All Forum Posts by: Account Closed

I need to find a CPA/Tax Professional to help with Tax Planning,Tax Strategy and Tax filing. I currently have a local CPA (NE Ohio) that I give an Excel file to once a year and he prepares and files for me. He is great but I think I have out grown him and may be missing out on mitigating my tax liability. I do my own bookkeeping and am very organized. I am looking for a CPA that is a real estate expert, possibly that invests in real estate themselves.

My current situation:

1 combined personal/Sole Proprietorship LLC filing

Work a full time W2 job

100+ single family rental properties (143 currently) - self managed and use Appfolio

10 DST Investments

Actively selling and reducing my rental portfolio - 1031'ing all proceeds into DST's

Paying a large amount of Federal,State and Local taxes

I have searched locally but have not had much luck.I’ve also searched many threads on here but am a bit overwhelmed. I don’t want to just be another number. Trust is important and I want someone to be intimate with my situation and business.

Any CPA recommendations for my situation would be great.
Also what should all this cost me annually.

Curious how much you are currently paying.

The person you’re describing can be found in this forum but it’s definitely going to cost you more than your current CPA based on what you’ve said. However, if your current CPA has missed some opportunities the benefit may out way the incremental cost.

If you don't find anyone on BP that think can handle this / you like - look for referrals from REI with similar portfolio.

Hi Sean. Thank you for the response. I paid $1740 in tax prep last year. I realize (and am willing) that I will be paying more. My biggest concern is paying a bunch more money and not saving significant tax dollars. The few I talked to led me to believe I’m doing everything right but I see my other investor friends pay no taxes and I’m paying 10’s of thousands. I do have a large portfolio of low value (low depreciation), minimal debt properties. So that doesn’t help the situation. One of the topics I need to better strategize on.

I welcome any insight directly here or privately as well. Much appreciated.

Check your DM.

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Anyone searching for a real estate savy CPA?

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Sent you a message.

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Appreciate the advice thus far. Since I am a beginner, do I not venture into STR just yet? Or strictly start investing in LTR's?

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I live in New York and I'm 22 years old.

I'm interested in starting to invest in real estate and am still new to the process.

I have been exploring STR deals around the country.

However, my question is if someone has access to a substantial amount of capital, would it make sense to invest in LTR's?

If so, I understand the 1% rule but how can you value what the potential increase in appreciation will be?

Is there anything else that I need to keep in mind?

Thanks.

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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 20 times.

Post: Off Market - Long Island Fix & Flip

Post: Off Market - Long Island Fix & Flip

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Post: If you use a CPA or Tax Professional, how did you find him or her?

Post: Looking fora new CPA/tax strategist in the Houston area

Post: Tax Professional /CPA needed

Post: If you use a CPA or Tax Professional, how did you find him or her?

Post: Help filing with the Department of Georgia

Post: Need advice on building LTR and STR Portfolio

Post: Need advice on building LTR and STR Portfolio