All Forum Posts by: Kylie A.

I suspect part of this is due to the overwhelming amount of information you are exposed to. Everyone talks about their success, especially the young YouTubers. They bought 72 houses in six months at the age of 23 and now drive their Lamborghini to their castle where they party with P-Diddy and drink champagne all day. How can you possibly match that?

Read some books. Network with other investors. You will quickly learn that real estate investing is simple. Save money, buy a house, rent it out, rinse, and repeat. You could try to buy a bunch of houses quickly, or you can buy one house every 5-10 years and still build some really good wealth.

I highly reading The Small and Mighty Real Estate Investor from Chad Carson. He has a website to get an idea of what he's like. Listen to The David Greene Podcast on YouTube or Spotify or Apple. He's a solid teacher that talks about the good and bad of investing.

You’re definitely not alone in feeling this way—success and the pressure to achieve it can bring a lot of anxiety, especially when you’re just starting out. The fact that you’re aware of it and taking small steps is huge! A lot of people deal with the same fear of taking the leap. Try focusing on one small, manageable task at a time, like researching one specific part of wholesaling, so it doesn’t feel overwhelming. Consistency comes with time, and you’ll get there.

It's rational to be scared of success when you are so young and don't know the steps to take to get there. First, you have to know there are a lot of different steps and often they are down a wrong path, this is learning. Second, you need to surround yourself with others who want the same thing. You need to go to real estate investor meetups and make friends. I bet you don't have any friends who want to do this at your age so when you tell people about your dreams they say it's crazy. It's not, but you have a long way to go.

At 23, you should be working as much as possible to set the financial foundation for yourself. You need people though to get the confidence to do it, not money.

CPA, but I should disclose that I might be biased on this :) 

Hey Kylie! Great question. When it comes to taxes, both Enrolled Agents (EAs) and Certified Public Accountants (CPAs) can definitely help you out and are interchangeable. But here’s the thing: just because someone has an EA or CPA title doesn’t automatically make them a perfect fit for what you need. The key is to find someone who specializes in real estate, as they’ll have the specific knowledge that applies to your investments and can provide tailored advice.

Even better, if you can work with an EA or CPA who actually invests in real estate themselves, that can be a huge plus. They’ll not only understand the tax side but also relate to the unique challenges and strategies that come with real estate investing.

One more thing to keep in mind—don’t worry too much about whether they’re going to “take advantage” of you. A good EA or CPA will charge for their expertise, and it’s usually not cheap. It takes a lot of training and continuous study to stay on top of tax law, especially with all the changes in real estate tax rules. Instead of focusing on the price, try thinking about the value they bring. Are they helping you save or make more money than what you’re paying them? That’s the real measure of whether it’s worth it.

It's not about EA or CPA, it is about experience and knowledge for real estate. 

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.

I worked only in real estate accounting and financing and became CFO. If I were to apply for a CFO role now, more than likely I have to advantage over a CFO that was in a manufacturing company for a real estate company.

EAs specializes specifically in taxation

CPAs have a broader knowledge for accounting, auditing, financial planning, and taxation.

EA must pass a 3-part IRS exam and do not require a college degree

CPA need a degree in accounting, 150 credit hours of education, must a 4-part CPA exam.

EAs often charge a lower fees

It sounds like you’re taking a smart approach by looking for a reliable tax professional. If you’re mostly focused on taxes for real estate and small investments, an Enrolled Agent (EA) could be a great choice. They specialize in tax matters and often have lower fees than CPAs. 

Just make sure to check their credentials and experience, and find someone who can explain things in simple terms.Also, keep an eye out for any red flags, like promises of huge refunds without a thorough review or pressure to pay a percentage of your refund. Finding someone honest and straightforward will really make a difference. Good luck with your search!