Selecting an accountant for your real estate business

[Chris Walters]

Hi BP, Can business owners give me any insight on whether or not you selected a real estate accountant or a regular accountant when starting your business? I am in Montreal (Canada) and fully aware that laws are different. However, maybe some of your stories (good or bad) might help me with my decision. I already have an accountant who files my personal taxes and i know his office deals with businesses but not real estate specifically. Therefore, i am wondering if it might be wise for me to deal with a real estate accounting firm even though I am at the beginning stage and that firm is charging anywhere between $100-$300 per hour. Your inputs are greatly appreciated. Thanks,

[Brandon Hall]

@Chris Walters hourly rates stink! Move to a firm that doesn't charge you every time you pick up the phone.

Having a real estate CPA is going to be extremely important if you are primarily using real estate to grow your wealth. Regular CPAs that don't have a real estate focus simply won't be up to date on all the nuances of the ever changing real estate tax law.

The majority of CPAs are smart people. But I can't tell you how much rework I've had to do with my clients who decided too late in the game to switch to a real estate CPA.