All Forum Posts by: Bill Hampton

@Bradley Hendrix

I know a great firm for cost segregations. They provide free estimates and work with your accountant. Send me a message. 

Welcome to Bigger Pockets. 

Welcome to Bigger Pockets. 

Welcome to Bigger Pockets. 

@Larry Morris

Bigger Pockets is a great place to find a real estate accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

There are over 20 real estate accountants on this site. Reach out to a few, see who you like and see if they are accepting new clients. We are not allowed to solicit clients.

Good luck

@Paul Scammacca

Check out Stessa and Azibo for expense tracking software. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

There are over 20 real estate accountants on this site. Reach out to a few, see who you like and see if they are accepting new clients. We are not allowed to solicit clients.

Good luck

@Inderpreet Singh

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

There are over 20 real estate accountants on this site. Reach out to a few, see who you like and see if they are accepting new clients. We are not allowed to solicit clients.

Good luck

@Justin Parham

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

There are over 20 real estate accountants on this site. Reach out to a few, see who you like and see if they are accepting new clients. We are not allowed to solicit clients. 

Good luck 

@Kevin S.

I recommend putting all properties/accounts into a revocable living trust for estate planning. 

I would also recommend umbrella insurance equal to your net worth. Umbrella policies are usually only a few hundred dollars per year.

Good luck. 

@Felicia Jenkins

Also, Padsplit will want you to eliminate any dining room, den, etc to add more bedrooms. 

Once you do this conversion you can't change it back to a traditional long-term rental. 

If you decide to sell it after a Padsplit conversion, you can't sell to traditional homebuyers or long-term rental landlords. You can only sell it to landlords using the rent by room strategy. This could lower your resale value. 

Good luck.