Tax Planning and CPA Referrals (REI, Realtor, Military)

[Russ McKelvey]

Hello BP!

I am looking for some general Tax Strategy/Planning help and a referral to a CPA that is good with real estate investing.

Our goals: To make sure we are taking full advantage of our current situation and not leaving money on the table and to build a  relationship with someone that can help us understand the  potential  tax implications of moves we hope to make.  

Our situation:  

I have a W2 job with the military and will be eligible for the retirement pension in 3 years, but will probably stay in 5 and then hope to transition to REI full time.

My wife is a realtor with 3 years working part time, but starting to  get  closer to  3/4 time.

We have a 4Plex that brings  in approx $50k in rental income and cashflows about $2k  per month  managed  by a property manager in CO. We  live  in Colorado.

REI Goals: now-end of 2022: Purchase 2 x addl 4plex, 2023: buy 3 x 4plex, 2024 buy 3 x 4plex (max 10 mortgages), buy 8-12 unit apartment building. Currently looking in state, but considering out of state markets to get a better mix of properties between cash flow, appreciation, and balanced markets.

Any general advice  or questions are  welcomed and appreciated.

Any referrals to good CPAs willing to help us learn along the way as  we build  a long term relationship are great appreciated.  Colorado  preferred,  willing to work with great  CPAs living elsewhere if the know Colorado well.

Thanks BP!!!!

 

[Doug Spence]

Linda Weygant with Clue Business services is my CPA. She was a podcast guest a few years ago.