All Forum Posts by: Michael Torhan

Hi Garison - not sure what type of business planning you are looking to do, but what I always recommend to my clients is to find a good advisory team they are comfortable with - attorney and accountant - that will work together on the legal structuring side as well as the accounting/tax side.

Once you have this team, sharing your intended business deal (the economics of the future transactions) will be very helpful to your advisors.

Thanks for the welcome everyone!

@Mehran K. thanks for the link, I'll definitely check it out.

@Chad Bernstein welcome to biggerpockets as well. I've been looking into the two reia clubs around here, NYC and Long Island, but haven't gone to any meetings yet. A networking event would be great though.

Steven raises some good points. The more complex the situation, the more possibility of something being missed. It is especially so in the first year or two when there are issues like allocating purchase cost to building vs. land, etc.

I think there are mixed opinions regarding this. On one hand some will say tax advisors, over the long run, might be able to save you more in taxes than the cost of their services. On the other hand, if you're comfortable with preparing your own return and are willing to invest the time to learn, it is possible to do it yourself.

Hello All,

I am a tax accountant from New York. I have been reading the forums for a few weeks and finally decided to sign up. I have not really had any experience in real estate investing, but I would like to learn more about it since it is an industry I am interested in.

I look forward to learning from everyone and I hope I can provide some value as well. There are several great accountants on the forums already and I look forward to sharing my knowledge.

Michael