Intro: CPA, Investor, and Investor friendly agent

[Daniel Garcia]

Hi Everyone,

I'm a CPA with 15 years experience working with investors, developers, and homeowners providing tax planning strategies, accounting services, and investment analysis. 

I've been referring out my clients who are looking to buy real estate for years but the license laws don't allow me to take a referral fee from any real estate closings. The numbers agents were getting from those deals compared to my fee for the investment analysis and accounting services was a joke so I've decided to reactivate my real estate license. I am now actively searching for rehab deals or high ROI rental opportunities in the Palm Beach Gardens/Jupiter area.

I am more than happy to answer any tax questions or review any investment analysis you are working on.  I want to build relationships here so we can all help eachother be successful in our investments.  

[Daniel Garcia]

Originally posted by @Yonah Weiss:

Originally posted by @Daniel Garcia:

Originally posted by @Yonah Weiss:

@Daniel Garcia Welcome to BP. When you say the license laws don't allow to take commission, do you mean the CPA license?

In order to collect a commission in Florida you have to have a real estate license.  As a CPA I can only collect fees based on my work as a CPA.  I can't receive a referral fee or commission.  I know there are other accountants that work their way around this but I'm not willing to risk losing my CPA license.  It'd be much easier and less risky for me to just get my real estate license, especially since I want to take a more active role in my real estate business. 

I am not a CPA, nor a licensed broker currently, and on deals that I have helped 'broker' or 'refer' I have received compensation on the closing statement as an 'adviser' or 'consultant'. Is that allowed in FL? 

Florida Law:

 475.42 Violations and penalties.—

(1) VIOLATIONS.—

(a) A person may not operate as a broker or sales associate without being the holder of a valid and current active license therefor. Any person who violates this paragraph commits a felony of the third degree, punishable as provided in s. 775.082 or s. 775.083, or, if a corporation, as provided in s. 775.083.

Florida Real Estate License Law requires that an individual who, for another, in Florida , for Compensation* or valuable consideration will need a real estate license if they perform any of the following when dealing with real property:

• Appraises
• Auctions
• Sells
• Exchanges
• Rents
• Negotiates a sale
• Advertises or represents as an individual involved in the real estate business, through either oral or written representation
• Procures sellers, purchasers, lessors, business enterprises or business opportunities
• Closes any transaction which results in or is calculated to result in a sale or exchange and who expects to receive ANY compensation or valuable consideration

Real property or real estate means any interest or estate in land, or enterprise or business opportunity, including any assignment, leasehold, sub-leasehold or mineral rights. It does not include a cemetery lot or right of burial in any cemetery; nor does it include the renting of a mobile home lot or recreational vehicle mobile home park or travel park.

*Compensation is anything of value, paid, received, or expected to be paid or received or remuneration for services rendered. 

All that being said, I know plenty of people who wholesale as you describe and have not had a problem.  For me, it is not worth risking my CPA license since getting a real estate license is so easy.