All Forum Posts by: Joseph Gisler

I have a phone call with a potential CPA that has been referred to me by a colleague but I want to make sure I ask all the proper questions to ensure they can properly assist in maximizing my tax deductions for my real estate business.

What questions would you ask a CPA to ensure they are knowledgeable about current real estate tax strategies?

Thank you @Taylor L. and @Matthew Rice for the wonderful advice! I feel in the back of my mind I pretty much knew this answer but sometimes it helps to hear it directly from those who are ahead of you in the game. I will get on this this week and begin that process.

I currently own two properties, neither in an LLC. I know for a hard money loan, I need to have an LLC, is that something I should set up immediately or will it be okay to wait until I have a property in mind? If immediately, do I run my rent through the LLC to create some history in the LLC or is that not necessary? I know this is very generic and can change depending on the lender but I thought I should get a general consensus before asking individual lenders.

Quote from @Alyx Victoria:

@Joseph Gisler

So I have both licenses. My main gig is residential construction, but I also invest in rentals and buy flips. From a personal standpoint it’s great to have both, I get to keep the commissions on purchases and when we sell the flip or spec homes and I also have all the connections to do the work. It definitely benefits me to have both, and I enjoy it all too!

Other things to consider: everyone and their mama is a realtor it seems, so making a living as a realtor is a hustle, but the overhead expenses are way lower.

Having a construction business comes with way more costs and liabilities, however, it’s easier to stand out if you do a great job and develop a good reputation.

Ultimately, you should choose something you enjoy and can envision yourself doing for the long haul!

 Alyx, thank you for your response, you are literally in the boat I want to be in one day.

Did you start one before the other or tackled both at once? It sounds like you focus on the construction more and being a realtor is just a convenient way to save on commission costs and provide additional access to potential leads, is that correct? Do you use your license to help others buy/sell homes I guess is what I’m asking. 

My end goal is to be able to provide a full service company/companies that can help a client buy a property, renovate it and then manage it, 3 points of selling and all 3 I have experience/interest in. I love this idea because I am a huge fan of trying to get new people into investing, I personally feel it’s our greatest chance of turning the financial class gap around! My biggest fear though is overwhelming my self with too much stuff, like David and Brandon always say, build one bridge at a time. I’ve tried the multiple bridges and it wasn’t fun! Thanks again for your advice! I’d love to chat more about this with you. 

Quote from @Eliott Elias:

Both are important. In my experience a reliable contractor has been harder to find. You can test out agents, and it won't cost you. The only way you 100% know if the contractor is worth anything is hiring them for work, the bad ones will cost you big money. 

Very very good point! I believe an agent can still cost you in regards to lack of experience may keep money on the table in a sell or even buying situation but I get your point. Thank you 

Quote from @Bruce Woodruff:

Not sure about your state but where I got licensed it was harder to get  GC license than to pass the Bar Exam. Plus you have to qualify with experience and a signer usually. I know there are states where you can just walk in and get a GC license, but it doesn't have much credibility then anyway.

Bear in mind that if you choose to become a GC that works with investors, you are not going to make the same $$ that you will do typical builds and remodels. Investors will always be trying to nickel and dime you and get something for nothing.....Just my .02 based on experience (a lot of it:-)

North Carolina, from my knowledge, GC licensing is definitely not easy here but I don’t know if it’s harder than the bar exam! Getting a real estate license is definitely way easier! I see you are a contractor, how do you navigate those waters with investors or do you not work with investors? 

Quote from @Jason Hirko:

Since money is made when you buy in Real Estate, I'd say a GREAT realtor is more valuable than a great GC. However, finding a good realtor seems to be easier than finding a good GC for most

I think you bring up some good talking points, very thought provoking. Could a bad GC turn a great deal into an okay or even horrible deal, and visa versa? Thank you for your response

Quote from @Scott E.:

Realtors are a dime a dozen since it only costs about $500 and 2 months of studies to become a real estate agent.

Good, reliable, investor friendly contractors are VERY hard to come buy.

There is more opportunity for you to shine and make an impact if you become a general contractor who works with investors.

You bring up great points! Every investor in my area I know bring up one of two problems, deals are hard to find and quality contractors. I haven’t found someone complaining on not being able to find at least a decent realtor. Thank you for your advice

Which has been harder to find and which has been more important in your investing, a investor savvy agent or a reliable contractor? 

I am trying to figure out the route I want to go, become a contractor or a real estate agent. I have already done the initial licensure courses to become an agent but I love doing renovations, and even run a little handyman side hustle. I also work in construction full time so definitely no lack of experience to go the contracting route but I also have the work ethic to become a realtor. I’m torn between the two options!

My #1 goal is to help others invest in real estate as I believe it is the best option to grow wealth. I originally thought becoming a realtor was that but I feel like I have met multiple great realtors while everyone still complains about the lack of good contractors. Which option would you choose if you were in my shoes?  

@Shane Lafleur I will be there!