CPA and Bookkeeping recommendations

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CPA and Bookkeeping recommendations

Dan McknightPro Member
New to Real Estate · Madison, WI · Member since 2025 · 11 posts · 7 votes

Hello all,

I am closing on my 1st multi-family in Madison WI in 2 weeks!. We have set up our LLC and now need to get our finances in order. Does anybody have recommend a specific CPA and bookkeeper?

thank you ahead of time for your help. 

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Michael PlaksPro Member
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
1y
Quote from @Dan Mcknight:

I am closing on my 1st multi-family in Madison WI in 2 weeks!. We have set up our LLC and now need to get our finances in order. Does anybody have recommend a specific CPA and bookkeeper?

Thank you for the shout-out, @Bill B.  

Dan, I would be happy to help, however I suggest that you also reach out to my CPA friend who is local to you. And not only is he local to you but you guys even share the same first name. :)  @Daniel Hyman

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  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    1y
    Quote from @Dan Mcknight:

    Hello all,

    I am closing on my 1st multi-family in Madison WI in 2 weeks!. We have set up our LLC and now need to get our finances in order. Does anybody have recommend a specific CPA and bookkeeper?

    thank you ahead of time for your help. 

    Hey Dan! Congratulations on the deal! I'm an accountant by degree and worked in real estate accounting for 7 years, plus I've been managing my own rentals for 10 years. I now own a bookkeeping firm specializing in real estate. I have a handful of CPAs I partner with for tax prep who also specialize in RE. I'd love to learn more about your deal and how I can help.
    0Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    1y

    If you don’t find someone local and decide to work with someone remotely. I don’t think I could recommend someone I haven’t met more than @Michael Plaks. You could check out his plethora of good advice and posts across BP. If you like what you see you could reach out and see if he’s taking new clients, if not maybe he could recommend someone. 

    I really like trying to use professionals that donate so much of their time and advice for free on BP. Good luck with your search and your new property.

    How is Madison? I grew up in Minneapolis with my brother. He has a daughter who was going to Saint Nortbert’s in Greenbay but because of their financial issues (the school’s.) is going to Marquette instead to become a dentist. The only time we ever ventured to WI was to tube the Appel river and occasionally hit the Dells back when they had mini-bikes and gas engine boats in basically an above ground pool. 

    1Reply
    • Dan McknightPro Member
      OP
      New to Real Estate · Madison, WI · Member since 2025 · 11 posts · 7 votes
      1y
      Quote from @Bill B.:

      If you don’t find someone local and decide to work with someone remotely. I don’t think I could recommend someone I haven’t met more than @Michael Plaks. You could check out his plethora of good advice and posts across BP. If you like what you see you could reach out and see if he’s taking new clients, if not maybe he could recommend someone. 

      I really like trying to use professionals that donate so much of their time and advice for free on BP. Good luck with your search and your new property.

      How is Madison? I grew up in Minneapolis with my brother. He has a daughter who was going to Saint Nortbert’s in Greenbay but because of their financial issues (the school’s.) is going to Marquette instead to become a dentist. The only time we ever ventured to WI was to tube the Appel river and occasionally hit the Dells back when they had mini-bikes and gas engine boats in basically an above ground pool. 

      Thank you for your input! Madison is cool so far.  We just moved there on the 4th and we had to leave for 2 weeks but we are looking forward to exploring Wisconsin. 
      0Reply
    • Michael PlaksPro Member
      Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
      1y
      Quote from @Dan Mcknight:
      Praising WI in July is like praising TX in November.
      Let's check with you in January. :)
      3Reply
  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    1y
    Quote from @Dan Mcknight:

    I am closing on my 1st multi-family in Madison WI in 2 weeks!. We have set up our LLC and now need to get our finances in order. Does anybody have recommend a specific CPA and bookkeeper?

    Thank you for the shout-out, @Bill B.  

    Dan, I would be happy to help, however I suggest that you also reach out to my CPA friend who is local to you. And not only is he local to you but you guys even share the same first name. :)  @Daniel Hyman

    4Reply
  • Eric WaltersPro Member
    Banker · Marquette, MI · Member since 2017 · 8 posts · 2 votes
    1y

    Congrats, Dan!

    I’d highly recommend Tommy Spicer at Vesta. https://vesta.cpa/ They have multiple locations throughout Wisconsin, with one location near Madison. 

    0Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    1y

    Did you move intrastate or from out of state?

    Or as I should have simply said.,,

    Where’d you move from 3 and half weeks ago?

    0Reply
    • Dan McknightPro Member
      OP
      New to Real Estate · Madison, WI · Member since 2025 · 11 posts · 7 votes
      1y
      Quote from @Bill B.:

      Did you move intrastate or from out of state?

