All Forum Posts by: Yashank Choksi

You don't really need anyone local as its only federal taxes is the thing and they can do the state fillings. Just make sure the hourly rates for the lower level staff is under 50-100 an hour and 150 an hour for a senior guy. Also stay away from these real estate CPA marketers... they just use overseas guys from what I see.

Got it. Thanks a lot for the advice, Lane! Could you explain a bit about how to find a good CPA?

1 Vote

Quote from @Nate Meeker:

@Yashank Choksi Congrats!

A CPA typically has to have a bachelor's degree in accounting and masters level of education then pass a series of difficult accounting exams.

An accountant, may have zero qualifications. This could be your local bookkeeper who learned everything on the job.

A tax attorney is often a CPA as well, they often don't prepare taxes and focus on entity/deal structure and/or estate planning.

There is also an Enrolled Agent. They specialize in tax, but the barrier to entry is much lower than a CPA, so they might not have the same level of expertise in complex matters. However, there are some EAs that are better at tax then CPAs.

Like any trade, you need to get a few quotes, ask what they specialize in, and see if you are a good fit.

As far as location, it doesn't really matter, the IRS is nationwide and from there states add or subtract their rules.

Be careful of firms trying to sell you on $5k plus packages and complex entity structures. Someone with one property will benefit greatly from $1,000-$3,000 worth of professional tax prep and consulting.

I would not recommend anyone to do their own taxes unless they only have a W2. Similarly, a doctor would only recommend you apply a bandage to a small cut versus do your own stitches on a large gash.

Really really good response. Thank you so much, Nathan! I will keep all this in mind.

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Quote from @Sean O'Keefe:

I don't think location necessarily matters provided the CPA is an expert in real estate and understands CLT compliance requirements

Could you explain a bit about compliance requirements? Do you mean like rules by the city?

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Hey everyone,

I am looking for recs on good CPA for me. I have just started investing in real estate and I have 1 property under my belt so far. Does it make sense to have my own CPA when I am starting out or I should do my own taxes? Also, I made some hefty repairs to make my property rent ready which now that I think of were unnecessary. That's why I am looking for someone who has a lot of experience with getting tax deductions.

Also, could someone explain the difference between a CPA, accountant, and tax attorney and which one should I be going with? Thank you so much in advance!

P.S. looking for a tax professional in the CLT area but any advice is welcome from anywhere!

Best,

Yashank

2 Votes

Hey there,

Hope y'all are doing amazing.

I am looking to get recommendations on property management companies in the Charlotte area. I have a single-family property in the Steele Creek area that I need to put on rent. Please do lmk if you have some awesome recs for property management.

Best,

Yashank

1 Vote

Charlotte, North Carolina

Quote from @Taylor Dasch:

Its up to you, I have found that property management can be pretty expensive when you only have one or two properties. I have a handyman for my repairs and he is normally available on the same day - he is cheaper but does decent work and I dont normally have to call him back out there. When you are vetting tenants - be sure to reach out to their previous/current landlords as well. I have had them go so far as to have their "landlord" reach out to me with a letter of recommendation only to find out from their actual landlord that they were behind multiple months and never paid rent on time.

Oh wow that's great advice. I was thinking the same since I only have one rental so far that too will be ready in 6 months. The only thing making me lean more towards having a property manager is to search and screen for a tenant. But yes this is something I need to figure out soon.

Thanks a lot for your response, Taylor!

Yashank

1 Vote

Quote from @Brandon Wagner:

Generally with repairs, I reach out to at least 3 companies. If you can find a local company with a smaller staff and less overhead, they are usually the cheapest. If it seems too cheap, it's for a reason, stay away.

Also always check out their online profile/reviews. Ask anyone you know if they have a good referral. Especially agents in your area. They always know people.

Congrats, and best of luck!

Thank you so much! looks like checking them out online is the first thing I should do.

1 Vote

@Nathan Gesner sooooo good! you gave us great tips here. Thank you so much for such a detailed reply. This looks like a great start. I will look more into this.

Thank you!!

2 Votes

Hey there!

Hope everyone is doing amazing.

I am located in Charlotte, NC and I will be renting out my property for the first time somewhere around August. There are a couple of repairs that I will have to get done on the property. For repairs, what would be the best way to go about it? Should I find the cheapest option or should I look into more quality repair work? Also, is there any checklist that will say the things I need to have up to date in order to rent the property out?

Another question: would getting a property manager be a wise step? I am kinda confused about it since I only have one rental property.

Since I have at least 6 more months for it, I want to start preparing now!

Any help regarding this is highly appreciated!

Best,

Yashank

1 Vote

Hello folks,

Hope you all are doing amazing.

Lately, I've been thinking of starting a side hustle that can also help me gain knowledge in real estate. For that, I was looking at the mobile notary job. is anyone here familiar with it? if yes, please guide me a way for it. I searched it up on the internet but it's confusing.

Also, do let me know if there are any other side hustle I could do. I'm also thinking of an appraiser job. let me know your views on this too.

Thank you so much.

yashank

0 Votes

All Forum Posts by: Yashank Choksi

Yashank Choksi has started 14 posts and replied 49 times.

Post: Recs for Good CPA in the CLT Area

Post: Recs for Good CPA in the CLT Area

Post: Recs for Good CPA in the CLT Area

Post: Recs for Good CPA in the CLT Area

Post: Need Recs for Property Management Companies in Charlotte, NC

Post: Renting Out My First Property - Newbie Landlord

Post: Renting Out My First Property - Newbie Landlord

Post: Renting Out My First Property - Newbie Landlord

Post: Renting Out My First Property - Newbie Landlord

Post: Real Estate Side Hustle