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Updated about 1 year ago on . Most recent reply
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New Real Estate Investor. Looking for advice
Hi, I recently turned twenty. I worked fulltime in HVAC for 4 years. I just left that industry to pursue real estate full-time. I am about to acquire my 4th property Lord willing. My 3rd one in the last 5 months.
I currently have enough cashflow to survive off of due to a more creative style of short term rentals I do.
My question is this,
I made maybe around 30-40k this year as I worked some of the year at my old job. I ran the numbers and conservatively I should be grossing around 300k next year from rentals and other income sources before taxes and expenses. I’ve never made over 100k and I’m wanting to get a step ahead of taxes and make sure I’m doing my books correctly for the likely audit I’m going to get soon.
How do I go about finding the right accountant and what questions should I ask to know if they are the right fit?
Thanks!
Most Popular Reply
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Quote from @Andrew Freed:
I know this is an unpopular belief but I think having a W2 or job is an asset and can accelerate your way to financial independence. It makes you more loanable and provides a cushion for unforeseen situations which is inevitable in real estate, especially going into a recession. I recommend at least becoming an investor focused agent or have some other side hustle to bring in money while you expand your portfolio.
Pure Gold. Reposting in case anyone missed this paragraph!