Hi there,
Thank you for the great advice thus far. Excuse my ignorance, but my business/investing partner and I are both physicians that have just started our turnkey real estate investing journey. We have two properties in Indianapolis that we purchased through Norada (who have been excellent, btw). We are both newbies.
We listen to The Passive Real Estate Investing podcast and heard good things about Anderson Advisors, who provide legal and accounting services. However, just in our first year we have spent $26,000 (!!) in fees. Granted, the service includes the following:
-Unlimited land trust set up for 7 years, unlimited LLC's for 7 years at a rate of $13,000 (for 7 years)
-3 years of accounting services includes personal and business at rate of $10,000
-However, we have annual fees of $995, monthly fees of $35, and state filing fees of $425 for each LLC that we set up. We have 4 LLC that we set up through them thus far.
Granted the first two services listed are for 7 yrs of legal etc and 3 years of accounting, but all of these fees seems prohibitively excessive.
How is everyone else doing it? I understand that it's important to do things the right way (i.e. professional tax services and protection through a good legal service), but are we in over our heads?
Thank you so much.
Felix & Paul
PS Anderson, has been an excellent resource, albeit expensive)
