All Forum Posts by: AnnMarie Bacchus
AnnMarie Bacchus has started 6 posts and replied 27 times.
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Bob S.:
Quote from @AnnMarie Bacchus:
I am a newbie RE investor (currently getting approved for a HELOC to fund my first purchase). I read several post that some people recommend having a CPA before out while other say you can wait until you have a few properties under your belt? Any personal thoughts on this? No idea what to do? I'm struggling to find a RE CPA to work with me since I currently have no investment properties.
DO A DEAL or two, then worry about an accountant, so many do things backwards.
This is the route I am leaning towards! Will be forming an LLC to purchase the property under but as for CPA and accounting for the property I have decided to wait until I have a few units under my belt.
Post: Contractors in Cleveland Ohio
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Simon Ashbaugh:
Hey Kendal, I've got a list of Contractors who've been a big help for my investors when acquiring properties. Let's connect and I'll send it your way.
I just began building my team! If
you don’t mind I’d also love to connect! @Simon Ashbaugh
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Steve Harlow:
I think I got a CPA after I owned 4 properties. Tax laws change and it was hard to keep up with things. You should be okay for the first couple of properties. When you start doing 1031's, DST's
and similiar things you want to have a CPA with a specialty in real estate. The returns get more complex and more forms are required. You can have a 20+ page state and federal return and additional returns for multiple states.
I say this as someone that likes accounting. BUT focus on the RE end you will be better off !
This deff helps with! I was planning on getting around 3 units before getting involve with a CPA but I plan on educating myself based on the great education links and pointers that most gave me in here.
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Basit Siddiqi:
One question you should ask your CPA or a question I would ask is if the interest on the HELOC being deductible if used towards the purchase of rental real estate.
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Account Closed:
Quote from @AnnMarie Bacchus:
This is the gap my firm is trying to fill. The problem in the industry is that bad accountants attract a lot of clients, and great ones attract armies of clients. The great ones quickly reach capacity and need to raise fees to accommodate the growing list of higher-need clients. What I'm trying to do is accommodate the "middle ground" investors who don't need all the bells and whistles, but still need guidance on how to make it to the next level. Though I will admit, we are facing the same issue as mentioned above with the "army of clients" now for 2023 tax year 😆 its a cycle of accounting firms I suppose.
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Account Closed:
Hey @AnnMarie Bacchus,
In addition to all of these amazing answers, I would also keep in mind pricing going in. Lots of really great accountants here work with larger investors because they are so good and charge really high fees (which they deserve). When you're starting out, try to find someone who is appropriately priced for your needs. A mistake I made early on was I was paying for a high-brow accountant, but I didn't end up needing or even using all of the advisory and strategies available to me through him.
Best of luck in your search!
Post: Are CPA’s necessary before starting out? If not, at what point is a CPA necessary?
- Investor
- Miami
- Posts 28
- Votes 39
I am a newbie RE investor (currently getting approved for a HELOC to fund my first purchase). I read several post that some people recommend having a CPA before out while other say you can wait until you have a few properties under your belt? Any personal thoughts on this? No idea what to do? I'm struggling to find a RE CPA to work with me since I currently have no investment properties.
Post: How to find off-market BRRRR deals?
- Investor
- Miami
- Posts 28
- Votes 39
Quote from @Nate Herndon:
Quote from @AnnMarie Bacchus:
I am getting ready to purchase my first BRRRR. I did research that the best deals are usually off-market deals that you can get before they hit the MLS. Where/how can I go about finding these off-market deals?
Our team at LoanBidz is partnered with a service that releases a nationwide off-market property list each week. If you would like to be added to that weekly email, shoot me an email at [email protected].
@Nate Herndon I just sent you over an email ! :)
Post: How to find off-market BRRRR deals?
- Investor
- Miami
- Posts 28
- Votes 39
I am getting ready to purchase my first BRRRR. I did research that the best deals are usually off-market deals that you can get before they hit the MLS. Where/how can I go about finding these off-market deals?
Post: Class B/C Neighborhood In Jacksonville, Fl
- Investor
- Miami
- Posts 28
- Votes 39
Looking to invest in Jacksonville, Florida.. I can’t seem to figure out what would be considered Class B and Class C neighborhoods any body have any thoughts or suggestions on this? .. I did read several forums that say avoid zip code 32209… Thanks!