Realtor · Chicago, IL · Member since 2014 · 137 posts · 103 votes
Hey BP! We are looking for a Chicago based CPA that helps local Real Estate investors in the Chicagoland area. We really like our current CPA but he doesn't specialize in helping investors and we think it might be time to switch. Do you have any recommendations? Does your CPA communicate with your attorney?
We are growing and i need to make sure how we are buying, collecting rent and purchasing is structured correctly so that we can keep the momentum going. Thanks for your replies in advance!
Congratulations on the growth! These days, CPAs don't need to be local, as pretty much everything can be done over the internet. I'd recommend finding a CPA who is a great fit vs someone who is local. BiggerPockets is a great place to start the search! However, if you find someone who is a great fit and local, by all means go with that if it makes you more comfortable.
You are right that your attorney should be local though.
You also bring up a great point- your CPA should communicate with your attorney whenever the need comes. A good real estate CPA will know how to manage the relationships between the various financial and legal professionals you work with.
From an attorney point of view, you need a CPA that can answer questions about limiting your tax liability or taxable events as your grow your business. I can guide a client on things like a 1031, but when it comes to questions about taxes for an investment or flip or deeding a property into someone else's name, you'll need a good CPA.