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I own the Bay Area lot. Seeking Tax Strategist, CPA for GC, Atty
inHello. This is my first BP post! Thanks for reading. I'm a rookie investor who already owns a lot in Berkeley, CA where I aim to add 3 units (3,500 sf total). My goal is to force the equity appreciation as I build a home for myself (and others) and reduce my W-2 taxes along the way. My career is Construction Project Management; I know how to take care of the entitlements and understand the (lengthy) process. I have already consulted city planning officials, architect, surveyor and bank and private lenders.
What I need to do is to strategize holistically so that I can make the money work along the way and hopefully hold onto all the units when I'm done. My current CPA and Financial advisor are not versed in REI so I need a new team.
One possible strategy is that I can get my CA contractor's license and start a company to build these new units. In Rich Dad language, I definitely want to get into the I&B quadrants. I am building new housing after all! So, I need some help with tax strategy and a CPA. I have been taking notes on names from the BP forums. But since I may be creating a general contracting company, I expect that puts me in a special category as these advisors will probably need to know California.
Also, I am looking for a lawyer who can advise and help with various tasks. I need to move the property to an LLC for the lenders and want to consider all the factors in play including what type of corporation, setting up the units as condos and possibly using a trust as I think ahead to my son's inheritance.
Too much info? I hope not! I welcome tips on building my team. I'd also like to join or set up an East Bay MeetUp for REI investors so please ping me if you're into that.
You all are inspiring! Thanks much, Jason