2018 Honolulu CPA recommendations

12 Replies | Honolulu, Hawaii

Hello Honolulu bigger pockets people,

I'm in need of a good CPA on Oahu. Just as I'm expanding my real estate business my accountant is winding his accounting business down. He is amazing and he was referred by a friend who has employed him for thirty plus years. That's a long time and he is happly managing his clients. When I asked him to start an LLC he smiled and said find someone half his age to work with. So before I turn to yelp and the yellow pages, I was hoping a fellow fan of bigger pockets could point me in the right direction. Looking for a CPA that knows rental property tax law idealy.

Mahalo,

Karl 

Aloha @Karl Platzer !

If you're open to working remotely with a real-estate-savvy CPA, there are a number of us here on BP. Reach out to a few and see who is the best fit for you.

Best of luck!

@Karl Platzer

Why would anyone worry about business entities, taxes, and all that dull stuff from Oahu? The reason we toil in our businesses is so we can one day live in Oahu, and you're already there. Just enjoy. :)

That said - one important piece of advice. Do NOT ask CPAs to form LLCs, even if some of them foolishly do that. It is a job for attorneys, not for accountants.

Thanks for the perspective Michael. Unfortunately, in this life it's all to easy to stop noticing the beauty all around us and your absolutely correct on all points. As Nicholas and Matt also pointed out there are some tremendous accountants willing to work across the ocean. I'm embarrassed to say I didn't even think about the option. It's 2018 and technology has made working over an ocean less daunting of a task. I also see your point in using an attorney to set up entities. It is always best to go with someone who does something day in and day out. From Hawaii, Mahalo for the quick responses.

All the best, 

Karl

Aloha @Karl Platzer ,

I've used Diane Sandlin, CPA, for many years now. She's very REI savvy, and she's based out of Kailua. I have over 20 entities to hold my Hawaii properties, and she helps me keep it all together. She does bookkeeping and taxes for many RE investors here on Oahu. She doesn't always accept new clients, though, depending on how busy she is. Google her contact info.

If you need to set up new LLCs in Hawaii, it's pretty easy to do it online. It takes about 15 minutes and costs $72.50. Go to my YouTube channel if you want to see a video on how to do it online.

Originally posted by @Matt Ward :

Hi @Karl Platzer !  I second what @Nicholas Aiola said, quite a few good resources on here!!!  Our firm is on the west coast (SF Bay Area) and we have quite a few investors with residential and commercial properties on the islands.  I'd also reach out to @Natalie Kolodij and @Michael Plaks , among others!

Best of luck!

Thanks for the shout out Matt. 

I'm mostly just curious to hear how investing on Oahu is going now. I lived in Kaaawa for a few years and have looked a haldful of times at properties there. 

Are you doing vacation rentals or long term ?

Feel free to reach out with any questions. Lots of awesome tax pros here. 

Shoots

Originally posted by @Natalie Kolodij :
Originally posted by @Matt Ward:

Hi @Karl Platzer !  I second what @Nicholas Aiola said, quite a few good resources on here!!!  Our firm is on the west coast (SF Bay Area) and we have quite a few investors with residential and commercial properties on the islands.  I'd also reach out to @Natalie Kolodij and @Michael Plaks , among others!

Best of luck!

Thanks for the shout out Matt. 

I'm mostly just curious to hear how investing on Oahu is going now. I lived in Kaaawa for a few years and have looked a haldful of times at properties there. 

Are you doing vacation rentals or long term ?

Feel free to reach out with any questions. Lots of awesome tax pros here. 

Shoots

 I have similar questions... we have a lot of folks with vacation rentals, but most of our business entities have acquired land over the last few years and are holding it for development... but it's very hard to get that ball rolling out there!

Your completely correct Matt. Getting the ball rolling on Oahu is challenging. I'm into long-term rentals targeting the local market. The reason I choose to invest in Hawaii besides the obvious reasons; island beauty, fairly stable property values and expanding market/city was quite simply that I live here and have a solid career on the island. I know with technology people are investing outside of their home markets more and more these days. I love the satisfaction of driving by my rentals. Plus, I can be more involved in my business. Properties more or less start at 700k and, if legal, rarely make the famous 1% rule. So your mostly investing for tax advantages and equity. That's my take on the long-term rentals on Oahu. 

Hello windward Natalie, 

Kaaawa is still stunning. Oahu is still expanding by leaps and bounds. Honolulu is getting a light rail and Kapolei is bearly recognizable these days. With that comes the inevitable growing pains. A major housing shortage has driven up both property values and subsequent rents. There are definitely much more lucrative markets out there. I'm sure parts of Washington are really popping right now ; ) Thanks for your support with "any tax questions" it really means a lot.

And last but certainly not least Mr. Michael Mazzella

You know my roommate is more of an entrepreneur than a real estate guy. He seems to always be making one LLC or another online over the mornings coffee. Hawaii does seem to make the process painless. Thanks for that youtube video it was super helpful. I look forward to trying to convince Diane Sandlin, CPA to take me on as a client. She seems to be one of the best CPA's in the islands. I love what TBLC has been doing. Being successful on Oahu becomes very impressive once you get to know the market. I grew up in Miami and know what it takes to make it in FL and what it takes to make it in Hi, orders of magnitude of difference. Carry on

@Daniel Kong  

When I called Diane Sandlin’s office a couple of weeks ago I was told they are not currently accepting new clients. I was advised to call back in May. 

I’m still looking for a CPA. If I can’t find someone local, I may look to connect with some of the names listed above. 

Thanks @Cassie Chun . Let me know if you find someone, and ill likewise do the same. My current CPA friends are all maxed out too, but they are reaching out to see who else would be available. Business must be good as a CPA, so many clients you have to turn people away lol.