I know, I know, that is their job. However, I don't want to waste their time but I am very selective and guarded with being new to all of this. I guess what I am saying is I don't want to blow it with these agents.
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