All Forum Posts by: Christopher Cousin

@Brenda Hedges The true value of a CPA is that they serve as advisors. Plugging numbers into tax software is an easy task, but a credible advisor can save you literally thousands in taxes. For example, you mentioned that you bought and flipped a SFR. You should ask your CPA about the advantages of using an S-Corp entity in such a situation. A competent CPA can also advise you on how to structure transactions to maximize tax savings.

Please feel free to reach out to me if you have any additional questions.

You could also check out the Mark Kohler podcast for great educational information on tax/legal issues.

@Jean-Marie Poth The true value that a CPA provides definitely rests in tax planning. Plugging numbers into software is an easy process, but tax planning requires expertise. For example, a qualified CPA can help you to structure transactions to maximize your tax savings down the road or provide advice as far as which entity provides the most tax advantages should you decide to use an entity.  I'd also recommend that you check out the Mark Kohler podcast for additional tax/legal related information as it applies to real estate.  I wish you the best.

@Chinmay J.The true benefit of a CPA is in tax planning, not tax preparation.  Preparation is fairly simple, but appropriate tax planning can save you literally thousands annually, especially as a flipper.  Check out the Mark Kohler podcast for some additional insight and great educational information about tax/legal issues in general.  For example, as a flipper, you should ask about the benefits of the S-Corp designation as far as tax savings go.

Furthermore, a good CPA can help you to structure your transactions correctly so that you can maximize your tax benefits. 

Best of luck to you!

@Brandon Smith You should consult with your CPA about your particular situation.  However, in general, if you are doing fix and flip deals, it is typically better to set up the entity as an S-Corp or as @Ben Leybovich suggested, elect to have the LLC taxed as an S-Corp to save on self employment taxes.

@Muhammad Ali HAR has some good search filtering features that I utilize to run comps on rents and recent sales.  Check them out and let me know if you have any additional questions.

@Neal KayWelcome to BP! You have picked a great place to learn about real estate investing and to network with others interesting in real estate. I am in the Houston market also and it's nice to see others in the area getting involved in RE investing. I would suggest checking out Ultimate Beginner's Guide () and listening to the BP Podcasts() as they are great sources of information for those just starting out.

Also, since you mentioned an interest in flipping, I would suggest reading

(https://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/) and for more information on rental property investing, look into

(https://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/).

@Donnie Tinsley

Welcome to BP! You have picked a great place to learn about real estate investing and to network with others interesting in real estate. I am in the Houston market also and it's nice to see others in the area getting involved in RE investing. I would suggest checking out Ultimate Beginner's Guide () and listening to the BP Podcasts() as they are great sources of information for those just starting out.

(https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/).

@Nick S.

Welcome to BP! You have picked a great place to learn about real estate investing and to network with others interesting in real estate. I am in the Houston market also and it's nice to see others in the area getting involved in RE investing. Since you're interested in rentals, you might want to check out The Guide to Buying a Rental Property (https://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/) and the Guide to screening tenants

(https://www.biggerpockets.com/renewsblog/2013/01/27/tenant-screening/)

@Eli Mint Since you do not currently have properties lined up, I would suggest exploring your options with both a refi and a HELOC. The BEST thing you can do is contact a few lenders and find out their terms, requirements, etc. as far as a potential refinance or HELOC go. Local banks and credit unions tend to be more flexible with their lending options, so that would be a good place to start.

Then, based on YOUR risk tolerance, decide which option will be best for you and your goals.  Find out your options first, and then go with the option that works best for your personal goals.  

@Christina Piraino Welcome to BP! You have picked a great place to learn about real estate investing and to network with others interesting in real estate. I am in the Houston market also and it's nice to see others in the area getting involved in RE investing. I would suggest checking out Ultimate Beginner's Guide () and listening to the BP Podcasts() as they are great sources of information for those just starting out.