Updated 10 months ago on . Most recent reply
Hello BiggerPockets! New PRO here
Hello BiggerPockets community! I'm Iain from Tahlequah Oklahoma, passionate about getting serious with real estate investing. I'm particularly passionate about Flips and LTR
Outside of real estate, I enjoy the great outdoors!
Excited to learn and connect with y'all
Most Popular Reply
Welcome!
I am new here as well but have been in the real estate space for about the last 5-6 years.
It is super rewarding to be a real estate CPA since I happen to be in the industry that can provide the biggest tax benefits of any industry.
Couple accounting/tax tips getting started:
1. before you close on your first property, make a game plan for how you will track income and expenses. Lots of people start out with just a spreadsheet - that is OKAY but I am a huge proponent of just starting out with a very light weight accounting system - now days there are tons of freemium software out there to choose from (like Wave).
2. Learn about depreciation - this is your best friend in real estate investing when it comes to tax. There are tons of threads you can find on BP about it.
3. When it comes to tax time, get a CPA. TurboTax or other DIY options end up hurting you in the long run.
And of course, slow and steady wins the race. Many people get started and try top build to quickly and compare themselves to others, but you are in a great market so just take things one step at a time and start with bite-sized chucks. You will do great!