Tax, SDIRAs & Cost Segregation

User Stats

4
Posts
2
Votes
Myron Manley
2
Votes |
4
Posts

Choosing an accountant

Myron Manley
Posted Nov 7 2022, 13:26

I've been looking into getting accounting help when we make our first investment property purchase. I know that I need to choose an accountant soon, but it's been a little bit daunting because the few I've looked at so far talk about committing to spend multiple thousands of dollars for their services. I'm sure this is probably worth it, but makes it a little harder to decide when to pull the trigger. Is it necessary to have my accountant in place before I make that purchase? 

User Stats

995
Posts
453
Votes
Simon W.
  • Accountant
  • Lehigh Valley PA & New York City
453
Votes |
995
Posts
Simon W.
  • Accountant
  • Lehigh Valley PA & New York City
Replied Nov 7 2022, 15:38

Hi @Myron Manley it really depends, but I am a bit concern about the multiple thousand dollars committment.

Are you looking for tax strategies? Making sure your books are recorded correctly the first time?

User Stats

47
Posts
36
Votes
Janet Behm
  • Accountant
  • West Jordan, UT
36
Votes |
47
Posts
Janet Behm
  • Accountant
  • West Jordan, UT
Replied Nov 7 2022, 18:53
Myron, You will absolutely benefit from an expert in real estate. Experts command high fees.
The size of your business and your budget, right now, you may get the most bang for your buck by getting a bookkeeper who can let you know where you are with each deal, each month. This also lets you concentrate on YOUR area of expertise, real estate and delegate the bookkeeping.

User Stats

6,020
Posts
2,987
Votes
Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
2,987
Votes |
6,020
Posts
Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
Replied Nov 7 2022, 21:14

Not necessary, but would help 

User Stats

4
Posts
2
Votes
Myron Manley
2
Votes |
4
Posts
Myron Manley
Replied Nov 8 2022, 09:31
Quote from @Simon W.:

Hi @Myron Manley it really depends, but I am a bit concern about the multiple thousand dollars committment.

Are you looking for tax strategies? Making sure your books are recorded correctly the first time?


Thanks for the comment. 

Yes, your comment states it best. I am looking for tax strategies and making sure that I've taken the steps to record thing correctly. I'm going to do research online and start with the book - The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han & Matt MacFarland. Do you recommend any other sources/books to start with?

I guess I'm worried about the things that I don't know, that I don't know.

User Stats

421
Posts
160
Votes
Melanie Thomas
  • Real Estate Broker
  • San Antonio
160
Votes |
421
Posts
Melanie Thomas
  • Real Estate Broker
  • San Antonio
Replied Nov 8 2022, 10:21

If you have little to no experience with it, hire it out. You will sleep easier at night knowing its sewn up tight by a professional. Happy investing!

User Stats

995
Posts
453
Votes
Simon W.
  • Accountant
  • Lehigh Valley PA & New York City
453
Votes |
995
Posts
Simon W.
  • Accountant
  • Lehigh Valley PA & New York City
Replied Nov 8 2022, 13:09

@Myron Manley I think reading and doing research might cause more uncertainty than being helpful. You will get mixed information.

Are you close to getting a property? Is it under contract?

Did you just acquire some properties? 

User Stats

4
Posts
2
Votes
Myron Manley
2
Votes |
4
Posts
Myron Manley
Replied Nov 14 2022, 08:58
Quote from @Simon W.:

@Myron Manley I think reading and doing research might cause more uncertainty than being helpful. You will get mixed information.

Are you close to getting a property? Is it under contract?

Did you just acquire some properties? 

That is a very valid point about getting more confused by doing more research. It's not always the case, but I certainly suffer from analysis paralysis sometimes.

I am working with a small group of investors and we are completing the BiggerPockets STR Bootcamp. We have money put together for a downpayment and now we're going through the property evaluation process. So, I hope that we're close to getting a property, we don't have anything under contract or any previously acquired properties.