One House Rental - Do I Need A CPA or Accountant

[Jason Raymer]

Hello, my wife and I recently purchased a new primary residence and now renting out our previous primary residence.  We own the previous primary and so owe nothing on it.  I was able to rent it in less than 24 hours and now have a renter who signed a 2 year lease.  I used Zillow.  I can check their background/credit history and the applicant is the one who pays for that -- Very nice.

Anyways...On to my question.  I had a previous property that I rented out years ago and had a loss every month because it didn't cover my mortgage and other expenses I may have had -- I did this on purpose.  I say it to state I have some experience with renting.  The house I'm going to rent now, I own free and clear.  I practically have no expenses, except taxes, insurance, and I cover trash and water.  So, I'm making over $1000 a month.  I know how to figure out depreciation, but I never made profit every month.  

Do you guys have any idea of whether you would suggest getting an accountant or CPA type of person?  I'm not planning (At this time) to buy anymore investment properties.  I know, this thread might be difficult to give a firm answer, but your thoughts are helpful.

This isn't a mentor request, just some opinions

Thanks for your thoughts!

[Twana Rasoul]

@Jason Raymer You don't need an accountant.  You can even use an excel sheet if you want.  But have a separate bank account just for the income and expenses on that property so you can easily keep track.  The only thing you need beyond that is a good cpa or tax preparer during tax season...one that is familiar with real estate taxation and works with other real estate investors.  

Best of luck!