I recently got my real estate agent license and need to start an LLC and I also want to get into Real Estate Investing. I've been trying to find a tax strategist/CPA as well as attorneys here in the Richmond, VA area who specialize in Real Estate but haven't been successful yet. Where are you guys? I want to find someone who can help us set things up the smartest way, strategically plan the year and avoid taxes (legally within the code obviously) and it would be great to be able to meet face-to-face every now and then.
Accountant · Santa Barbara, CA · Member since 2016 · 213 posts · 66 votes
4y
You will most likely need an attorney in your state as they have state-specific licenses. Ask the fellow real estate agents in your brokerage who they use as an attorney. Then I'd ask a financial advisor for a recommendation. The same goes for a CPA but they are not limited in which states they can practice in the same way attorneys are so you have leeway if you cant find a good one locally.
If you have not been able to find a local one (and I don't have a VA recommendation, either), maybe consider a remote expert.
During the last few years, even before Covid forced the remote work on all of us, pretty much all of the client conferences in my firm have been done remotely, usually with video. Just as efficient as mask-to-mask if not more, and saves travel time and gas.
If you're willing to work remotely, you have a choice of 20+ experts on this forum, and most of us can offer the services you're looking for.
Richmond, VA · Member since 2017 · 82 posts · 55 votes
4y
I second Bill Pilc, this is who we use. For an attorney look into Curtis Gordon with Dankos & Gordon, I know a bunch of people use him and I’ve heard good things. I use Sean Tluchak as a registered agent, him and Katie (Taylor) are great. There’s a few different options as well that people have mentioned in the forums, search “attorney in Richmond” in the search bar. Having a few good names is always a good idea, especially if you need to do double closings with wholesaling
If you are a real estate agent who is / will be involved in real estate, you want to see if Real Estate Professional status is a designation that you can claim in the future.
Having a retirement account and deducting health insurance costs are some ways to further decrease your real estate agent commission income.