Updated almost 2 years ago on . Most recent reply
Small business accountant vs accountant with REI background.
Hello everyone. I am a small business owner and already have an accountant for past 25 yrs. I am new to RE investment and starting out. My question (probably more relevant to those in similar situation of being small business owner getting into REI) is : Are 'regular' accountants well versed in RE investor needs? If not, do you use 2 accountants? Do I transfer my regular accounting to the one with RE experience? How do I avoid paying 2 accountants? Do RE accountant (if there is such) work with regular accountants? How do RE accountant differ in service and fees? Anyone been down this road? TIA.
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My personal experience was that there is a difference between a "Regular" accountant or bookkeeper and one who understands real estate. Years of headaches and thousands of dollars in expenses from having someone untangle what the last guys did later, I can now confidently say to seek out those who have real estate knowledge.