CPA in Las Vegas expert in Real Estate

Member since 2021 · 2 posts · 1 vote

Great day everyone. I am just starting out in my real estate investing journey and just finished reading a book from Bigger Pockets. I am a little confused and have so many questions about taxes and write offs pertaining to real estate investing and would like to connect with someone here in Las Vegas. Please shoot me a message if you are in town or you know someone. Thank you

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
4y
@Mark Lorenz Ruperto

You mention you are 'new' to real estate.
How new are you?
Do you have a rental property yet? Are you speaking with agents/wholesalers? Are you defining where you want to invest?

Personally, I think CPA's / Tax professionals come later in the stage when it comes to real estate investing.
You likely want to find agents / wholesalers / contractors / PM companies before you want to find a CPA.

With that said - what are your tax related questions?

You are very fortunate to live in one of the few states that does not require a resident state income tax. This is good for you as this opens you up to being to find a CPA outside of your state. With that said, below are some tips on how to find a local CPA.
1) Attend a Local REIA / Real Estate meetup and see who other investors are using as a CPA
2) Network with other investors from your City/State that you find on bigger pockets and see who they use as a CPA
3) Look for CPA's with good google/yelp reviews where 'real estate' is mentioned in the review.
4) Verify that your CPA is licensed. Many 'tax professionals' lie that they are a CPA.

Here is a link that you can use to verify that your CPA is licensed within the state of Nevada

https://www.nvaccountancy.com/...
[email protected]917-280-8544
Basit Siddiqi CPA4.979 Reviews
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Mark Lorenz Ruperto
OP
Member since 2021 · 2 posts · 1 vote
4y
@Basit Siddiqi I purchased my first SFH using a VA loan a year ago, with now having more than 20% equity I thought of doing a refi to a conventional loan so I can use my VA again and purchase another SFH.
Right now my strategy is just buy and hold and explore more with LTR or STR and will eventually want to BRRRR purchasing cheaper homes probably under 100k out of state using creative financing. I plan to sell my first house in the future so I can put a DP on cheaper houses. I am currently working with an agent here in Las Vegas. I haven't been in touch with a wholesaler yet but I think I prefer to invest out of state since home prices here are going a little crazy.
Tax questions right now is just regarding about write offs for LTR and STR and if I should do a cost segregation study for my house since it's a new construction.

I am not sure what questions I need to ask yet. So far I am just taking it really slow but definitely want to do BRRRR full time in the future.
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Aeon Jones
Las Vegas, NV · Member since 2021 · 11 posts · 4 votes
4y
If you've been in that home for more than 2 years you don't need to refi. You are eligible for another VA loan as long as it is your primary residence.
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