Looking for a CPA in Fremont, SF Bay Area, CA

Tax, SDIRAs & Cost Segregation
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Looking for a CPA in Fremont, SF Bay Area, CA

Sang Ko
Investor · Fremont, CA · Member since 2016 · 9 posts · 7 votes

I am in the process of forming a LLC for my Real Estate Investments and am looking for a CPA and Real Estate Lawyer to add to my team. I currently own a SFR investment property and a Condo as my Primary Residence, with plans to add another investment property to my portfolio this year. I am hoping the BP community can help recommend a CPA with experience working with Real Estate investments.

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Logan AllecBusiness Member
Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
10y

@Chris Mason's question whatsoever?

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  • Chris MasonPro Member
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    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    Get tight with your go-to lender about what will happen if suddenly all your rental income shows up passing through your LLC showing up on Schedule C, and not Schedule E, if you use fannie/freddie conventional mortgage loans, and not hard money.

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  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    10y

    @Chris Mason's question whatsoever?

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  • Chris MasonPro Member
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    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    Probably five times a year I encounter someone that read blog posts about the wonders of LLCs, who subsequently shoved all their assets into an LLC, who then (depending on their income and DTI) cannot get a fannie/freddie mortgage for two tax years because they didn't check with their lender first.

    So they have to purchase using 10% interest from a hard money guy instead of say 4.375% from a conventional lender. That is a SIGNIFICANT opportunity cost. You'd have to pay that 10% on that hard money mortgage for possibly up to two years, until you were back in the world where Fannie will appreciate your finances.

    Gotta get the CPA and lender in communication and on the same team before making a move like this, if one plans to purchase within the next two tax years. And this is BP, so it's reasonable to presume that maybe the OP wants to consider maybe thinking about buying an investment property within the next two years... maybe. 

    I dunno, call me crazy.

    (Fire your lender if he won't play ball with your CPA, fire your CPA if she won't play ball with your lender. Of course.)

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  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    10y

    @Chris Mason, the primary adviser for a client's decision to put all their assets into an LLC is their attorney, not their CPA, and if my client, based on recommendations from his or her attorney, decides to structure his or her business in a certain way, I'm going to prepare their tax returns consistently with the tax code and in such a way that reflects the legal reality of their situation, not what a lender or any other service provider wants me to do.

    That being said, I think it would be wise for attorneys to understand the tax as well as lending ramifications of structuring a client's business in a certain way and should definitely connect with their client's CPA and lender before making recommendations.

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  • Fred Rahbar
    Castro Valley, CA · Member since 2017 · 4 posts · 0 votes
    9y

    Anyone has any recommendation for a CPA who is expert in Self Directed LLC to help file CA 568?

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