All Forum Posts by: Account Closed

Hey @AnnMarie Bacchus, 

In addition to all of these amazing answers, I would also keep in mind pricing going in. Lots of really great accountants here work with larger investors because they are so good and charge really high fees (which they deserve). When you're starting out, try to find someone who is appropriately priced for your needs. A mistake I made early on was I was paying for a high-brow accountant, but I didn't end up needing or even using all of the advisory and strategies available to me through him. 

Best of luck in your search! 

For 2024: 

most people who own one business, have some small rentals, stocks, and a w2 or 1099 here and there, I would say anywhere from 700-2900 bucks. I've done quite a bit of market research when trying to standardize our pricing, and these are the market rates I've found. I don't think trying to save a few 100s on an accountant is the way to go either. In this industry, you really get what you pay for! Sadly most of the time people overpay because they are working with a top-tier CPA who is giving them all the bells and whistles when the client may not need all that. Or worse, they underpay and get an inexperienced accountant who then makes mistakes and makes problems for the next accountant who has to go back and amend those mistakes. Choosing the right accountant really is important! 

 Happy to help! If you need to be connected to someone who advises people on which funds to invest in all day, please reach out and I can send you to my guy. Sydications while they have their benefits, can vary greatly in quality. As your seeing now with whats going on with bridge debt, some syndications are exploding (one of my 9 deals already did). Having an expert look over and recommend deals is something I think is worth paying for. 

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

 Of course! im happy to help. Feel free to DM me if you need further guidance 

Hey @George Iskaros, 

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey @Forest Wu, 

you indeed need to own the property to claim bonus depreciation on it. 

Hello Michael! We are still accepting a few more clients for the 2023 tax year. We work with real estate investors big and small, and are looking for folks like you who want to grow into a big investor one day so we can partner on the tax and advisory side every step of the way. 

If you decide not to go with us, to help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey @Cory Ray, 

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey @Charles Adams, 

please consider your asset protection. A quick and dirty way to get started is to checkout this tier list I made below: 

Worst:

– No coverage, held in your name.

Bad:

• Relying on insurance. This is the most basic level of protection and it is not very effective, but it is still better than nothing. Insurance companies have many exclusions and they may not cover everything, but they can help to pay for some of the costs of a lawsuit.

Good:

• Using one LLC for all of your rental properties. This is better than relying on insurance because it protects your personal assets from liability. However, if someone sues you and wins, they could take all of your rental properties.

Better:

• Using a separate LLC for each rental property. This is the best level of protection because it isolates each property from the others. If someone sues you and wins, they can only take the LLC that owns the property that was involved in the lawsuit.

Best:

• Using a combination of LLC and land trust to protect your rental properties. These are more complex legal structures that can provide even more protection than a traditional LLC alone.

Here are some of the key things to keep in mind when choosing an asset protection strategy for your rental properties:

• Your risk tolerance: If you are not very worried about being sued, you may not need the best level of protection. However, if you are worried about being sued, you should use the best level of protection that you can afford.
• Your state laws: The laws governing asset protection vary from state to state. You should consult with an attorney in your state to make sure that you are using the best asset protection strategy for your situation.
• Your budget: The cost of asset protection can vary depending on the type of protection that you choose. You should make sure that you can afford the cost of the protection that you choose.