Accountant(CPA) or Financial Advisor/Planner?

3 Replies

Hello everyone, definitely need some advice and the forums have not let me down so far!

So let me start,

This week is my last week of school and I will be graduating with a master's degree. I am also currently in the negotiation process after receiving a job offer from an engineering firm in NC. So I think I'm heading in a pretty good direction.

However, with that multitude of knowledge I've gained (and still searching and learning) my biggest concern now is after I accept the offer, relocate, and start getting paid I want to ENSURE that I dont suffer from "Lifestyle Creep" and focus all of my money on preparing myself and my bank account for getting started in real estate investing.

So my question is this,

Should I seek a financial planner or an accountant to help me manage my finances to achieve my goals in real estate investing?

A financial planner or accountant will not add much value in managing your finances in regards to real estate investing.  Financial planner know nothing about real estate.  Once you purchase a property you should get CPA to help with your taxes.  At this point in your life I would keep it simple.

1) contribute to your 401k up to the company match, diversify the funds

2) set a reasonable budget and dont increase it when you get pay raise

3)  Save up 4-6 month emergency fund

4) save up down payment for househack, preferably one you can add value to and refinance to get cash out

5) Find a real estate mentor, attend meetups

6) Buy another property, rent out original house hack

7) decide if you are going to try and grow your W2 career and grow real estate at the same time.  It can get tricky if you get demanding W2 career....on the other hand getting mortgage is lot easie

Financial planning is the process of creating a solid plan getting you from where you are to where you want to go. An accountant is going to be incredibly valuable as you will be earning a solid salary and increasing tax complexity with real estate. I think a good start is to figure out why real estate, and what you want to achieve with it specifically.

A good financial planner is worth their weight in gold.

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@Tavis Moore

I would focus on the following priorities over finding an accountant / financial advisor.

1) Select a market that you want to invest in. You may want to put a priority on areas that you once lived, went to college as these are areas that you likely have a competitive advantage in.
2) Talk to a lender to see how much buying power you have.
3) Select your CCC(Crystal Clear Criteria) Which will indicate items such as what type of house you want to buy, the price point, the age of the house and the condition you are willing to accept for the house.
4) Talk to Agents / Wholesalers / Realtors 

Best of luck in your real estate journey.