All Forum Posts by: David Miller

Hey @David Miller - I can send you my current AMAZING CPA and bookkeeper...they both specialize in real estate as well.

Otherwise some other good local Chicago CPAs that are on BiggerPockers are @Aaron Zimmerman and @Steven Hamilton II.

My biggest advice is to find someone you mesh well with and understand their current workload vs. the attention you might need.  Anyone can submit your taxes, but you want someone who is going to be PROactive to save you money longterm!  Also, you for sure get what you pay for so paying a bit more now, will likely save you a bit more later!

What's been your experience with 1-800 accountants? I've never heard of that platform.

One more thought - consider house hacking in Chicago with that $40-50k if possible. Find a 2-4 unit in Avondale, Logan Square, or a similar neighborhood with a 5% down owner occupant conventional loan. If your debt to income ratio is higher, maybe buy in an A class north side neighborhood like Lincoln Park, Lakeview, Old Town that would be an amazing place to live and an asset that would appreciate like crazy over time. I'd rather own a triplex in Logan Square and figure out a way to subsidize my housing expense/cash flow through the first few years than 3-4 cash flowing units in Cincinnati, Columbus, or Cleveland. It's a better long term investment and a way to get into an otherwise inaccessible neighborhood due to the loan products available to you as an owner occupant. 

Not sure of your life stage or current housing situation, but I think that Chicago is the best house hacking market in the country due to the abundance of 2-4 unit properties. 

I'll second @Nicholas L. - try to find something local. I invest out of state and will be moving to the primary market I invest in to be local and hands on. It can be done from a distance, but it's better to be right down the road. I can only speak for the markets that I invest in, but it's probably a 20% markup from local vendors when the customer is out of state. You'll have more control, more market knowledge, better contacts, and more confidence in your investments if it is local or within a couple hours driving distance.

If you're looking for a cheaper market, consider Milwaukee, Indianapolis, or maybe a smaller market like Champaign-Urbana, Bloomington-Normal, Quad Cities, Madison, South Bend, Fort Wayne, etc. that is a closer drive. Ohio is fine, but you'll likely drive by a several equally lucrative investment markets on your way to Ohio. 

@David Miller

why not look locally?

Hey David, I'd say that you start by pinpointing what markets in Ohio you want to invest in. Then I would start networking and building a core 4 in selected areas. I invest in Columbus and Cincinnati. 

Hi Dave, it’s good to see you here on BP!

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Wishing you the best!