Rental Property Investor · Renton, WA · Member since 2017 · 40 posts · 2 votes
Hello BPocketters!!
I am creating my REI team and I need a Real Estate CPA and attorney. Does anybody have a referral that works in the Thurston County (Tumwater, Raineir, Yelm, Bucoda, Olympia, Lacey, Rochester, etc)? I live in Tenino but anywhere around King, Pierce, Lewis, Pacific, Grays Harbor, or Mason Counties will do.
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
9y
Try Jacobsen Law Office in Olympia. For accountant I would recommend @Nathaniel Busch, while he is not local to you but he is the expert when it comes to small business and real estate and can help clients in any state.
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
9y
Try Jacobsen Law Office in Olympia. For accountant I would recommend @Nathaniel Busch, while he is not local to you but he is the expert when it comes to small business and real estate and can help clients in any state.
Rental Property Investor · Renton, WA · Member since 2017 · 40 posts · 2 votes
9y
Thank you @Dmitriy Fomichenko. Have you worked with the Jacobsen Law Office? and do you think that it is convenient to have a corporate lawyer and a RE attorney?
Writer | Attorney | Accountant · Dallas, TX · Member since 2016 · 150 posts · 116 votes
9y
Attorneys and Accountants are now operating different "business models" than in the recent past.
Traditionally, they would have a regular client who was the source of a regular stream of income, usually yearly, for tax returns, Will updates, business formation, etc. They would take phone calls from that client and answer questions over the phone, and usually not send out a bill. A professional relationship existed. It was good for both parties.
If a professional relationship similar to this did not exist, they were not likely to answer questions over the phone, and maybe not even take the call, due to the liability concern. You won't see it talked about, but the biggest danger to a professional service provider is from their own clients, or people who claim that they thought they were a client.
Since you are just starting out, you will likely fall into this second category.
Therefore, you will not be able to "create a team." You will be able to identify professionals that you will go to when you have a deal. But that's all.
You might consider creating a professional relationship at this point by using a retainer agreement, if you can find an attorney or accountant who is interested.
Say, you pay $1,000 for a yearly retainer. For this you will receive the right to make 20 phone calls with questions or situations that can be covered in less than 15 minutes and do not require separate research or creating written documents, just information and insight.
This is ideal for you because it provides you with a professional sitting alongside you when you are working on deals.
And it is ideal for the attorney or accountant because it provides not only easy income, and good brand-building, but it also keeps them in touch with what the real players in the market are doing every day.
Just a thought.
But this vague idea that a new real estate investor should "assemble a team" before starting to invest is ridiculous.
It sounds good, but how does it work? You have qualified professionals whose services cost a couple hundred dollars an hour who agree to help you learn real estate investing, without being paid? What am I missing?
Rental Property Investor · Renton, WA · Member since 2017 · 40 posts · 2 votes
9y
@Account Closed This input is awesome and clarifies a lot to me. It is the same thought I've always had. Doesn't make sense!! neither from a "new investor" perspective to pay for professional services that are not already in use since there's no deal "on hand" yet and every deal is different.
Now I am sure that what I am doing is identifying professionals that I will go when having a deal and with whom I may consider create a professional relationship. And the idea of the yearly retainer is great.