Tax/financial planning services

[Brian Plajer]

Hello,

  I'm an investor, less than five properties and growing. I have heard several podcasts about the importance of a solid tax strategy. My current tax preparer does not seem to offer much of a strategy with regards to real estate and long term planning.  I recently spoke to a CPA with real estate experience and they have an added bonus of being a financial advisor which can certainly be helpful to me.  I was a little surprised at the cost for the services which are $500/month. This does not include any tax prep. Its a fee for tax planning and financial advise.  When I think big picture it may be well worth it if the service saves me more than that amount or helps me generate more than that amount.  I'm curious what other spay for these services and is it worth it? Maybe this is something I need when I  have a few more properties or maybe its smarter to start planning now. Happy to hear thoughts, opinions and most importantly experiences. Thanks, Brian

[Michael Plaks]

@Brian Plajer

I do not know this CPA, and my comment is generic. Being a financial advisor is not necessarily a bonus. This usually means someone who sells you mutual fund investments and products based on life insurance. While the sales pitch is typically about a holistic approach to your financial well-being or something like that, the reality is commission-based sales. When someone earns commissions from selling you stuff, they have mixed motivation. (I used to be a financial advisor years ago and worked for several companies, so I know this industry from inside.)

$500/month is a meaningless number without knowing what exactly is being offered and the quality of these services. Here is a post discussing CPA charges in detail: 
https://www.biggerpockets.com/forums/51/topics/998718-explai...