Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

1
Posts
2
Votes
Austen Gross
  • Milwaukee, WI
2
Votes |
1
Posts

When to Bite the Bullet and Find a Spendy Accountant?

Austen Gross
  • Milwaukee, WI
Posted

Hi BP Family,

Long time reader looking for a bit of advice as my business partner and I's portfolio grows. Up until now, we have not used an LLC to purchase or protect any of the properties mainly to limit down payments to 15% instead of 25% as liquid cash has always been the hardest to come by. We have moved into each property making it our primary residence and remodeled it after we purchased to build as much equity as we could early on. Over the past 14 months in this crazy market, we have somehow found a way to buy 3 properties off-market bringing our total to 5 properties.

In the past, we have filed individual taxes with schedule E but with the portfolio growing to be something more serious business rather than hobby house fixing, we are looking into Accountants/Tax Prep. I was fairly shocked to see most are $2k+ per year or $300-$500 a month for their services. Do these Real Estate CPAs really save you more than you spend on them in a year?

I understand that may be the wrong question to ask as they obviously provide many other benefits than just saving on taxes but it seems to be the most quantifiable point to ask first. 

Thanks in advance for any and all advice on the matter!

Loading replies...