All Forum Posts by: Account Closed

Newbies here, created LLC last year (2021) but haven't started investing yet...so no income thus far. Now that we're in 2022, realizing we need to start taking action. Before doing so, we are looking for a(ny) CPA recommendation(s) that can take care of not only our personal income tax returns, but also help guide us and serve our needs for the REI business moving forward. We plan on wholesaling first, then eventually integrating some buy & hold.

We set up the LLC through an online company but feel like the technical/logistical component was lacking (i.e. when to file, how to file, etc.) We live in North Ft. Worth, near Keller, so any where near Keller, Southlake, Roanoke, Trophy Club, Haslet, Grapevine would be ideal. Thanks in advance!

-Sebastian & Angela Marquez

Thank you @Daniel Hyman appreciate the referral. And @Ronald Rohde thanks for reaching out… we’ll be in touch soon!

We recently created our LLC using a company called Inc. Authority and as part of their package they included a complimentary consultation/overview of tax requirements to be aware of, especially geared at newbies like ourselves. The overview was a 30 min phone call with company called 1800Accountant who is somehow partnered/associated with Inc Authority… at the end they try to sell you their services, etc…. No surprise and not really the issue of this post… here's why we are seeking feedback:

During the call, of which we thought would only be a high level overview, the rep got VERY deep into the weeds about all kinds of tax deadlines, strategies to initiate or avoid self-employment tax, etc. It was way over our heads and the frustration we have is that we were expecting someone to ask questions about our business and our goals, and then suggest a plan of how they are going to help us optimize our business from a tax perspective. We’re the kind of people (we’re a married couple by the way) who are used to paying for the professional to gather the info and provide their professional services, recommendations. I think the rep we spoke with was trying to eventually get there, but he was talking WAY too fast, was breathing heavy on the phone (not sure if health issue or whatever but nevertheless added to difficulty of trying to understand him) and used a ton of technical jargon that was just making us tune out. I stopped him at least 2X to slow down or re-explain something AND told him some of the info was too much detail - explained that we were expecting an overview…he was somewhat dismissive of that explaining that he had to cover certain touch points (which made me think of a script he needed to follow without regard to being flexible enough to pivot to the customer’s situation or immediate feedback.) We took some notes and are thinking we probably just need find an actual tax attorney and/or CPA to get started, but wanted to reach out to this awesome group of folks and ask:

1. Has anyone used this company before and if so what was your experience with them? Is that norm? Do we just have our expectations misaligned? Maybe just a horrible rep with no people skills?

2. Can anyone recommend a quality tax attorney and or CPA who works with and understands RE investors, who might also be in the Fort Worth, TX area (where we are based)?

We are in process of applying for Guidance Line of Credit with a local bank in town and still searching deals with the goal of buy and hold… hoping to secure first property this summer. Thanks in advance!

Angela & Sebastian

Newbie couple here, I'm Sebastian, Angela's husband and we're in "education mode" with goal to acquire first rental property in the next 12 months. We're based in Ft. Worth TX, most likely to start investing here and branch out later, primarily focused on buy & hold strategy. I have a F/T W2 job and Angela is P/T, so we definitely want to take advantage of relative ease of financing while we are still working (also have good to great credit.) After listening to many podcasts, I'm preparing to reach out to smaller community/regional banks since it sounds like they may be more open and flexible to options in addition to traditional mortgages. I'm going at it with the approach of learning from them what their needs are to better position ourselves as we forge relationships with these bankers...(i.e. "mr/mrs banker, what kinds of properties do you favor? SFH? multi's, condos, etc.? ) Asking this group what might be some helpful questions that not only continues this ""How can I help you, mr./mrs. banker" approach, but also helps us learn what their parameters/appetite would be as we get ready to plunge in this? Thanks in advance!