Hello fellow investors,
I need some professional insight. We have several dozen rental properties, flip a few houses per year and are just getting ready to add a new venture with a few short term Airbnb's. I've had and still currently have a local CPA/Bookkeeper who just raised their rates from $100 to $125 per hour for CPA and from $35-$45 per hour for bookkeeping. My total bill last month was $2800 which put's me on track thus far for over 33k per year not including tax returns.I should disclose that I have another business that keeps me traveling pretty much half the year.
Our Real Estate business operation looks like this:
Property manager handles tenants and collects rents, he deposits all rents into our accounts and coordinates the rent roll with bookkeeping, they cut him a check for his gross collected rent management fee, bank statements are automatically sent to CPA's office for them to reconcile against business credit card statements, they also handle 95% of day to day financial operations from there to include paying contractors, setting up utilities, paying company bills ,bank deposits etc. for 4 and now 5 entities with the short term rental llc.
We have a initial goal of 100 doors so I it's pretty easy to see this cost jumping significanly in the not so distant future. What is reasonable cost for these activities? At what point in time should I consider hiring in house? If I do hire in-house, what should expect to pay?
Thanks in advance for any feedback!