All Forum Posts by: Janet Behm

It is not so much the questions you should ask, but if the bookkeeper is knowledgeable, they should ask you, “Which type of entity/entities you have?’

For example: There are 4 main types of LLC's. Each one is taxed differently.

They should ask you if you are using an accounting/bookkeeping software “Are you currently using a bookkeeping software?”  If you are, you want to know how familiar they are with your brand.  However, do not be put off if they suggest switching to another provider.  They may have great success and can work magic with some other brand.

Are they capable of working with both cloud and desktop software?  The cloud makes it much easier for bookkeepers and your tax preparer to access your records.  Again, saving time and $. However, they should be able to start with “where you are”.

Ask them to provide you with a sample, spread-sheet, balance sheet, a cash report, and a profit and loss.  The balance sheet is the MOST IMPORTANT.  If the balance sheet is correct, you know that EVERYTHING is accounted for.  The prospective bookkeeper should be COMPLETELY at ease with your request, or that is raising a big red flag.

This is a very exciting time in the growth of your business!  Good Luck.

Janet Behm, EA 

Utah Real Estate Accountants

Aaron:  There are three "clubs" in Salt Lake City.  I think you will find it worth the drive.

Do a search for Utah Real Estate Investors Association, Utah Valley Real Estate Investors Association, and Salt Lake Real Estate Investors Association.

Janet and I are vendor members of the Utah REIA. they have hundreds of members and a meeting EVERY week for different interests in RE.

Come find me when you are at a meeting.  Utah Real Estate Accountants.

Lynn Behm

Ibrahim: We are members of a local association that is probably in your community. National Real Estate Investors Association. Go to their website and find a local group. our group, Utah REIA has hundreds of members. They have meeting of different interests EVERY week. Very enthusiastic and engaged in putting together real estate deals. Plus they are doing educational sessions several times a month. Highly recommend them!

Lynn

Circle the wagons.  Time to make a call to your Attorney, Insurance Agent, and Accountant.

The LLC is a wise strategy to limit your exposure to a law suit. At any time!

For taxes, live in the property 2 of 5 years for benefits of capital gains, it is considered a residence and you have the $250,000 (Single)  $500k (married) exemption if you liquidate.

We advise against any "under the table"...not worth the risk!

Lots of questions!

Recently joined a group in Salt Lake City, with National Reach.

Yesterday called a guy i met at last weeks' meeting to begin discussing a zoning issue and his interest in a property if I get it zoned commercial.

Search for National Real Estate Investors Association 

Find the Association in your area.  

You are looking for specific expertise?  What is the nature of your Real Estate engagement?  Are you flipping?  Multifamily?  Single family?  Building an Empire?

Internet search for Salt Lake County, Real Estate Accounting and Real Estate CPA , only turns up about three firms that actually have "Real Estate" in their name.  Lots of Firms list Real Estate along with 20 unrelated specialties...they are not likely to perform as well as a Firm that has your specific focus.

If you want to separate the wheat from the chaff...call and ask them to help you structure a real estate loan for the Small Business Administration (SBA).  If they ask you to come in to discuss details, they UNDERSTAND real estate!

You are looking for specific expertise.  What is the nature of your Real Estate engagement.  Are you flipping?  Multifamily?  Single family?  Building an Empire?

Internet search for Salt Lake County, Real Estate Accounting and Real Estate CPA , only turns up about three firms that actually have "Real Estate" in their name.  Lots of Firms list Real Estate along with 20 unrelated specialties...they are not likely to perform as well as a Firm that has your specific focus.

If you want to separate the wheat from the chaff...call and ask them to help you structure a real estate loan for the Small Business Administration (SBA).  If they ask you to come in to discuss details, they UNDERSTAND real estate!

Utah Real Estate Accountants

West Jordan, UT

Owned by landlords