CPAs who specialize in RE investing

6 Replies

Hi, I just bought a multifam (3family) in Boston and am looking for a CPA who is well set up to handle these things but priced reasonably for the small time individual investor.  I havent read the rules of the forum so i dont know if recommendations are allowed but if so, can someone make a recommendation and maybe why you think they are good?   Thank you!

jj

Hi JJ,

If you're not concerned with having the CPA in your local area (which to me doesn't matter) I would recommend reaching out to @Amanda Han . I'm not sure if she's licensed in Mass. but she could tell you. She is very well versed in RE. She may not be the cheapest but she's not the most expensive either. Remember, you get what you pay for.

Best of luck!

Eric

JJ, try John Hyre.  Hi is a real estate investor himself, specializes in taxes for real estate investors, is a CPA and a tax attorney, so his advice takes into account the tax and legal ramifications.  I've been using his QB overlay for years, and his KISS system provides detailed instructions for entering complex real estate transactions in QB so your tax account understands them.  

He also speaks at REIAs, is irreverent and funny, and is well versed in self directed IRA investing in real estate.

http://realestatetaxaccounting.com/

(disclosure: he is my accountant. Years ago I had him speak at my REIA)

Thanks for the tips!  I definitely want someone local so I can build my network

Looks like Ann solved your problem!

Just going to say, we toss around CPA a lot, what investors need are accountants that know RE tax matters, you don't need a CPA. CPAs have had additional training and education in taxation and corporate work and they are required to sign off on financial statements of public companies and non-profit corporations. Has little to do with what small RE investors get into and they generally charge more, so it can be overkill looking for a CPA.

Accounting is something that doesn't require an office down the street anymore, thanks to technology, your accountant could be 1,000 miles away.

State taxes are rather mundane to an degreed accountant but there can be issues where local can be better.

Don't confuse a degreed accountant with a bookkeeping service as many bookkeepers are not degreed accountants.

Then there are some good bookkeepers who have specialized training but no degree and if they specialize in RE, they may be very good too.

@Steven Hamilton II   may explain the differences so that you get what you need at a reasonable cost. :)

   

JJ, I have found it very difficult to find a local accountant who truly understands what real estate investors are doing - at least at a cost that makes sense for a small business.  If you limit yourself to local, you may find you have excluded the people who truly get it.

Building your local network is critical, but for accounting, it is less so.  There is nothing that an accountant can do that they can't do remotely - unless you are handing them a boxful of receipts, which is not cost effective at all!  

I started with Joe Craft because he was local, but then he moved and I stayed with him.  The move on his part made no difference to me, since I send him my QB files and HUDS electronically anyway.  I am now transitioning to John Hyre because of his focus on real estate investing of all kinds, and SDIRAs and his thorough understanding of how the IRS is changing it's methods and "attitude".  

Sorry for the delay in replying everyone.

You will find many of us have clients worldwide.  We can work from anywhere.

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