      Or as I should have simply said.,,

      Where’d you move from 3 and half weeks ago?


       We spent the last 3 years in Central California

      0Reply
  • Kristen AmbroseBusiness Member
    Accountant · FL · Member since 2024 · 78 posts · 34 votes
    1y

    Congrats on your first multifamily, that’s a huge milestone! Getting your finances set up right from the start will make a big difference long term.

    I run a bookkeeping firm that works exclusively with real estate investors, so we're very familiar with multifamily rentals, LLC setups, and everything from HUD statements to tracking rehab costs. A lot of investors come to us after realizing their books are behind or that their bookkeeper doesn't fully understand real estate.

    If you’d like, I’m happy to share what a clean setup looks like and give you a few tips for getting started. 

    [email protected]
    Ambrose Bookkeepers531 Reviews
    WebsiteView Page
    0Reply
  • Markus Shobe
    Accountant · Indianapolis, IN · Member since 2019 · 247 posts · 134 votes
    1y

    Congratulations. There are a lot of great bookkeepers and CPA's here on BP. You already have some great recommendations. 

    0Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    1y

    I have used Eric Trost from SVA for over a decade and am very pleased with his expertise in all facets of real estate and investing.

    Captain Save-A-Home LLC
    WebsiteView Page
    0Reply
  • Greg W.
    Buy and Hold Investor · Alexandria, VA · Member since 2013 · 180 posts · 48 votes
    1y

    To help more easily keep track of things, go to the bank and setup a business checking account using your LLC's EIN #. Make sure there are no minimums, transaction fees, etc. I use a basic WF business account. Then get a debit or a credit card (doesn't need to be a business cc) and run all of and ONLY your rental transactions through it. Keep it separate from personal things.

    Create an Excel spreadsheet with one tab for income and the other for expenses. The expense categories the IRS allows are in IRS Publication 527 under the "Types of Expenses" heading. Tag all of your expenses as one of those. Most will be cleaning and maintenance.
    Publication 527 (2024), Residential Rental Property | Internal Revenue Service All of the income and expenses on your spreadsheet should match the deposit and withdrawal dates in your bank account. Then you can upload this nicely organized spreadsheet to your CPA at year end. 

    I do recommend using a CPA who is familiar with real estate, preferably owning their own. They don't need to be local, as you upload all of your documents. Make a list of questions and then interview a handful to determine who would be the best fit for you. Good luck!

    1Reply
    • Dan McknightPro Member
      OP
      New to Real Estate · Madison, WI · Member since 2025 · 11 posts · 7 votes
      1y
      Quote from @Greg W.:

      To help more easily keep track of things, go to the bank and setup a business checking account using your LLC's EIN #. Make sure there are no minimums, transaction fees, etc. I use a basic WF business account. Then get a debit or a credit card (doesn't need to be a business cc) and run all of and ONLY your rental transactions through it. Keep it separate from personal things.

      Create an Excel spreadsheet with one tab for income and the other for expenses. The expense categories the IRS allows are in IRS Publication 527 under the "Types of Expenses" heading. Tag all of your expenses as one of those. Most will be cleaning and maintenance.
      Publication 527 (2024), Residential Rental Property | Internal Revenue Service All of the income and expenses on your spreadsheet should match the deposit and withdrawal dates in your bank account. Then you can upload this nicely organized spreadsheet to your CPA at year end. 

      I do recommend using a CPA who is familiar with real estate, preferably owning their own. They don't need to be local, as you upload all of your documents. Make a list of questions and then interview a handful to determine who would be the best fit for you. Good luck!


       That was extremely helpful Greg.  I really appreciate it!

      0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1y

    @Dan Mcknight - great question. There's a lot of great CPAs on here and I'd encourage you to use the tax pros feature to expand the search. Otherwise, look in the BP forums and see who comments a lot and reach out to a couple. From there, you can pick who you feel the most comfortable with

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    1y

    @Dan Mcknight

    Congratulations on your purchase.

    A good real estate tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation, 1031 exchanges and tax planning.

    Consider working with your accountant remotely to expand your options.

    I would also recommend looking for an accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

    Good luck.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    0Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    1y

    Good move. I spent a couple, years in Bakersfield. I didn’t mind, wife hated it. Of course she worked at the hospital and didn’t really encounter the brighter side. 

    0Reply
  • Max Emory
    Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
    1y

    Congrats, @Dan Mcknight! There are lots of great bookkeepers and tax pros here. 

    You can search the forums for similar questions and pull up a ton of prior posts with lots of good suggestions.

    If you want suggestions on questions to ask bookkeepers to root out if they are truly an REI specialist, let me know.

    I run a large community of REI-savvy bookkeepers.

    Happy to help with your search!

    - Time Capital Bookkeeping (REI since 2019)

    0Reply
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