Questions to ask a Real Estate Tax advisor in your area on the first meeting?

6 Replies

I recently moved and am starting my RE investing carreer. I have an appointment set up with a tax advisor who works with other local RE investors in the area. Any suggestions on what questions I should ask would be helpful. Thanks.

@Stephen Marcil ,

There is an entire thread on this topic located here Questions to ask Accountant

Do not feel like you need to use someone local. Many of us have clients worldwide.  With technology it is almost more convenient than working with someone locally.

Keep in mind if you're just starting out and haven't made any money yet you might want to limit how much you spend on advisors. How about making some money first, do a couple deals, then consider consulting an "advisor". 

I bet the first thing the advisor will want to know is if you have a plan in place or even if you know what kinds of transactions you will be focusing on. He won't be much help if you sit down and ask him to teach you real estate tax law because he won't know how to help you. I think you need to put some more meat on this bone by letting us and him/her know exactly what you are trying to accomplish and what your approach looks like; we are otherwise shooting in the dark with where to direct you. Maybe you would want to know how trusts work or if it is better to buy properties under an llc or even your own name (assuming you are trying to acquire rentals). Perhaps you would want to know how to structure a business as a sole prop or as a partnership, what type of corporation to form, what kind of accounting methods to use, etc. Are you wanting to manage property belonging to others? In that case you would need proper licensing, proper trust accounts, and understand how the flow of money works when handling your tenant's money. You will get better advise if you can help the advisor clearly understand what your goals and direction look like and how you are going to get there.

Agree with Josh completely. I am in a similar boat and have been contemplating reaching out to an 'advisor'. I definitely need to do some homework. 

Best wishes Stephen.

Thanks to everyone above. I am looking to invest in cash flow properties. I have experience w/RE investing in the previous market I was living in (AK) now I am in ME and was informed by a local RE investor to check this advisor out as he works with many local RE investors. Big picture, I really want to get an idea of what type of property rents well out here and perhaps expand my RE network. 

Hey Steve! This is Sara. Rick and I are getting into REI (thank you) I'd love to connect with you to see what you've been doing!

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