Finding the right CPA

[Jacob Trimble]

So I've been having a hard time finding the right CPA. My current one is not working out. We currently have two properties in different states and are also doing a JV on a 24 unit. My current accountant wants $125 for each house we own to keep books on and also another $125 for the 24 unit. This doesn't account for the end of year taxes to be done which range from 750+. Is this normal costs for monthly bookkeeping? If so, is it worth it or should I spend that money and resources doing the majority of the bookkeeping myself using something like QuickBooks? Appreciate any and all advice and I hope that was put clear enough for everyone to understand.

Thanks,

Jake

[Michael Plaks]

@Jacob Trimble

What you call "having a hard time finding the right CPA" sounded more like finding a cheap CPA. Unless I missed it, his charges were the only issue mentioned.

Now, I'm not suggesting that the cost does not matter, it does. But it's not the only thing that matters, and it very much depends on the scope of the services provided and their quality. Just like anything else you pay for.

Monthly bookkeeping cost of $125 for a 24-unit property sounds cheap to me. So does $750 for annual tax preparation with 3 properties and 2 states.

Using QuickBooks for multiple rental properties can be more complex than you realize. I'm not recommending it. If you're determined to do bookkeeping yourself, look at simpler software such as Stessa which is free. But before you go that route, make sure that your tax person, whoever you choose, will be OK with it.