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.
Tax, SDIRAs & Cost Segregation
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 about 9 years ago on . Most recent reply

User Stats

62
Posts
24
Votes
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

User Stats

1,561
Posts
2,285
Votes
Brandon Hall
  • CPA
  • Raleigh, NC
2,285
Votes |
1,561
Posts
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!

Loading replies...