Updated about 9 hours ago on . Most recent reply
Finding a CPA
I'm completely new to real estate investing. I'm a physician with W-2 income and have been doing my own taxes for years, but as I'm reading more about real estate and tax advantages, I feel like having a CPA for advice and tax preparation will be necessary for me going forward. How do I go about finding a good CPA (I'll be mostly investing in Houston - does it matter to have someone local)? I've also read some articles/posts where people recommend having a CPA for your real estate and a CPA for all your other matters. Seems overkill to have two. Is it realistic to find one person to handle my situation? Thanks!
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Question about remote CPAs. Are they well versed and can they assist with tax returns for other states? In other words, I'm in California, can a CPA from TX, NY, WA, etc help with my CA taxes? And are they well versed? (I don't recall if a CPA has to be qualified to practice per state like a lawyer. I guess a quick google search could answer this question as well. But I figure I'd ask the experts.)
@Kristen Ambrose Apologies, but can you educate me on the services and benefits a bookkeeper would provide?
For example, we own 2 NNN commercial properties in separate LLCs. From a day-to-day point of view, not a lot to do. But monthly there are rent/invoices to send out, pay the CAM (auto pay), mort (deducted by the banks -- they really want their money!), insurance, and property taxes. There's some misc here and there as well. Honestly, if I'm on top of it, a couple of hours per month of effort.
I'm just trying to figure out the benefits and if I can make my life easier. =P Perhaps I don't have enough properties for this to be worthwhile? TIA