All Forum Posts by: Ashley Stafford

Hey Shane!

I definitely think you’re in the right state of mind! Most, if not all, of us are here to invest in real estate in order to create passive income. So why wouldn’t you want to do as much as you can to keep your dollars in your pocket? There’s nothing illegal about it - just find yourself a great tax strategist! They are knowledgble in accounting, but understand the nitty gritty of tax law to help you strategize tax savings. 

1. They do not need to be in the same state as you if you pride yourself on being pretty tech savvy and a great communicator! Two qualities to look for in your accountant, as well! I work 100% remotely as an accountant and am best able to help an investor when they are easy to communicate with despite never actually meeting face-to-face. Responsive and thorough in response. Also, can you provide what they need via technology? At 23, I’d assume definitely! But if you’re the kinda person to print everything out or take your thumb drive to people - it’s best to stick with someone local. 

2 I’m not here to sell you! But I do advise as you go shopping for someone, be sure that they are savvy in real estate. There are many lines of business out there, and this is a tricky one. Once things get muddled, you’ll pay way more to get them fixed than you will to invest upfront in someone who knows a lot about real estate. 

3. You are not barking up the wrong tree! An accountant will be more proficient in the creation and tracking of your books, a tax strategist uses that data to strategize how to save you money in taxes! So if your books are in good order, find yourself a tax strategist. If they’re not, find a good accountant first!

QBO is definitely the best solution - you can use the class tracking system to organize by property to keep a close monitor on how each property is doing individually or analyze your portfolio as a whole.

I don't see any reason why this wouldn't be an acceptable solution. So long as your original fee to open the account is booked as a personal contribution to your business and all the transactions are business-related, it seems like your best solution until you get back stateside. Make sure to keep backup documentation for each transaction if possible and transfer the balance when you return.