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Updated over 9 years ago on . Most recent reply presented by

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62
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Jennifer Hollstein
  • Home Rehabber
  • Rockaway, NJ
24
Votes |
62
Posts

Its not about how much you make, its about how much you keep

Jennifer Hollstein
  • Home Rehabber
  • Rockaway, NJ
Posted

I am in search of someone who can help me- Northern NJ

They always say hire someone smarter than you....

I have formed an LLC and I am flipping a house. I have another house under contract that will also be a flip. Both purchased under this LLC.

I want to use all profits for a 1031 exchange as I would like to continue with more projects. 

I talk to an attorney they tell me I need a CPA, I talk to a CPA and they tell me I need an attorney. I spoke with a real estate attorney he tells me I need a tax attorney. On and on. I would like a kick butt Attorney, CPA, whatever that can help me with keeping as much of my profits as possible.

At the same time I do not have a bunch of money to start out - looking for someone who I can grow with.

Thank you in advance for advice

Most Popular Reply

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1,561
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Brandon Hall
  • CPA
  • Raleigh, NC
2,286
Votes |
1,561
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Brandon Hall
  • CPA
  • Raleigh, NC
Replied

@Jennifer Hollstein it sounds like they either: (1) are too busy to take you on; (2) don't understand what they are doing; or (3) you don't fit their client criteria.

You do need to speak with a real estate savvy CPA and be proactive about the tax planning and entity structuring, which it sounds like you are doing. Are you only looking locally? My suggestion would be to expand your search to non-local CPAs as you will expose yourself to a wider pool of professionals that have the niche knowledge you are seeking. 

P.S. You cannot 1031 a flip unless you demonstrate investment intent, which may be possible depending on your situation. 

Hope this helps!

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