All Forum Posts by: Rich Hupper

Transactions vs. Relationships. Tax Strategists, when done correctly, are about relationships and will work with you year round. Tax Preparers and CPAs/EAs stuck in the traditional way of doing business will meet with you once a year and tell you what you owe. We started our business in Boston and have a few connections still in the area. Would be happy to touch base.

@Rich Hupper

What I noticed is that you posted your question 3 months ago stating you were looking, and you got a lot of good feedback and a link to BP directory of tax pros. Yet, 3 months later, you're still stating that you need a new strategist. Apparently not much progress in 3 months. 

Now is mid-year, and many of us are not taking new clients for this year anymore. Your choices are dwindling the longer you wait. You might have to either settle for whoever is still available or wait until late in the year to start looking for next year's switch.

Here're several older threads that may be helpful.

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

 Excellent question, Rich. Select carefully. There is a wide spectrum of qualifications. Our company only hires degreed individuals and then spends an enormous amount of time training them before they are allowed to work with clients. Ongoingly, we have twice weekly meetings to keep us up-to-date. Nevertheless, some of us are more qualified than others. You should always ask questions of whoever you are considering or choosing to work with. Some companies only see their reps as salespeople. We are consultants. I am happy to let my clients and the CPAs/tax professionals I work with know my background. We have a huge team of professionals at our home office that are always at the ready to answer any questions I cannot answer. The IRS regulations are very complex in this area and need specialists to interpret them. I teach CPAs how to leverage the tax benefits available for their clients.  

I am a former tax attorney and would classify myself as a "tax strategist." I could design a tax efficient structure for a business (cross-boarder or domestic), however, I could not prepare that same business' tax return. I would expect any good CPA to be able to perform similar functions to a strategist, for example, helping you determine entity type to use as your investment vehicle (partnership, disregarded entity, corporation (C or S) or partnership). 

@Rich Hupper this is a great question!

Technically speaking, a “strategist” is just branding. As a lawyer focusing on tax planning, l can say I’m a strategist as well along with my CPA partner but its more of a way to show prospects what we focus on.

However, you’ll want to look for companies who are focused on year round proactive planning for RE investors vs a pure 1X compliance model in your situation. Hope this helps!

Sorry this is happening to you. Real estate is full of landmines and I definitely had my fair share of mistakes so it's important to negotiate a good contract upfront. Or ask for experience person to guide you through the process the first time. 

To screen a professional whom I have never worked with before, I would ask to see their portfolio and past client references. Any reputable and experienced people would be proudly to supply that. If someone who's new to the industry and can't provide any, we wouldn't disregard them right away because I understand everybody has to start somewhere. For starter professional, I would still ask for work they have recently done that they feel proud of, and negotiate a contract in my favorable terms and price. You would find someone sometimes they just starting and they want to charge like a seasoned professional, those aren't the people for you and you need to have the discipline to walk away. 

In the contract, typically architect charge by milestones. Price is set based on either an hourly, or a price per sq ft rate. These are all negotiable. Deposit, existing (for renovation) site plan and preliminary floor plan proposals, then elevation and remainder of the print. Interior design and landscape/hardscape would be cherry on top. 

Also be aware there are difference between someone who's only give you a floor plan and some interior rendering vs. an engineered stamped building blueprint set that you can use to pull permit with. I have talked to clients who had no ideas what the differences are. And some people who aren't actually licensed architect and claimed they can do the plan where in reality they just give you a floor plan and interior rendering and it's useless for permitting nor the contractor.