CPA needed for planning

4 Replies

Hello ! I’m new here and looking to invest i. My first property by doing a house hack. I would love to start the right way by having an investor friendly CPA capable of helping me plan and discuss exit strategies on certain properties ahead of time. Feel free to let me know if I’m jumping the gun but I would rather not TurboTax my way into investing. Any thoughts ?

@Ryant Nelson what exactly would you need to talk to a cpa about before you own anything? Are you flipping this property or just using it as a rental?

You can talk to cpas but that’ll get expensive. You can buy an ebook on this stuff for less then 20 dollars or you can spend a couple hundred for an hour of someone’s time. Your call.

Originally posted by @Caleb Heimsoth :

Ryant Nelson what exactly would you need to talk to a cpa about before you own anything? Are you flipping this property or just using it as a rental?

You can talk to cpas but that’ll get expensive. You can buy an ebook on this stuff for less then 20 dollars or you can spend a couple hundred for an hour of someone’s time. Your call.

 Hey @Caleb Heimsoth

Thanks for the reply! 

I'm using it as a rental....for now....

I have purchased and read a few books including Tax Strategies for the Savvy Real Estate Investor by Amanda Han (very good book)

This gave me ideas of the routes I want to take, but what if I'm missing something or skipping a step while using turbo tax for fiscal '18?

I currently have 2 separate income sources and this rental will be my 3rd ( but 1st passive income stream), not to mention an addition of a wholesaling gig not far behind. Additionally I have literally a ton of possible strategies to consider that I simply cannot keep up with at the moment. My income stream (besides my day job) can seriously be tweaked to become more efficient and profitable (updating the systems) . Making that business more lean, and reducing my personal expenses already feel like a full time job. I would gladly pay for consultation, and knowledge about what's available and the optimum way to accomplish my goals. Right now I feel that a CPA with investment experience along with the supplemental knowledge gained from BP (including the awesome forums) can offer insight and wisdom that I will use immediately.

Could probably get assistance from someone other than a CPA but their advice would include a disclaimer that tells me to verify with a CPA  lol

Plus I'm more comfortable giving my financial information to a CPA to look over vs a normal human. It is possible I could require an amendment to previous taxes, I don't think so, but it's possible. I want to catch every thing that I can and be sure bout my taxes and finances before I enter this new business that has uncertainties of it's own that will probably occupy my time. :-)